From Pace to Purchase and all colleges in between, off campus housing and local rental properties are highly sought after. Some young commercial real estate investors are purchasing and renovating White Plains, NY rental properties to generate passive income while they are pursuing their degrees.
White Plains, NY Rental Properties For College Students
Access to spending cash is a scarcity for college students. Coursework does not provide much leisure time, and even less time to maintain a part-time job. However, White Plains, NY rental properties allow savvy students to earn money without having to put in much time. By purchasing, renovating, and renting out White Plains, NY rental properties, students can not only earn spending money, but they can also build a nice nest egg, while boosting their credit ratings through portfolio diversification. In short, college students with one or more White Plains, NY rental properties end up graduation with a much greater financial edge than other students in the area.
Creating A Plan Of Action
The first step in acquiring White Plains, NY rental properties is to look at listings. There are a number of homes and multifamily residences which can be purchased at or below market value. As with all real estate acquisitions, location is key. Rental properties in White Plains, NY should provide easy access to campus, shopping, nightlife, and jobs. Utilizing free time to renovate the property, either alone or with friends, can turn it into a viable rental. Remember, the more units, the better. Ideally, students should look for two or even three unit rental properties. This way, a portion of the income generated can go toward paying off the mortgage on the property, and the rest can go straight into a checking or savings account.
Financing White Plains, NY Rental Properties
For many college students, securing bank loans for purchase and renovate rental properties may not be a viable solution. However, there are flexible and affordable financing programs for property acquisitions and rehab projects. Fix and hold loans, lines of credit, bridge loans, and more can be arranged quickly to get a rental property to the point of generating revenue.
Talk To The Experts
At Lavan Financial Group, we specialize in commercial real estate financing solutions for White Plains, NY rental properties. If you are a student or the parent of a student, a rental property in the White Plains area can provide a financial advantage during and after the university experience.