Hello everyone! My name is Rylie and I am looking to buy a property short-term instead of renting while I am in enrolled at Michigan State University for the next 3 to 4 years completing a BS in computer science and an MS in finance. I am on scholarship; however, I am able to use the Room & Board stipend off-campus as well.
The stipend is currently $9734 per year, but equals the cost of Room & Board at MSU as it increases each year. I am a 'freshman' with junior-entry credits. I will be living on-camus this year (Sep 2017 - May 2018) and I am hoping to have a place by the end of August 2018.
Is it worth buying a place and then selling within a few years? Or should I hold onto it after I leave the area? Is an FHA loan the best way to go? I have been searching for a house or duplex to live in while renting out the other bedrooms. If I want to pay no more than $5-10k in closing costs, what price point should I be looking at? How much rent should I expect for a property of that price minus a bedroom?
How much should I budget for selling costs? Is this practical and profitable in the East Lansing market? Any reccomendations for resources in the area (ex. FHA friendly providers, maitenance, property management, etc...)? Is taking on your first investment/live-in property too much to take on while in college? I must stay above a 3.2 GPA to keep receiving my full ride.
ANY advice, networking or insight you have would be greatly appreciated. Thank you :)
I like your thought process of owning property vs renting while in college. I would be weary of doing this in East Lansing though. The city is strict on rental licensing and those properties are expensive- not saying you can't do it, just do your research first. Maybe get in touch with an experienced agent.
You will see a lot of development around the city and the plan is to get rid of the student rental houses and build more apartments. This is part of the city's long term plan and has been for a while.
You might have better luck in Lansing - bit then you're not in the college town.
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