Rental Property Investor · Logan, UT · Member since 2019 · 3 posts · 0 votes
Looking to invest in a multi family rental property in a college town. Logan, Utah is home to Utah State University and the housing market near campus for students is very competitive. Students have to search far and wide for an available spot near campus that isn’t too pricey for them. It is even more competitive for married student couples. Therefore, 100 year old rental properties near campus are extremely over priced. Any suggestions or tips for a first timer?
@Clark Bown, Finding anything right now is tricky. Especially those properties that are in such high demand. We are at the peak of the market (not to say that the market won't keep going up, or that it will start to go down), people who are selling are likely looking for top dollar. My best advice, would be to keep looking, network with other investors in the area, and make sure you are in a position to move quickly, when a property looks good.
I'm looking at a property for sale near campus that I want to build 10-12 Married student apartments on. It would be a great investment.
Another tip is if you do get student renters that are great tenants suggest they find some of their friends to live there when they move out. We live in a college town and some of the landlords get streams of good student renters year after year simply because the good tenants want to "pass down" their house or apartment to their friends. Typically good tenants have friends who will be good tenants. Obviously still make sure you are vetting, but it can be worth it. I know an investor in our town who hasn't had a vacancy in 10 years and had a great tenants simply by this "passing down" of sorts in a competitive student market.