Is this a hair-brained idea? (Raleigh, Durham: extended stay, 2013, rentals)

[Kevin LK]

Family and I live abroad, but usually spend summers in US, either visiting family or travelling.

It is getting to the point, though, where we are recognizing the inconvenience it places on relatives to put up the four of us and we're not crazy about hassle/expense of hotels and extended stay places.

My wife is suggesting that we think about buying something, maybe a townhouse, near a university campus, that we could rent out during the school year and live in ourselves during summer months.

I've always enjoyed the Triangle area, and wondering about feasiblity of such a plan around UNC, Duke, or NC State.

Any thoughts? How much would reasonably nice 2,000 sq ft, 2 or 3 BR, 2 bath place cost within walking distance of those universities cost?

Thanks for any advice or suggestions.

[no kudzu]

2000 sq ft is pretty large rental unit. At least in Chapel Hill you would be hard pressed to find something that size within walking distance of the university. You would be able to find something smaller and since most leases are 9 months based on the school calendar, it might work.

However have you ever been a landlord? Being a long distance landlord, especial on a different continent would be extremely difficult. You would have to have a property manager and that might be more difficult and expensive than you are prepared for.

Besides, most landlords are hoping for long term tenants, not hoping for somebody to get out so it can be vacant for 2 months. also storage of your belongings would be a major issue.

I would just consider an extended stay rental somewhere.

[4alark]

You could consider search on "home swapping", "house exchanges", and other types of home exchanges which are set up for multi month opportunities all over the world. You put your personal items in storage or locked in a room. Get some insurance and swap. I haven't done it but perhaps someone else has experience with this.

Or,
You could advertise in the student newspapers looking for a summer rental from a student who spends the summer elsewhere.

Have fun. Life is short.

[lovebrentwood]

As a landlord, I'd say it's insanity.

Maybe you can find something on Craigslist to rent -- maybe from someone carrying two mortgages, waiting for their home to sell and it's semi-furnished? Or something.

[Strongasabear]

My husband and I looked at these townhomes/condos (not sure what they're considered) and fell in love. I said if only I had an extra 150-199K lying around I would definately buy one. Magnolia Forest Court I think they're called. Do a search for magnolia townhomes in Wake Forest. They're just down from the Seminary. There is your rental income right there. Not sure if that is too far out for you but they are very beautiful!

[Connie Person]

Maybe you could do one of those house swaps with someone that would like to be in your country for the summer. Like the movie Holiday situation.

[Picaflora]

When I was a student at NCSU (all of 4 years ago) I wanted a year-round rental. Once I moved off campus I was not going back home for the summers. I stayed and worked a job full-time, or I also went to summer school. I can't think of anything that big within walking distance (or on the Wolfline) around State.

[xylemphloem]

If you did decide this is something you want to try, you could probably find a nice home within at least biking, if not walking distance to Duke for between $250K - $350K for something south of campus towards Duke Forest, or $150K-$250K north of East Campus -- much more variable property qualities/neighborhoods.

[RedZin]

Why not find a nice, smaller place near one of the local campuses and do short-term rentals for it (weeks, weekends, etc) for parents and family to stay in instead of a hotel while they're visiting their students?

Just a thought. I think that renting to college kids 9 months out of the year is going to be a challenge. I'd rather buy a place, find a property management firm, and then rent it out for use during times when I knew I wasn't going to be in town. Maybe it won't pay your whole mortgage every month, but you can make more renting it out (per day) as a weekend or weeklong rental than you could if you wanted to do a 9-month lease to a group of college students.

Most of the students who are off campus don't want a 9-mo lease. They want a year or more.

[Kevin LK]

Hello all.

Does anyone have thoughts, advice, suggestions for buying property near university campus as residence for next 24 months, then turn into student rental.

Situation is a little complicated to explain here, but we will be in NC for two years, with flexibility as to where we live, as long as within hour or so of RDU. Will then spend three or more years split between couple of overseas locations, with return to NC for short business trips several times per year.

Considering various housing options, and one possibility that has occurred to me is to get a place near one of the universities to serve as our home until 2013, then maybe renting it out (and probably making use of property management service).

Anyone have ideas about whether this is more likely to work out in Raleigh, Durham, or Chapel Hill? Thinking it should be within couple miles of campus, but not being familiar with specifics of any of the three, I could be wrong about that. Maybe even look for a place in traditionally student occupied complexes.

Hoping not to spend over $150,000 and would look for house or townhome with two or three bedrooms (suggestions as to whether 2 or 3 bed would rent out easier?), two full baths. For our own time there, would like to find something at least 1400 sq ft, bigger if available.

Thanks for any kind of assistance you all might be able to provide.

Kevin