Anyone here have rental houses? I am looking at buying a little house where my son goes to college. He is a freshman in college. My daughter will be going to the same school next year. After the 12K for room and board this year getting them a little house to live in. My son has a couple buddies who are interested in living with him if we do this and there is room. I know the boys and the families they all went to high school together. The questions I have are what kind of insurance do I need? And also how would you buy the property, in a trust or llc? Or just put it in our name? It could be a cash purchase using a heloc on our house or a small mortgage. When the kids get out we could still rent it (lots of kids go to this school from our town) or we could use it as a weekend place there are a couple nice lakes up there. Or we might just let the kids live there depending on where there jobs take them. Good chance my son at least might be in the area.
rental house questions
- Thread starter sigpros
- Start date
belshawelk
Well-known member
YES!
I have a few of them but the mistake I made was not doing exactly what your are thinking. Buying a house where my daughter went to school. My oldest went to University of San Diego Law school so buying a house there made no sense but my youngest went to Coastal Carolina and I absolutely should have instead of paying rent for 3 years. The youngest is not headed to med school and depending where she goes we will this time buy one since it will be longer than 3 years with residency. She's looking at Missouri or Kansas and it will absolutely make sense.
The closer you can buy to the school the better as after they leave you'll be in good shape to sell or keep renting.
I have a few of them but the mistake I made was not doing exactly what your are thinking. Buying a house where my daughter went to school. My oldest went to University of San Diego Law school so buying a house there made no sense but my youngest went to Coastal Carolina and I absolutely should have instead of paying rent for 3 years. The youngest is not headed to med school and depending where she goes we will this time buy one since it will be longer than 3 years with residency. She's looking at Missouri or Kansas and it will absolutely make sense.
The closer you can buy to the school the better as after they leave you'll be in good shape to sell or keep renting.
It's about an hour and a half away. but I am pretty handy have remodeled a few houses and I am going to a 12hr schedule where I will have 3-4 days a week off depending on the rotation
Happy to help with any areas you look at if I can.
Abilty to perform the maintenance yourself is a big deal for college housing. Kids will tear shit up. Don't have to worry about vacancies and with student loans givin out like halloween candy you can charge a premium.
Ya I do worry about tearing stuff up but my main thing on the rental side is both my kids have 3 good friends going to school there. so the rent thing at least for the next 5 years would just be room mates for my kids. So maybe we could get some income on the place plus not paying for our kids housing.
Make the other tenants have renters insurance, if allowed. Join a state landlord assoc that can provide you with the rental lease agreements. I would list it as a LLC in either WY, NV or NJ. WY requires a $50,000 cash bond be attain in Casper before they will hear anytype of landsuit against you. Get a detailed property inspection and walk through with the inspector
