College Students Looking For Alternative

[SELLITNOW]

I met 2 college students today who said they were planning on leaving "campus" and getting an apartment. We talked for a bit, and they asked me if I knew of any ways they could get into a home or a condo or a co-op instead of just an apartment.

I told them that they would be my first homework assignment, as a real estate agent.

So I am asking, does any one have any info. I can use to try and turn these two customers into clients?

I have a little information about them, but not a lot. However, I was thinking - perhaps I can use whatever I learn for them and anyone else they know who might want the same type of "change" from college - but without the :money-in-the-toilet" option of renting.

Any assistance would be greatly appreciated.

[coastal]

Sell a home to their parents, and let the kids rent it out to cover the mortgage.

My friends parents did this for us when I was in college. After 5 years of renting (Yes it took some of us that long to graduate) there had been substantial appreciation in the market and the parents made out quite well. It was a big house and there were usually about 8 of us renting. BTW the son of the parents never paid rent and lived there for free for 5 years with the rest of us paying his parents mortgage.

[SELLITNOW]

LOL - good move though. These two were hoping there was a way they could do it
themselves . . .

[coastal]

If they are not concerned about moving for 20 years you may be able to find a "Rent to own" situation.

How much $$ do they have in the bank? What is their credit score? Will mom and dad co-sign?

[SELLITNOW]

good point. i will certainly bring that up as i speak to them further . . . the credit score issues . . . im basically getting them to submit their work independently of me - so they can rest assured about "privacy" of money matters . .. they want me to try n find a place - want their money info. unknown

[Jnazareno]

Selling a home to parents and renting to the kids are the best way of handling this!

lol - I had 124 credits and just short of a few classes to get the BS degree
but that was 10 years ago..

Sell a home to their parents, and let the kids rent it out to cover the mortgage.

My friends parents did this for us when I was in college. After 5 years of renting (Yes it took some of us that long to graduate) there had been substantial appreciation in the market and the parents made out quite well. It was a big house and there were usually about 8 of us renting. BTW the son of the parents never paid rent and lived there for free for 5 years with the rest of us paying his parents mortgage.

[kensmith]

The students will have little to no income and most likely little to no credit. Would you lend them money? The parents will most likely be needed.