College Rental Properties - Step 1 How to Buy Your Student a College Rental Property
Posted: Tuesday, December 16, 2008
by Bill Carey
Off Campus Housing USA
College parents you have been through this before and you know the buying process is straight forward. The problem is that emotions take over and get in the way. Help your student put aside the emotional aspect and the process will be much easier.
Go in with your eyes open. Prepare for the search, you are away from home in a city that you are not overly familiar with but you will be here for the next 3-4 years. Follow our 7 step program to success.
Determine what you can afford are the parents co-signing the loan, partners, 2nd mortgage holders or not at all involved in the mortgage. I always start with "Pre-Qualifying" with my personal bank. I know what I can do before getting a second opinion form a local mortgage broker.
Your personal bank knows you, you have a long relationship with them in checking, savings, other loans car/mortgage, a great history. They like you. Why go anywhere else? At least not in the beginning. Your personal bank will spend the time with you to show you all of your options. Show you the normal things you would expect the things that the local mortgage broker doesn't. The local mortgage broker is looking for the quick hit, the no mess deal and then on to the next one. Your personal bank wants to keep you happy, keep you coming back for more services, keep you as a customer.
Today most applications are completed over the phone and by fax, email and mail rarely do you meet the person working on your application. This applies to your personal bank but not always with the local mortgage broker because your personal bank has your file. They have the relationship they only need to update your employment and current income. You personal bank does not need to build 3 to 5 years of history they already have it.
Maybe, just maybe Mom and Dad will buy your house for cash and turn it over to you. If you are so lucky, good for you.
How to Save $50,000 plus on your Child's College Education http://www.CollegeTowneProperties.com 9 Steps to In-State Tuition. Student Rentals Real Money Makers. Check out the 9 part e-course on "How to Buy Your Student Rental Property"
Contact Bill by email at BillCarey@CollegeTowneProperties.com or visit our website http://www.CollegeTowneProperties.com
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