I'm a 21 year old college student. I'm thinking of purchasing a house in my small-ish college town in Illinois for cash. The plan is to rent out other rooms while living in one of the rooms.
My questions are:
When looking for a home for college students, how do I know what my rights are? eg. one of them is not paying rent, may I have them evicted? What else should I keep in mind when looking for tenants?
Would it be better to try to make 2 people live in 1 room? Or do people find that unsatisfying? Obviously, it would increase my income so I'm interested in doing that.
My price range is from $50k-$60k, I also plan to sell the house in a year or two. How many bedrooms should I expect in such a deal? What sort of a house would make it expedient to sell the house immediately? I want to buy one within walking distance to the uni, if I can find one in my price range and one that meets other requirements I have. Should I prefer a foreclosure over a normal house?
What are some things I MUST keep in mind/check before purchasing a house? The property tax in my county is apparently >12%, so that's a deterrent for me.
Any other suggestions/ideas are appreciated as well.
Thanks
Dylan Walker
BRAPPPPPPPPPPPPP
William Sanders
Mmm sniff sniff May I sniff ur pinkie miss Mmm sniff sniff
Jaxson Hill
What does that have to do with literally anything?
Christian Powell
stop posting females and you might get a serious reply dumbass.
Alexander Watson
mmmm yesss... that smell.... sniff
Austin Wright
>Illinois
You'll be underwater on that house in 2 years guaranteed.
Jackson Green
Why do you say that? >female haha
Justin Carter
the housing market is way overpriced except in certain areas. terrible time to buy imo. homes near universities are probably expensive.
you need to be handy with home repair. otherwise, you'll have to pay a property manager if things get busted. plus if you buy a shitty house you'll get shitty tenants. tenants can up and leave, or break your shit, but youll always have to pay taxes. lots of unpredictability involved.
unless you know your shit or have a mentor to help you it will be a massive headache.
Juan Murphy
>way overpriced
What makes u say that? I want to have a stable income for the next 2 years until I finish my undergrad and then I will sell it. My money will be safely in a real world asset as well.
You're right on the unpredictability, but I have some people I know who might be interested, and I will obviously screen the tenants.
Easton Moore
I did something similar in college, 2bedroom condo though. Anyways, my advice is rent it to someone you trust and is probably a good friend. WHen you own the place you will see you tend to give more of a shit in the upkeep. If you know someone who will care equally, even if yo uhave to give them cheaper rent its worth it. Me and my best friend lived in my place, charged him half the mortgage+condo fees. He got below market value, I got a tenant who wasn't a headache.
Nicholas Davis
Renting a house near a hue university and its 1550$ a month, 3 bed two bath. Price is like 150,000
Jace Reed
Do you think it would've helped you if you bought the house for cash instead of mortgage?
My plan is cash
Benjamin Butler
Don't go through the pain of buying a house. Just rent, and put all the savings into cryptos.
Gavin Reed
No retards, please.
Zachary Bailey
bump
Wyatt Ward
Which town in IL user?
Xavier Morales
Dekalb county.
Blake Hill
>Buying a house in Illinois >Buying a house in a small town in Illinois
RIP, OP
~t. Illinoisian
David Roberts
Can you elaborate more on why it's a bad idea?
Jason Perez
I would say wait if you can. housing is at an ATH right now, but if you really want to just make sure you do all your due diligence, get a an actually good inspector to walk through with you , and dont EVER trust real estate agents, they are total scum. Other than that just look at comps in the neighborhood and try and find out what other landlords in the area are paying rent - put that up against your monthly costs (tax, insurance, maintenance, etc..) and see if it comes out in the green. if it does, go for it.
Nolan Murphy
-Property taxes are astronomical in Illinois. -The state population has been decreasing as people flee the state. -Housing Index prices in Illinois have recovered significantly slower than the national index and many of the poorest states in the country since the '07 peak and '12 recovery. -College kids will fuck up your house, especially a bunch of stuck up NIU students. If I want to NIU, I would punch walls in my house daily.
Charles Scott
Good luck on Veeky Forums faggot.
Charles Rogers
renting out houses is literally miserable and not worth the money
this is why you hire property managers and pay them basically all of the money earned so you can get 10% of the money for free, doing literally no work
William Smith
Thanks, I'll keep it in mind when making my decision.
Easton King
It sounds like you've already made your decision. Enjoy owning some house and wishing death to visit you every day, even though it never does.
Daniel Morgan
I have a house in Aurora, IL and just around the corner from Aurora University. This area is close enough to DeKalb to comment.
My advice is location to the university. Either walking or riding distance. Being close to some basic shops is also a major plus, like a Mexican restaurant or something.
Property taxes in these areas are rather low compared to closer to Chicago as well which is good.
You're on the right track user.
Grayson Hill
Oh and dont forget, 50k - 60k is not a lot of money over your lifetime and thr aprox 12% property tax in your area is easier to manage with such a low property value.
Additionally, with multiple people renting such a low coat house off you it will be paid off quickly. With little input you will have a small house largely given to you.
Isaiah Wright
>Do you think it would've helped you if you bought the house for cash instead of mortgage? When i bought the condo, I didn't have the ability to pay in full cash (lived in a major Canadian city with expensive housing market).
You live in the US, I dont know your personal tax situation, i know a lot of folks opt to keep a mortgage in the US as you can claim your mortgage on your income taxes. Before paying in full cash I'd look in to this and also what interest rate you would get on your mortgage. If you can beat the interest rate by investing then it might be better to just get the mortgage.
Noah Bell
Also when you leave college, and you keep the place as a rental property, rent it to chicks. I've had my place for almost 10 years and have only replaced a microwave and a toilet.
