This post is a bunch of facts followed by a bunch of questions. This is how my mind works. I probably won’t make a move. I may regret it. I saw a house on Zillow and had a crazy idea to save or profit on college housing.
Saw this house on Zillow. 50 m from Roanoke College campus. Drove 20 minutes to Salem, and walked past it this morning. Totally run down, but I could make it nice. The lot is big, has parking for several cars, and street parking is prohibited. The houses on the street are run down, but the cars are nice. There are beautiful historic homes on the next street. Zillow price estimate at $99,000. Foreclosure auction in 9 days at the Salem Courthouse. Room and board at $13,000 at Roanoke College is very high. Local students can claim they are commuters, and rent a place near campus. JumpStart Jr. is awaiting the results of a scholarship competition, and the outcome will decide if RC is a little pricey or affordable.
- How many people will show up to bid?
- Will the auction really be a bargain?
- How could I get $80,000 in an account within the next 9 days?
- How do you register for an auction?
- Will my school get me a substitute next Monday?
- What if the scholarship results are small, and JumpStart Jr. doesn’t pick RC?
- Will my daughter (age 15) like Roanoke College?
- Will my daughter get enough merit money to make RC feasible?
- Will some of my brother’s 4 kids (younger than mine) want RC?
- How hard would it be to find some local RC kids who want to rent a room?
- Is the street full of rich RC students in run down houses?
- What does it look like inside the house?
- Could some small bed/bathrooms be added in basement?
- Would a small addition on the back of the house, be easier than the basement that might get water?
- Will my kid or tenants get into real trouble with the Salem Police, instead of less trouble with the nicer Roanoke College Campus Police?
- Do I know anyone with cash/expertise that wants a partner?
- Why would someone with cash/expertise need me?
- Could this be a profitable rental property that creates cash flow until I’m 80?