Quote:
Originally Posted by archangel689
Hi guys,
After graduation, I've managed to secure a savings of around $30,000 dollars. This is my own hard earned cash. It is my intention to buy a house near the university and rent it to the undergraduate chapter.
Ideally, the local chapter would be able to take hold of the deed in a rent to own fashion. The university does not allow fraternities to have houses at our university, so brothers will rent houses from the local slum lords. All the groups do this. Although, some groups rent across the river, where it is far more pricey and students don't want to walk that far.
In this situation, you can't modify or make changes to the house. As a founder of the fraternity I believe it would be in our best interests to own a house--in terms of long-term survival.
There is very little for sale in the area, and what is for sale amounts to tiny houses that are over priced dumps. I am going to call our old land lord today to see if there are any slow moving properties in the area he'd like to sell.
There is a huge house he owns, which he bought for 100 dollars, but the attic Dormer has collapsed and it's a project.... But its over 3000 sq ft.
Does anyone have any ideas. I mean the area around the university is a complete slum and houses are torn down all the time... problem is that the people who are selling want 100k for a dump becuase they think the university will eventually buy it for expansion, meanwhile the university is nearly at bankrupcy because of all the stuff they just built
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I'm no real estate agent, nor do I go to your school, but I can see several red flags in what you originally stated. If your university doesn't require housing for GLO's, let alone even allow them, it seems like you would be throwing your money away for status alone. It might be cool to have a basement to throw mediocre parties in, but the euphoria will end quickly. In addition, one student, who gets sick or something, at your new place could easily cost you more than $30,000. A better investment would be to throw parties and events at other establishments that would share some of your risks with your organization. You will probably make more money for the undergrads right now, and then you can wait around for something prime in your area. Look in the long term.
-The king of GC
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