All Forum Posts by: Tatum Littleton

My initial thought is that you already have the property and just by that, you have the potential to profit from it whether it be by STR or another method. Aside from missing details (I won't beat a dead horse), ask yourself what else could be made from this, could it be a mid-term rental? Could it be a long-term rental? I would say try out a long-term rental, I'm unsure of your location but long-term rentals, I believe, are always a viable option.

I am in the boat of not selling unless it is absolutely necessary to do so. So, with that being said you will have to be creative in making it stand out if you want to keep it as a STR (adding amenities) or go a different route. You've done the hardest part of acquiring the property, so now, what will make you profitable? There are a lot of different opinions that have been said, so what are you willing and able to deal with, is what you should ask yourself.

I hope this helped! Good luck!

Hey Steven! I would put myself on the side of holding and renting it out. In my opinion, being so close to the property still allows you to manage it yourself or easily find a property management company you can trust. The ability for it to cashflow seems strong and would be happy with that, though I understand the attraction of having a larger sum of cash sooner. I just like the idea of holding and growing your portfolio with what you already have. 

Of course, there is no perfect answer, right or wrong, I think it comes down to what you and your family are more comfortable doing. 

Again with FHA as Vanessa above mentioned, you could do 3.5% down and to get the creative part of it, the possibility that a negotiation with the seller can contribute up to 3% of the purchase prices back in closing credits so a total out of pocket could be around 1.5% after closing costs.

At least something to look into and maybe help the seller and yourself get terms you like. 

Good luck!

Personally, I like and am involved in both types of investing for the fact of diversification. There are plenty of ways to diversify within stocks/bonds as well as in real estate if you want to do just one or the other. 

The growth potential is enough for me to do both but the fact that stocks are more hands-off and I can do research and invest strategically and smartly I like it a lot. However, REI is rewarding to me in the fact that you can virtually raise the value of an asset overnight by renovations and additions whereas with stocks, that's not necessarily true and your efforts can't really do that.

As I said, I really like both and as far as I can see, I probably will continue to do both. 

Obviously, as you stated in your original post there is no right answer, both are risky and rewarding in their own ways. Whatever they are comfortable with and can do, do it and do it sooner rather than later. 

I think it is a great idea, steady tenants and a great REI if you are willing and able to take care of it (of course you can have a property management company, depending on what you want to do). I honestly wish my parents and I had been knowledgeable about real estate when I was going to school and would have loved to do this.

We have an investment in College Station, TX and since my wife and I attended school there we are very comfortable with areas where renters and students want to be. I imagine you will be in a similar situation while you're son is at school. 

Good luck to you and your son!

I use Empower. The interface is clean and easy to use on the desktop as well as the phone app. Its free and quite easy to use. 

You can set your budget and categorizes it between items such as gas, groceries, utilities, and business expense and can put tags like "reimbursable" which will actually subtract it from your monthly budget and won't count it. 

It links all your bank, credit cards, and financial transactions to see as they are updated. You can also link stocks and will update your net worth as well. 

https://www.empower.com/signup-v1

I would absolutely take advantage of the free education. But, of course, that's just my opinion. I have a degree in Sport Management but have found value in the experiences I went through while taking classes and meeting other people. I think your initial thoughts on a major are a good track to be on and will definitely help you in REI.

I agree with the others who have said to do what interests you most and you'll still learn more than you think. And that there is no perfect answer, you just need to think about the different things you gain but also miss out on, theres a give and take but ultimately it comes down to what you believe will get you to your goals. 

Good luck!

We didn’t and probably wouldn’t furnish it just because of the high turnover and damage that can be done. From experience as an owner and a student, I think most would want to bring their own furniture themselves with the exception of appliances like fridge/freezer and washer/drier. 

I think traveling nurses would also be a great opportunity, I haven’t had experience but from what I’ve read and heard anecdotally I think it’s a viable option. It obviously comes with a little different kind of maintenance and having to furnish it would then be on you. But again, all up to what you’re willing to deal with. 

Hey Jeanette! In my opinion, I believe renting to college students is a great idea. The main thing for me is a low vacancy, I won't go to say it won't ever be vacant because that just wouldn't be the truth, however, it would be low. The demand is constant and if you are willing and able to deal with more frequent turnover, I say go for it. You will just have to know that it may take a bit more work in screening tenants but again, if you're willing and able to do it, it can be lucrative. 

There will be people who say to be weary of it because of turnover or the threat of damage and ruining aspects of the property but if you can tolerate it or find tenants you feel will take care of it well, it could be a good route to go on. Of course, there is no right and perfect answer and it all depends on you and what you want to handle. And as cheesy as it is, REI is about getting out how much you put into it.

Good luck!

I also would be weary of the class C-D rentals. On paper with the numbers you have given seems like listing B may be your best deal given the price and rental comps and lower vacancy rates. I would look to see if there are any additions you could possibly make to get a higher rental rate. 

Maybe consider how much work you can and want to put into each individual property and how you can best market each one. I trust you know the area well for each listing and would say to consider that when running numbers. I don't think that there is one most important factor, it's a collective of all of them so when looking at all the details for each one, which is the one that will allow you to reach your goal for this specific deal.