A local Realtor should be able to help you to buy the property and refer you to a local attorney who could do all the paperwork for the sale to your son.
That is one problem; the type of income your son will receive also comes in to play. If he is a W2 employee I donâ€™t know why 2 months is the magic number. One paycheck is my minimum, unless he is on probation on the new job. If he is going to receive a 1099 instead of a W2 then 2 years is the number.
If he were my son, I would have him do a short term lease until he decides if he likes Houston, then buy a condo on his own. If he made it through med school he should be able to find a place to live.
NMLS # 6395
Financing Kentucky One Home at a Time
It's done all the time. Please use a Realtor to represent you for the purchase ... you'll need someone to act in your best interests. The seller will certainly have someone on his/her side. For the subsequent sale, I suggest that you get in touch with a real estate attorney, just to make certain that all bases are covered.
Congratulations on your son's success. Houston is the world's leading medical center ... if you're going to get sick, this is the place to be!
If I may be of further service, please feel free to get in touch.
Once in a while a big box lender has a problem with too many transactions too close together (as in flipping), but there are many lenders that will have no problem with it. If I may be of service, please feel free to contact me.
I just spoke with My Loan Officer and she said as long as He buys it back at the same price you paid for it and you show no profit you will be ok.
http://www.closewithaddie.com is her website if you would like more information.
If you need any Realtor services let me now!