I have been watching my parents invest in real estate my entire life and feel now is the best time to start thinking about buying my first real estate property. That being said, I want to educate myself as much as possible before taking the plunge. I would love to hear from the bigger pockets family if anybody has experience buying rental properties in Gainesville, FL. More specifically, what was your experience renting to college students and possibly section 8 housing. Any information would be of great value to me. Thank you.
Hi Kevin! We recently had the first small meetup with @Shawn K Hicks on Tuesday that was really a great opportunity to meet similarly minded people in the area. Next time we set that up, you should come!
I'm in the same spot as you in terms of wanting to educate myself with a focus on rental properties and Section 8 housing, and I definitely took a lot away from Tuesday's meeting. Keep listening and reading man!
Hey Kevin, like Thomas mentioned,-you'd likely benefit from joining our unofficial group that has kind of come together over the last week. I think you'd get answers to questions you have,-and more.
To specifically address your thoughts about renting to UF students-and then section rentals......:
Students love to rent homes close to campus that are walking distance to campus. At this time,-it's not the place I most advise someone to look since the home prices are pretty inflated for this reason. At today's prices, you're more likely to get a better return either buying a more affordable home 5 to 10 minutes from campus that is on a good bus route to UF, or possibly a condo or townhome with low association dues. Up until around 18 months ago, the rental income numbers were great on a 4 bedroom 4 bathroom condo set up geared towards students. Now however the price point depending on condition ranges from 135 to 160k. With the taxes and association dues,-the return is a bit pedestrian.
Section 8 has been a part of the local investors portfolios for some time,-but it's even more of interest as of late with the vouchers going up in the last few months. I have a great property manager that works with lots of investors. She's willing to take the time to guide you through the steps to get you and your property approved for section 8 so you can accept vouchers from those tenants.
Thank you both for the replies! I would love to attend the meeting but at the moment I am deployed. I am interested in attending once I get back home. It’s great to find people that are like-minded and from the same community. My current plan is to save as much as I can since my expenses are minimal at this time. Once the deployment is over and I have a better understanding of rental properties I plan to make my first purchase. Thanks again and I hope to meet you guys soon.
Sounds like the perfect first step.