House not too far from TU

[HoneySuckle]

We're interested in buying a house near TU for rental purposes.

Good/bad idea?

If you are or have been involved in a similar venture, would you recommend it?

[Conan71]

Depends on which direction you go from TU.  Not necessarily any better or worse than owning rental property in any other part of town unless you buy something in a seedier neighborhood.  There's an area directly north of TU which runs to I-244 which is nice, the area just south on both sides of Delaware, is for the most part, nice.  Only direction I'd be hesitant about would be west of the campus.

If you are thinking along those lines for student rentals, I don't think that's quite the boon it used to be with all the new student housing.

So, which neighborhood are you considering?

[HoneySuckle]

I need to check out the neighbourhoods some more.  The areas you mentioned were part of what I was thinking.  In spite of all the housing on campus, there is still a shortage!!

Also, students are looking for something that is cheaper than TU.  I should know.  My daughter is living on campus this year![]

[Steve]

quote:Originally posted by HoneySuckle

We're interested in buying a house near TU for rental purposes.

Good/bad idea?

If you are or have been involved in a similar venture, would you recommend it?

I have some friends that own 2 rental homes over on Gary/Florence west of F&M bank.  One of the houses was their first home when they got married; the other they bought strictly for investment.  They now live in Ranch Acres and have the other 2 for investment/income.  Their rent homes are on the fringe of the Florence Park area to the east, where prices are cheaper.  They have owned these houses for 15+ years and I don't think they regret it at all.  It is a big part of their retirement savings package.

The TU area is good IMO for investment properties, but if you have never been a landlord before, think long and hard about it.  Finding good, reliable, credit-worthy tennants can be tough.  Are you prepared to deal with late night calls from tennants about house problems?  Maintaining a rental home can be just as expensive (or more so for an older home) as your primary residence, and the better maintained it is, the better class of tennants you will have.  Some points to ponder.  I have often thought about investing in rental houses, but I just don't have "the right stuff" to be a landlord.

[HoneySuckle]

I have never been a "landlady", so this would be new for me.  We're mainly thinking about it because my daughter now lives on campus and I HATE paying those high rates charged by TU for the apartments.  She has friends who would like to share a house, and this idea came up then.  You brought up some good points!

[Conan71]

quote:Originally posted by HoneySuckle

I have never been a "landlady", so this would be new for me.  We're mainly thinking about it because my daughter now lives on campus and I HATE paying those high rates charged by TU for the apartments.  She has friends who would like to share a house, and this idea came up then.  You brought up some good points!

Here's the deal: houses around TU, at least south, east, and north have continued to appreciate with the ups and downs in the national and local economies for the last 25 years.  

I don't think you can make a bad investment with the exception of buying a home in the seedier streets to the west of campus, unless TU comes through and offers you more than what you paid for your house.  That said, I don't think you'd want your daughter living there.

If she's a Freshman now you'd have four years equity in the house by the time she graduates.  If she's got room mates paying you rent as well, I don't see how you would lose.  

Here's your bonus as a landlady, it's your kid, so you can keep a closr eye on things than the average landlord.  I'd go for it if I were in your position.  Sounds like a winner for everyone.