Mike, Home Buyer in University of Texas -...

My son is planning to attend UT Austin in the fall, and we were considering buying a condo/townhome that he

Asked by Mike, University of Texas - Austin, Austin, TX Tue May 12, 2009

could share with a roommate. He will be a business student at McCombs. I am currently deployed overseas, so am limited in being available to help him. We'd like to find something affordable, such as a REO. Any properties that would meet our needs?

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14
Here's a REO in a East Campus UT location... http://www.trulia.com/blog/perry/2010/04/cute_bank_owned_hom…
0 votes Thank Flag Link Mon May 3, 2010
MIKE:
FIRST OF ALL, I WANT TO THANK YOU FOR SERVING OUR COUNTRY. I AND MANY OTHERS DON'T GET AN OPPORTUNITY TO TELL YOU HOW VERY MUCH WE APPRECIATE YOUR DEDICATION AND SACRIFCE.

FROM A LENDERS STAND POINT, UNLESS YOU PLAN ON PAYING CASH FOR THE PROPERTY YOU SHOULD MAKE SURE THAT THE PROPERTY IS WARANTABLE. THIS MEANS THAT IT NOT HAVE MORE THAN A MINIMUM OF 50% OF THE UNITS MUST BE OWNER OCCUPIED. THIS VARIES WITH THE TYPE OF LOAN. GETTING A LOAN ON A NON-WARANTABLE CONDO IS MORE EXPENSIVE TO YOU AND MORE DIFFICULT TO ATTAIN.

DO YOU CURRENTLY HAVE A VA LOAN ON YOUR HOME? YOU CAN GO TO MY WEBSITE AT: TIMHUNKE.COM AND FIND OUT A BIT MORE.

BEST OF LUCK AND AGAIN....THANK YOU.


TIM
0 votes Thank Flag Link Mon May 3, 2010
Mike, most of the foreclosures in Austin are not near UT however periodically there are exceptions. Prudential Texas Realty has both the Fannie Mae and Freddie Mac accounts as well as receiving dozens of REO foreclosure listings each month. Prudential Texas receives about 50 foreclosure properties each month from these sources. Contact Jeff Walker at Prudential Texas who can help you as he works with all of the Prudential foreclosure inventory. His email is: jeff.walker@prurealty.com
0 votes Thank Flag Link Mon May 3, 2010
Mike,

If you are still in market you might be interested in taking a look at my condo I have for sale. It's not within walking distance of UT, but still in a great area not far from there and only about 1/2 block off the bus line. The complex is small and has a good floorplan that would support a roommate situation.

Thanks,

Mike B
0 votes Thank Flag Link Fri Jul 3, 2009
I would start with foreclosures since you can purchase those properties at a substantial discount. If you have cash, I would also look at the condo and townhome complexes that have temporarily lost their conventional loan warrant-able status and/or FHA eligibility (those units can sometimes can be purchased for as little as 25 to 30 cents on the dollar). If you would like a free online list of available Foreclosure properties (with color photos); visit my website below:
0 votes Thank Flag Link Wed Jul 1, 2009
This is an exceptional plan. I have assisted several clients to purchase UT condo properties for their children to live in while attending UT. This area has had solid and steady appreciation over the years. Give me a call if I may be of service to you. I would be happy to take you to see some of these condos.
Sincerely,

