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Looking for an Investment Property?

Written by Mark Van Steenwyk : April 4, 2007

As you may know, I am in the process of planting a campus ministry at the University of Minnesota (West Bank Campus).  This ministry, though affiliated with Missio Dei, is a ministry of InterVarsity Christian Fellowship.  Our plan is to plant multiple chapters throughout the University of Minnesota.  The heart of each of these chapters will be a ministry house—a house where students can live, experience community, and be discipled for ministry on campus.   This idea isn’t new—though our approach will be more intense (have you ever known me to be anything less than intense?).

Well, we’ve found a house in the West Bank neighborhood that would be PERFECT for our purposes.  It has SEVEN bedrooms divided between two apartments.  It also has a full basement that could be remodeled into a gathering space for our campus ministry.  The two apartments will serve as a gender-divider—in one apartment three rooms will be split between 6 female students.  In the other, 2 rooms will be split between 4 male students.  This still leaves room for a host couple and a guest room (hospitality is important).

Know of anyone looking for an investment property? If I wasn’t living in the financial basement right now, I’d make it work myself.

You may be asking: what would this house be like as an investment?  Here’s the rundown:

The cost of the house: $369,000

  • At 6.5% and 10% down, the mortgage would be $2100/month.
  • With ten students at $300/month for rent, the inflow would be  $3000/month.  This doesn’t include the host couple (who would be ministry staff or volunteers).
  • InterVarsity students and staff would commit to not only maintaining the house, but also doing some repair/cosmetics projects.  Because it is a ministry house, we’d be able to get skilled volunteers to keep the repair costs low—should you be interested in fixing the house up and increasing the worth of your investment.
  • Currently, the house is filled with renters (currently providing $3000 of inflow) until the end of August. 
  • Should you choose to purchase the house, we would be responsible for filling it with renters—allowing you to have an investment property that draws income, yet without the hassle of handling renters.

If you (or someone you know) are looking for an investment property AND want to help spread the Gospel of Jesus Christ on the West Bank, please talk to me ASAP.  Demand for housing on the West Bank is VERY HIGH—this house won’t wait long.  More information is available upon request.

for further reading . . .

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