Gainesville Real Estate question

Discussion in 'GatorTail Pub' started by ajoseph, Mar 9, 2018.

  1. ajoseph

    ajoseph Premium Member

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    I have no idea about the real estate market in Gville. Does anyone know whether it is a good investment to buy a condo near campus where my kid can live (after his freshman year) and rent out a room to one of his friends? Is the Gville market substantially appreciating, holding steady, or ready for a dip?

    Also, how difficult is it to rent such a condo (for the year(s) when he is not living there)? I have a daughter that is 2years behind, who has better grades and who knows if she will get in, but Inc theory we would have the condo for about 4-6 years, depending on grad schools.
  2. gatorknights

    gatorknights GC Hall of Fame

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    When I was a student, my GF and I bought a house together and it paid for my college. This was a while ago though, so the numbers may be different. If your holding period is long enough--like from freshman to graduate student you should be ok. UF isn't going anywhere, so you don't have to worry about general economic conditions affecting your value. That said, align yourself with a good RE agent and lender if you need to finance, they are few and far between. Good luck.
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  3. vaxcardinal

    vaxcardinal GC Hall of Fame

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    you'll need to understand what properties are considered 'investment properties' by banks since those loans will cost much more.
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  4. ArtVandelay

    ArtVandelay GC Hall of Fame

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    I have a friend that is with one of the Top RE agencies in Gainesville. Let me know if you want his contact info.
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  5. ajoseph

    ajoseph Premium Member

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    Bill sent me a terrific reference that I intend to follow up with. Thanks!!
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  6. ArtVandelay

    ArtVandelay GC Hall of Fame

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    Good luck! I would say if you can buy, it would probably be a good investment depending on where.
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  7. ThePlayer

    ThePlayer VIP Member

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    Be sure to purchase a Landlord's Policy before someone trashes your investment.
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  8. malscott

    malscott Premium Member

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    I've had a rental home in Gainesville since just before the big bang. o_OI bought it back in the late 70's. IMHO, seeing I'm a realtor (although, here in Cal) we're about due for a correction. The rental market is currently pretty flooded with options. Rental fees aren't as high as in the past. Typical supply demand economics. The good news is Gainesville is pretty affordable, particularly entry level condos. Pretty hard to get beat up too bad on a condo. Association fees can make condo deals prohibitive.

    I rented rooms out in my house when I lived in town. Paid my mortgage and I got to live there for free essentially. I had four bedrooms though. Having someone (family) there makes a huge difference. Once I left town the home went downhill. Once the kids leave it'll cost you carpet, paint and some upgrades.

    It's nice to have someone else pay off your loan. Be careful with the HOA fees they really cut into your bottom line and don't offer a hell of a lot in return. My 2cents :)

    Good Luck
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  9. solari

    solari GC Janitor Premium Member

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    Basically watch the mortgage interest rates for the area. If they're going to rise again over time then traditionally the housing market cools down. The way rates are at the moment, they have nowhere to go but up essentially.

    Being a UF town means some insulation but not completely as evidenced in past recent history.

    Ray
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  10. ArtVandelay

    ArtVandelay GC Hall of Fame

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    Disregard my post. I didn't realize you were talking about Gainsesville ;)
  11. gatorknights

    gatorknights GC Hall of Fame

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    pretty much.