Steve D Valentine walks through how parents and college students can buy a condo together, using the student's housing allowance or scholarship to nearly cover the mortgage. Add roommates, scale to more units, and the student builds equity instead of throwing rent away.
Chapters
I looked at what they were paying the parents were paying for dorm or what credit they were getting from scholarships for housing. And then we backed it in and with his daughter, so we bought his daughter a one bedroom, one bath condo for year one. So the tuition housing allowance almost covers the mortgage payment on it. So we'll keep that. But during this year as she meets people, she's trying to find a roommate for next year so we can buy the next one her sophomore year and have a roommate. So then the first one she hopefully finds somebody else to rent out to. And what's happening with that is that with a family the parents can co sign even though they don't have a job and the child can be the primary, which means you can do an FHA lower down payment non investor rate by creating a partnership with a child and moving through properties. So we've got like my CFO is getting ready to do it with her daughter where they're buying their first one with roommates, then we'll move on to the second one and they're partnering with their daughter to do that. So as he's going to college, kind of thinking about is there an agent out there or somebody that I can partner with and start talking about this experience and how do you educate the people? And again, it's not just for your son, but it's the conversation. Start thinking about it and then how do you educate your clientele to think in that perspective? So if their kids are going to college next year, you're already starting the process of like, hey, have you started thinking about housing and what does it look like and what does an investment look like with your kid?
