Raleigh, N.C.
Raleigh, N.C.
Name: Matt Durbin
Holdings: Six townhouses
Closest college: North Carolina State University

When Matt Durbin first purchased a three-bedroom townhome just two miles from North Carolina State University's Raleigh campus in 2004, he thought he'd get a lot more in rental income for the place.

The previous owner had told him he could easily charge $1,250 a month, but N.C. State had just opened up new on-campus housing that year, dampening rents. Durbin could only get $1,000 a month.

Even that, though, was enough to pay all his expenses -- including his mortgage of less than $600 a month -- and still turn a profit.

"It worked out great," he said.

So great that, the next year, Durbin sold his home in a Washington, D.C. suburb and used the proceeds to buy three townhouses in Raleigh; two three-bedrooms and one two-bedroom. They're all within a stone's throw of each other, making them easy to care for, and the rents all covered the mortgage payments and other expenses from the start.

After that, Durbin was hooked. He added another home to his portfolio in 2006 and a sixth in 2009, all in Raleigh.

Durbin mostly rents to students and figures he clears about $10,000 to $20,000 a year right now, depending on maintenance and emergency repairs. Once all of the mortgages are paid off, he expects the cash to roll in.

But while he's waiting, he plans to add to his college real estate empire.

By Les Christie @CNNMoney - Last updated April 18 2012: 9:10 AM ET
Join the Conversation
Multi-million dollar foreclosures

Even these mega-mansions in some of America's wealthiest neighborhoods are not immune to the housing crisis.

Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Most Popular

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.