21 Years Old: Looking to rent property to college students
Hi all,
I am new to the BiggerPockets forum. First off, I want to thank all of you for providing me with a plethora amount of responses and discussions to read and learn from.
A little about myself, I am 21 years old, MBA Candidate at a NY school. I am very familiar with my schools area and the current off campus housing situation. I am a value investor when it comes to stocks and the same goes for real estate (Although I have not been involved yet). There is a great deal of money to be made renting to college students in my area. I know personally as I have rented with a few roommates. I would assume my landlord brings in around $50,000 a year collecting from us. That's not a bad secondary income.
I am looking to get involved in this business, I do need some guidance as I am young. I have a more economic background and financial service background so I do understand the interest rate climate and mortgage environment in relation to the stock market and global economy. I also enjoy scouting the housing market for value.
One thing I am missing is capital and advice/direction. Interest only mortgages seem to be the easiest way to maximize profits early, ARMs, fixed. I'd appreciate any advice I can get.
Hoping to meet a few potential people who could pay it forward and help me get my life/career started at a young age. I believe renting to college students could be very profitable. Appreciate all the advice I could get.
Thank you,
Michael