Smart real estate buys

Since nothing happened today I'll share another opinion about smart buys. I believe you just can't go wrong buying a nice 2 bedroom ranch with a full unfinished basement at a good price because they generally have growth potential. You can add in 1 or 2 bedrooms in the basement and a bath and significantly increase the value of the property and the monthly income if you choose to rent it out. Basically just framed and drywall for the interior walls and paint the block or concrete exterior walls. The most important thing is to install egress windows so the bedrooms are legal bedrooms. Also, make sure it has enough parking. I believe buying and renting houses in a college town is a good idea. Many folks are scared of this market because of the horror stories like the one I told a few posts back where the kids hauled in a few inches of sand and had a beach party. The fact is that I've had much better luck with college kids than large families regarding being paid on time and taking care of the property. They always have money because they have planned ahead of time for a year at college and either have loans, jobs or their parents are helping them. The rent usually comes from 3 or 4 different families and what are the chances they all have financial troubles at the same time. They are goal oriented, careful with their money and planning for the future. Once in awhile a freshman can't handle having all the freedom for the first time and flames out of school and lets their friends and roommates down. I make it easy for the others to add new roommates to the lease.

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