Whether you’re looking to buy a rental property or flip a house, Gainesville is one of the best cities in the country to do it.
The city ranked in the top 10 college towns for both categories — third for buying rental property and sixth for flipping houses.
The rankings were compiled by RealtyTrac, a real estate information company based in California.
“This is our first time doing this kind of report,” said Ginny Walker, RealtyTrac spokeswoman. “What we liked about UF is that it appeared on both lists.”
Data was also collected from the National Center for Education Statistics, Walker said. The top college-town rankings for buying rental properties were based on annual gross rental yield, she said, while the top college towns for flipping houses were ranked based on the average gross return on investment percentage for the first eight months of 2014.
Terry Martin-Back has been in the business of flipping houses for about 30 years. He is the co-owner of the Exit Realty franchise in Gainesville and a general contractor.
“I enjoy going into houses that nobody else wants and then turning them into something that someone can enjoy again,” Martin-Back said.
The main reason for flipping houses is money, he said.
“Students are buying older condos and apartments because they are affordable,” Martin-Back said. “Right now we have about 2,500 new apartments and condos coming in.”
Holly Linville, a 21-year-old UF communication sciences and disorders senior, has lived in a more affordable house behind Midtown for two years with two roommates.
“The location of my house is great,” she said. “It is near the heart of campus, and I am close to the stadium, restaurants and classes.”
[A version of this story ran on page 5 on 10/8/2014]
