House next to campus

[FriendsofAN44]

Not trying to be a real estate agent here, just thought I would pass this info along as I know a couple of parents that have bought local houses for their child, charged rent ($1,600/student/semester?) for a few of his friends to live there also, and then sold the house after 4 years at a nice profit (provided the house was well cared for). They say this is a lot cheaper than paying room and board on campus.

The house is located right next to the DeSoto Motel, directly behind the Tasty Twirl drive-in, about 200 yards from campus. 4-bedroom, with an attached garage, and completely furnished. Asking price is $75,000 by the owner.

Just doing some rough math, if you put 20% down ($15,000), a 15 year mortgage w/taxes would run about $600/month payment. For 4 years = $28,800.

Income would be $1,600 x 3 students (in addition to your own child) x 8 semesters = $38,400.

So right there you make $10,000 while your child stays for free. Of course you also have upkeep expenses, etc - but if you have a child entering as a frosh in 2006, this might be an interesting alternative.

I'm sure I'm forgetting something or have something wrong here on the figures, so please correct me if I do, especially on the $1,600/student/semester part. I've heard that is the going rate, but I could be wrong.

Serious inquiries can send me a private message (click on the little logo below the Brown Indian), and I will then forward a phone number where you can contact the owner.

[wgt]

Fox, room & board on campus was $7,335 & wiil most likely go up for 06-07. Food plan is required for all students on campus except for those in the town houses, garden apts & the grad students.

[juicey]

FOX, I'll go halves with you on it...

[mikenice]

FOX, I'll go halves with you on it...

You gonna take out a loan from American Foods?

[FriendsofAN44]

Juicey, I actually was thinking about buying it myself, would be a good investment. However, I know someone that owns several houses on Main St. in Allegany, and the upkeep/repair in the summer is unbelievable. I was thinking however if a parent has his own child among the tenants, the "depreciation" over the course of a school year would be kept to a minimum.

$7,335 for room and board on campus for one year ? WOW !! No wonder parents look for off-campus housing. At $3,200 a year for rent that leaves over $4,000 for food for the year. I know some big eaters that could do well at the Nathan's hot dog eating contest on Coney Island but even they couldn't eat $4,000 worth of food over a school year !!

[captainron]

$75,000!!!!! Considering that I bought my house for $415,000, that boggles my mind. Then again, there's the difference between Olean and Long Island.

[Phantom]

The differences don't end there!

[cosmonautlaunchpad]

Just read an article in BusinessWeek that a lot of parents are doing this. But I think opportunities like that aren't just limited to parents. Profits go up if you're getting income from 4 students living in the house.