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Housing U.T. Austin / A&M College Station


USNRET

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For you folks familiar with the area(s):

My son is starting college this fall.
He has been accepted to A&M but really wants U.T.A. whose acceptance letters are due out within the next month.
I am looking into how to house him at both places.
Rather than putting 12K a year into a dorm just mulling things while looking at what's around the campuses.

Is it even conceivable to purchase a suitable 3 bedroom dwelling for, say, $150K and rent out two rooms to other students?
I could pay cash or I could finance as I was thinking that perhaps two rooms rented might pay the mortgage with the son living "free" leaving my bank untouched.
I am guessing $800/month/roommate covers me as several folks here with past grads from my son's high school who attend College Station pay $750ish per room in condo / apt setting. Again this is based on Bryan / College Station. I am just getting into the Austin research (I would bet it is outrageous).

So, folks with fairly recent knowledge of that area what say ye?

Anyone in either area with a living area to rent out this fall (trailers for sale or rent; rooms to let 50 cent)? Anyone with a single family home that wants to sell?

 

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18 minutes ago, USNRET said:

For you folks familiar with the area(s):

My son is starting college this fall.
He has been accepted to A&M but really wants U.T.A. whose acceptance letters are due out within the next month.
I am looking into how to house him at both places.
Rather than putting 12K a year into a dorm just mulling things while looking at what's around the campuses.

Is it even conceivable to purchase a suitable 3 bedroom dwelling for, say, $150K and rent out two rooms to other students?
I could pay cash or I could finance as I was thinking that perhaps two rooms rented might pay the mortgage with the son living "free" leaving my bank untouched.
I am guessing $800/month/roommate covers me as several folks here with past grads from my son's high school who attend College Station pay $750ish per room in condo / apt setting. Again this is based on Bryan / College Station. I am just getting into the Austin research (I would bet it is outrageous).

So, folks with fairly recent knowledge of that area what say ye?

Anyone in either area with a living area to rent out this fall (trailers for sale or rent; rooms to let 50 cent)? Anyone with a single family home that wants to sell?

 

Not in that area, but I like you're thinking.  You've got the funds to do it obviously.  Question is whether you want to continue to rent out the residence after he's finished.  My sister-in-law and her ex-hubby had 7 rental properties.  It was a lot of maintenance and weird renters.  One guy left a dead fish in one of the HVAC vents because they had to kick him out.  In your situation though, as I tell many of my customers, leave your cash liquid, let the asset pay the payment.  You looking at doing a 15 year? 

 

$1,600 a month would be close to covering, depending on mortgage length.  A 10 year at 4%, less insurance, would roughly be $1,500.  Stretch the mortgage longer and you'd have a little monthly as well.  I'd do it.  Plus, your son would have a decent place versus a crappy dorm room.  I'd charge my kid a small monthly fee.  Nothing is free.  Such as they should learn.  My 2 cents.

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4 minutes ago, ACV92 said:

Question is whether you want to continue to rent out the residence after he's finished

If all doesn't turn to crappola, yes that would be the plan.

I have experience with being a long distance landlord and I DO NOT like it but Jeffrey is a responsible kid (at least living a home). Our only blow up in 17 years has been when I was required to remain during hurricane Harvey and tried to get him to leave with sis and Mom. That got ugly and he refused to leave if I stayed. Well there is that taking out the trash daily thing...

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6 minutes ago, USNRET said:

If all doesn't turn to crappola, yes that would be the plan.

I have experience with being a long distance landlord and I DO NOT like it but Jeffrey is a responsible kid (at least living a home). Our only blow up in 17 years has been when I was required to remain during hurricane Harvey and tried to get him to leave with sis and Mom. That got ugly and he refused to leave if I stayed. Well there is that taking out the trash daily thing...

Well, if he was 'manning up' and was supportive of Pops staying, I get it.  Maybe give him the title of 'Property Manager' during his tenure.  A bit for an 18 year old in college, but would give his some more fundamentals.  Maybe, monthly check-ins with photos to ensure the property is being kept up?  Don't know, my girls will be going to local colleges and will be at home during that time.  Curious to see how this works out for you.

 

Keeping the residence to rent is why, if I could afford it, I'd do a short term loan.  That way, if you want to bail in 6 - 8 years you could see a decent return, assuming the residence appreciates.  Anyway, keep us posted on what you decide.

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  • 4 weeks later...

My cousin, too, will soon arrive and we are thinking about renting an apartment. He will certainly study at another college, but I think I could discuss this. and in order to make cousin's student life easier, I suggested to him a service with examples of wonderful essays https://uk.edubirdie.com/essay-editing-service that can be used to write his own works. Maybe your son will need this too.

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