Summer and College Rental

[Tyler Rowley]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Narragansett.

Purchase price: $520,000
Cash invested: $212,000

Great two family home in Bonnet Shores neighborhood in Narragansett RI. Fixed it up and doing really well on airbnb for college end summer rentals.

What made you interested in investing in this type of deal?

Rental income.

How did you find this deal and how did you negotiate it?

Zillow

How did you finance this deal?

Bank

How did you add value to the deal?

Revamped the exterior for summer vacationers

What was the outcome?

Sold out for summer rentals and the college year with URI students

Lessons learned? Challenges?

Do it again

[Matthew Richie]

Tyler,

How is this rental going for you? I’d like to do something similar and haven’t heard much about people mixing college and short-term rentals. Any recommended resources?

Thanks for your time!

[Jack Mawer]

Looks like a very nice rental for college students!

[Adam Christopher Zaleski]

I think the numbers on this type of strategy could do very well. I have a long-term college rental near Colorado State University, Fort Collins, CO. Instead of doing a 12-month lease, I was going to try to do a 9 month lease with college students and then rent it out weekly to vacationers for 3 months. The city ended up making STR's illegal in my neighborhood. They approved STR's in a few neighborhoods. I never got to do it.

Good luck on your rental. I imagine you will do very well.