All Forum Posts by: Kade T. Brunson

I’m curious if anyone has tried using the medium-term rental strategy in college towns. I was brainstorming, and thought it might be a great alternate/exit strategy for rentals in those areas. I know typically rentals in college towns are on one-year leases, and vacancy is usually pretty low, but I wonder if it would be useful to be able to play the medium-term rental game in case there ever were a vacancy.

For example, football season is a huge season where I live. I think being able to rent out a place near the stadium during that part of the year could provide a huge boost in income. Additionally, some students may graduate in odd semesters and not want to commit to a full-year lease. The only issue I’m realizing is that in the summer months, the property would likely sit vacant. Furnishing the property might also be a headache as a lot of college rentals are unfurnished and the students typically bring their own furniture.

Interested to see what everybody says. Thanks in advance for your time, and feel free to message me!

@Salvatore Lentini mostly my age. I’m an 18 year old college kid, and I can’t get a loan in my state until 19. Plus, I have no consistent income and no credit to my name yet which will make it difficult when I am 19. However, I’m hoping to start building my credit when I am able to get a credit card and save some more money so that within the next year and a half, I can get started with either househacking or a wholesale deal.

@JD Martin the parent thing sounds like a good idea, but how would that process go? If we were to do that, should they get a loan and buy the property and then do owner financing?

Hey everyone,

I am a college student in a town with a university of about 25k students. I started college this past August and signed a lease through this upcoming July. However, the owner of the "condo" (basically a 4br-4br individual home inside a neighborhood with about 100 identical homes) sent an email saying she is planning on putting the condo on the market. Now, I say all this to get to the point that I am now contemplating buying another little house or something that I can house hack. The problem is, I have no consistent income. I have worked part time jobs for the last 2-3 years but I don't feel it has been consistent enough to get a loan. I do have enough money saved up from working and investing for a down payment on an FHA loan for a house up to about 125k (could probably get around a decent 3-2 house in my area for that price), and I'm sure my parents would co-sign with me if that's what I decide to do. Will this be enough to get a loan, and if not how could I finance a property?

@Dan Sheeks thank you, Dan! I just read your article and it’s a great, simple explanation on how to get started. It would be awesome if we could talk sometime and/or if I could join your group.

@Steven Wilson thank you, Steven! What you said is great and it’s exactly what I was looking for. Best of wishes for you and your investments!

@David A. Hey David, I appreciate your input. I get what you’re saying about going to school, but I still want to be an engineer. Coming from someone who has wealthy family members (uncles on both sides of my family that make millions of dollars every year), money can’t buy happiness. Yes, they get to buy all the nice toys and go to some cool places, but every time I see them they’re always answering phone calls, emails, working on their computer, etc. even though they’re on vacation. It’s not always the quantity of life that matters, but the quality. I just want to build enough passive income that I don’t have to worry about a boss breathing down my neck or pleasing customers 24/7, but I can use my degree to do what I enjoy and maybe even combine with real estate. I don’t expect it to happen overnight or even in the next 10 years, but I definitely don’t want to work away the next 40 years doing something I don’t enjoy and not having any freedom. I hope I didn’t miss the point of your reply, but thank you for taking the time to point out something that may be of interest to someone else who is in a similar situation.

@Devan Wilson that’s awesome! Congratulations in advance for the househack. It takes a lot to get started, especially under the circumstances you and I are in. I appreciate the input, and I’ll keep it in mind. Best wishes!

@Chris Pasternak thank you! I am willing to do whatever is best, and if that means waiting a few years, then that’s okay. I just created this discussion so that I and others in a similar situation can know where we stand and how much we should be doing, because we don’t hear a lot about people in our situation (and maybe for a good reason). With that being said, thank you for the advice and good luck with your investments in 2021!

@Sam Arneson absolutely no problem! I’m so glad someone else is benefitting from this, as well. Good luck to you!