Buying investment property in DC college town

[Anonymous]

Anonymous wrote:You mean like GMU?? Fairfax,VA??

DC means Dear Child

[Anonymous]

I went to NYU and one of my classmate's parents bought a very modest 2BR condo in the East Village our sophomore year (back in 2001). She always had a roommate.

Holy cow, the appreciation on that condo was nuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You mean like GMU?? Fairfax,VA??

DC means Dear Child

Cause it's too hard to type kid. A whole one extra letter

[Anonymous]

Anonymous wrote:It's called a kiddie kondo where I bought mine. I love it and intend to retire there.

You're brave to want to retire to a place where students typically live.....or maybe your kids aren't where others typically live?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Has anyone else bought an investment property in your child’s college hometown? We use ours instead of staying at a hotel for football games as well as an AirBnB at other times. Hotels jack up the rates so much for move in and move out as well as football and other weekends, it just made sense. We may turn into a college rental (there are prop management companies) after he graduates.

We caught the market just before it has gone crazy.

I thought about (both our kids are at the same college so we have 6 years of visiting) but didn't want to take on the work of managing a fourth property.

I can't tell if this deserves an eye roll or a LOL.

[Anonymous]

We are facing this similar issue but related to an inherited property in a high cost western market. Waiting to see where DC lands (only a Junior). Seems like such a hassle to manage this from afar...but if DC lands in that area it would likely be helpful.

[Anonymous]

Anonymous wrote:

Anonymous wrote:One friend bought a condo for their eldest thinking he’ll there for med school as well and other siblings will go there as well. He went to a med school in another town and one sibling didn’t get accepted while other went to an Ivy. They rented it out for a year then sold it at without much appreciation. Their realtor’s commission ate up their appreciation.

If the town was anything like the college town where my kids live, they at least avoided dealing with scummy slum-lord type landlords. Also, if they at least "broke even" on the sale between appreciation and the realtor's fees--that's better than completely throwing away rent money each month.

Part of me feels like it's a great lesson for college students to deal with this kind of thing, along with being responsible for sending monthly rent and utilities etc. as college students even if the parents are fully funding it. I envision having my kid be responsible for sending out these monthly payments from a budget we provide.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:One friend bought a condo for their eldest thinking he’ll there for med school as well and other siblings will go there as well. He went to a med school in another town and one sibling didn’t get accepted while other went to an Ivy. They rented it out for a year then sold it at without much appreciation. Their realtor’s commission ate up their appreciation.

If the town was anything like the college town where my kids live, they at least avoided dealing with scummy slum-lord type landlords. Also, if they at least "broke even" on the sale between appreciation and the realtor's fees--that's better than completely throwing away rent money each month.

Part of me feels like it's a great lesson for college students to deal with this kind of thing, along with being responsible for sending monthly rent and utilities etc. as college students even if the parents are fully funding it. I envision having my kid be responsible for sending out these monthly payments from a budget we provide.

An even stronger experience for your kid is for them to learn how to manage a property, select tenants, manage utilities, collect rent, upkeep property, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:One friend bought a condo for their eldest thinking he’ll there for med school as well and other siblings will go there as well. He went to a med school in another town and one sibling didn’t get accepted while other went to an Ivy. They rented it out for a year then sold it at without much appreciation. Their realtor’s commission ate up their appreciation.

If the town was anything like the college town where my kids live, they at least avoided dealing with scummy slum-lord type landlords. Also, if they at least "broke even" on the sale between appreciation and the realtor's fees--that's better than completely throwing away rent money each month.

Part of me feels like it's a great lesson for college students to deal with this kind of thing, along with being responsible for sending monthly rent and utilities etc. as college students even if the parents are fully funding it. I envision having my kid be responsible for sending out these monthly payments from a budget we provide.

An even stronger experience for your kid is for them to learn how to manage a property, select tenants, manage utilities, collect rent, upkeep property, etc.

Or they can learn how to be a slum lord!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Has anyone else bought an investment property in your child’s college hometown? We use ours instead of staying at a hotel for football games as well as an AirBnB at other times. Hotels jack up the rates so much for move in and move out as well as football and other weekends, it just made sense. We may turn into a college rental (there are prop management companies) after he graduates.

We caught the market just before it has gone crazy.

I thought about (both our kids are at the same college so we have 6 years of visiting) but didn't want to take on the work of managing a fourth property.

I can't tell if this deserves an eye roll or a LOL.

Both.

[Anonymous]

Anonymous wrote:You mean like GMU?? Fairfax,VA??

I know a family who did this for their DS at GMU. He took in roommates. They did very well on the unit.