New to Real Estate · New York, NY · Member since 2020 · 1 post · 1 vote
Hi Everyone, my name is Sean and I have been a member of BiggerPockets for a few years now while learning more about the community and building my general knowledge of the real estate industry. I have come across a great deal on a property that borders my alma mater in NY and would love to turn it into a student rental. The 4 bed/2 bath house is listed for $400,000 and is surrounded by similar student housing on the most sought-after street for students. Having graduated from the University, I am very familiar with the location and rental demand. I am looking for a private money lender to partner with on this deal and possible future similar deals. I would also appreciate any advice from the community as I begin my real estate investment journey.
no offense, but i would not start with private money on your very first deal. nor would i "partner" with anyone who reaches out to you randomly and offers you terms that are too good to be true.
instead, can you house hack the property you've identified?
Sounds interesting and you can certainly provide value being super familiar with the market and the school. I would suggest putting a pitch together showing income and expense numbers. If you have a deal you can find the money and/or the partners for it. I may have some good lending options for you as well if you want to reach out.
Welcome to Bigger pockets! I have been doing NYS student rentals for over 20 years. Can you provide more details on this deal, like:
What college town is it in? What is the expected rent per room per month? Who will manage/maintain it? Will it turn a monthly profit after taxes/insurance/maintenance/loan service are all paid? I look forward to the details!