Home Buying in 03755>Question Details

Annemarie, Home Buyer in 03755

I am an EU citizen coming to the US for a PhD. My dad is thinking of investing in a house in the US.

Asked by Annemarie, 03755 Thu Jun 11, 2009

It would be for me to live in, and rent the rest out. Is this possible to do? Is it legally complicated? Should I have it in my name or his? I will be on an F-1 visa, my dad doesn't plan to live or work in the U.S., he'll stay in Europe. The house would be paid in cash, no loans. Thank you! I appreciate your input on this.

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Hi Annemarie,

This is not an unusual situation for residents of the US, often parents buy a house as an investment and have their child/student manage the rental of the property. I can't see why it would be any different for an F-1 Visa holder. So it is not legally complicated.

Real estate is probably the best use of funds right now, saving you the cost of a dorm or apartment, and generating income from other students.

Just a couple of suggestions, when you rent to the other students (tenants) set up an account with your bank or Paypal so you can accept a credit card, VISA is the cheapest and most common. Take their parents card as a deposit, then if their rent is late or there are physical damages, you will have recourse, and can charge the credit card.

Buy a property with multiple bedrooms, (3 or 4) but don't rent to more than one person per bedroom. I have had issues with students saying that they were sharing a room and paying their half, but their roommate moved out, so they thought they only owed 1/2 the room rate. This is always an issue. Rent each bedroom to one person.

Don't let them rent just for the school year, make your tenants sign a 12 month lease and pay you even through the summer, but let them sublet the unit to a summer school student if they are not going to be in residence. The primary tenant will be responsible to you for the rent, the sub-let tenant will pay them.

Good luck,

Dane Hahn
Broker
0 votes Thank Flag Link Thu Jun 11, 2009
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