Here's the background for the investment idea:
USCB started classes in 2004. The Okatie campus is just past the gates of Sun City, off U.S. 278. There isn't much night life for students (yet), but as Oaktie development progresses, this is sure to change
For now there are about 600 students, half of them from out-of state, who live on campus at Palmetto Village, which opened in 2005 and is located on university grounds.
Nearly 85 percent of USCB students are from Beaufort County and for the first time there is a waiting list for living quarters which represents a great deal for students with a monthly rent of about $600 which includes utilities, cable and Internet compared to around $900-$1200 per month, plus, they get a room all to themselves with kitchen, washer and dryer. That's hard to beat.
Some parents of Students considering USCB, might want to look at buying a home in University Park, just down the road and allowing their children to manage the property as property managers--giving them residency, in-state status and college tuition break, a job, rental income from Students who would rent the other rooms as well as tax breaks.
If you purchase a 3-4 bedroom home, you can offer to rent to students for under the $600 rent charged on campus, cover your mortgage and generate some cash.
There are tax issues, that can best be addressed by a tax professional who knows the financial situation of those who'd consider any real estate investment in South Carolina.
At the end of the four years, parents could choose to sell the property--at a time when we hope that the market will be much better than it is now. or, they could continue to rent it; or help their new graduate to enter the real estate investment business.
There are some foreclosures and good buys in this area. Parents who'd be interested in exploring this idea please contact me at 843-368-9146 for a no- obligation chat.
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