Betina Foreman, Realtor
Keller Williams Realty
1801 S. MOPAC, Suite 100
Austin, TX 78746
512-771-6318
Web Reference: http://BetinaForeman.com
0 votes Thank Flag Link Wed Jul 1, 2009
Mike,
Excellent idea! I bought a house when my little brother was a student at UT. I only wish I hadn't sold it. Think of this. Turn your IRA into a self directed IRA and buy the house within your IRA. If you get a duplex, you can collect rent on the other side, tax free, while your son is there. Meanwhile, the property will increase in value-pretty much assured, due to the fact that this is a strong buyer's market. Theoretically, this concept could be a financial planning tool for your retirement while providing a residence for your son. I work with an agent whose specialty is REO/Foreclosure properties. I like to refer to him because he is so "on top of that part of the market." If you want to pursue this, let me know. We will get the ball rolling. You are on the right track, Mike! Sharon
0 votes Thank Flag Link Thu May 14, 2009
Mike:
Best wishes to you on your deployment. Thank you for serving our country.
Buying a condo is a good idea. Make sure that the condo is a warrantable one it makes getting a loan easier.
You might consider a 5 or 7 yr ARM. I did one for a family in College Station and it worked out well since the rate was less and if it takes your son 4 yrs to graduate and then go on to graduate school you have an extra year that is covered.
Thanks.
0 votes Thank Flag Link Wed May 13, 2009
I love your idea of purchasing an REO Foreclosure property for your son. Some of these foreclosure properties can be purchased for as low as 50 to 80 cents on the dollar. If you would like a free online list of Foreclosure properties (with color photos); visit my website below:
0 votes Thank Flag Link Wed May 13, 2009
Vicky in VA,
FYI-There is such a thing called "kitty condo loan" for lack of a better name, basically Mike is co-signer for this son that is a student. So mike's son can purchase the property & start building equity along with receiving the tax credit. Check into it with a lender, it's wonderful loan.
0 votes Thank Flag Link Wed May 13, 2009
There is a lot of different condos on the market. I am currently helping a student now. They found a great deal about 10 miles away.
I have been selling condos in the area for about 11 years or so. I actually live pretty close to campus and have show most of complexes.
If you need any help let me know.
Jeff
jkagent@gmail.com
0 votes Thank Flag Link Wed May 13, 2009
Mike:

Good questions regarding UT Properties. There are currently 29 properties that at are at least a 2 bedroom unit and all under $199,000. With the exception of 2, they are all have 2 bathrooms as well. The units are also located in the real estate area known as UT which is clustered around the University.

Buying a property while your son is a freshmen is a good investment option. I have helped many families in your situation accomplish the same thing. Most of these 29 properties are in the low $200 per sqft with a couple at 197 a sqft.

I would be glad to send you the specifics of these if you like.

Thanks
Ritch Haenke, Realtor
Coldwell Banker United
rhaenke@sbcglobal.net
512.633.3909
0 votes Thank Flag Link Wed May 13, 2009
Mike, you obviously will be talking to a local agent with regards to the specific property. This is a VERY good idea.
But, have you figure out how you will be purchasing?

The agent before me is assuming your son will be purchasing the property... and assuming he will meet the requirements to get the first time home buyer credit; which can be up to $8K.

However, as a mom of 2 college kids, when I think of doing this, I am not thinking of putting it into the names of my college kids; simply because I assume my kids will move out and move on after school - and I will keep the property as an investment for some time. Maybe that's your plan, or maybe not.... If this is the route you will be going, consider using funds through a version self directed IRA. A typical self directed IRA can purchase property, but not property your son can live in. However, with the Safe Harbor variation, it seems your son can reside in the property. The web site below will tell you more.
0 votes Thank Flag Link Wed May 13, 2009
Hi, my name is Raphael, I'm with the Osborn Team ( Althea Osborn) Keller Williams in Austin, Texas (you can google us) ( also ignore the San Antonio address, I take it trulia doesn't have austin group?). It's a great time to buy & your son will receive the 8,000 tax credit if you purchase before dec 09. Rentals are in high demand in the UT area. If you choose area carefully & buy right it will be a great investment for years to come. There are many new projects in the works in the UT area, so you need to be careful were you purchase for future resale. Sorry response is so short, it's been a busy day in real estate today & I'm beat. If you have sometime to chat, I can educate you on UT area real estate. I would like to help you with your son's property, my email is raphaelwhite@kw.com.

Nite,
Raphael
0 votes Thank Flag Link Tue May 12, 2009
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