Quote:
Originally Posted by amonkie
What will you do during the months school is not in session to cover the rent costs? Its hard to guarantee that students will stay in town for the summer months.
Will the tenants be responsible for the utilities?
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The norm here in my college town is that houses are only available with a year-long lease; tenants are responsible for paying rent even in the summer months, regardless of whether they stay there or not. Also, houses typically come with no utilities--the tenant is responsible for all of them, and a landlord can specify in the lease agreement that the tenant is responsible for everything, including required garbage service (this was in my last lease).
Personally, I think you're going about this backwards, bsbllplyr. You need to meet with a loan officer or mortgage broker and see if this is even feasible. Given tight credit markets, I think it's unlikely you'll be able to swing this if you're not living in the house yourself and don't have a steady, documented income. Personally, I'd choose to live in the dorms for a year for the experience instead, save up more for a downpayment, and revisit this idea a few months from now by meeting with a mortgage broker, while seriously considering living in the house myself. Amonkie is absolutely right when she says tenants do not take care of properties the same way that owners do. It's not their investment to protect.