Over the last couple months i was looking into purchasing a college real estate investment in my area. At first I was only looking to do a single house with maybe 2-3 apartments. However there werent many good deals available considering the properties on the market, I was looking to either purchase or put most of the money down with $100,000 set aside. Recently a huge apt complex in the town i was looking into was put up, it has 18 units and 40 bedrooms for 800,000. I was immediately interested and even went to check the place out, and considering the prices for student housing the profits would easily cover the cost of the mortgage payments. The property is located 8 minutes walking from the campus and right in the heart of the downtown area.
My question is however mostly wherever i see you have to put 25% down and obviously my 100k wont do that on this 800k property. Do lenders vary on the necessary money down if I show them the profit/loss statements on the property or are they very strict on that 25%? The owner says he is willing to do partial owner financing of sorts, so any creative ideas on this would be greatly appreciated.
Any info on college housing would be appreciated. Although I have done the research and talked to numerous college landlords on the whole behavior of college students so please spare the lectures on college students destructive habits.