I go to school at Arizona State University and live in Tempe, Arizona. A great population of students live in houses surrounding the campus and I would like to purchase a house that I would rent out to students or families in Tempe. The problem is I am very new in the RE game and need advice and tips on this kind of strategy. I would like to get started near the end of the upcoming school year (May 2015) giving me plenty of time to plan and develop some capital.
If anyone has experience in this type of REI please share your experiences and/or advice.
The properties around ASU are great rentals, anyone selling one knows it, and will want a premium price.
If you do manage to get one, make sure that you get the parents on the lease, so they are also responsible for any damages.
Hi Shawn, sundevil alum here. If you’re looking for a rental read up on BP about cashflow and buy and hold strategies.
I have a property in Tempe and it’s a great rental area in terms of it being very easy to get people in and properties won’t stay vacant for long. However, and I’m not trying to be discouraging, there aren’t many properties you can get in Tempe right now that will cashflow, especially single family. I’m looking to pick up a second property and have been researching the phx metro the past month. I’ll give you an example of what I’ve seen, you can get a duplex in Tempe for 175k that rents for 1500/mo, or you can get a 4plex in phx or mesa for 175k that rents for 2000-2400/mo. So if you’re looking for a rental, be careful limiting yourself to Tempe, you’ll also probably want to look at small multifamily properties instead of single family homes for cashflow in this market.
Good on you for getting started early and giving yourself time to learn. Best of luck.
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