Does anyone have a monopoly?
So a two years ago I started buying some rentals across from the college in my town. It started as one house and then before I knew it it turned into 6 out of my 10 rentals within a block and a half. So now I kind of control the rents in the area, I control most of the comps and seem to have a pretty good thing going. An average deal for me in this area has been purchase for 70 k (after repairs) and rent for between 1000 and 1200, mostly to students. My latest purchase was a duplex on the block for 88 k and I immediately raised rent to 1325. Anyway the school has bought 4 houses on "My Block" in the last two years and rumor is they are going to start knocking them down for eventual university expansion. A 3 bedroom just came onto the market two houses down from one of mine, I think I can snag it for 65 k, it rents for $875 right now but should be $975. Am I getting carried away or should I lock up a monopoly on this block? There are some better deals that come up at the auction but this should be solid right? Its in good shape. Has anybody else controlled a whole block or neighborhood? How did that go? I just love looking down the block and seeing 5 of my for rent signs (even though I only have one vacancy I leave the signs up).