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Can I Find Parents Looking to Buy Home for College Student?

Questionshadow wide Can I Find Parents Looking to Buy Home for College Student?

Q: I need to sell my house quickly and would like to get back what I have in it, around $100,000. It’s a 2BR, 1BA older house, 900 Sq Ft, totally renovated and modernized down to the frame in 2007, within easy walking or biking distance from two colleges.

I sent two kids to college over a 10 year period, paying double rent the whole time. Later I learned that many parents buy a house near campus, then when the kids graduate they have an investment to rent or sell. Do you have any idea how to contact parents who might be interested in this kind of opportunity? – Pat in Missouri

A: I’m familiar with the strategy of buying rather than renting and it can work very well in the right market. Having paid rent for one son for four years of college I get it. Thankfully our second son went to college locally and lived at home for the six years it took him to graduate. In all fairness to #2 son, he worked full time as well.

As you’ve discovered, purchasing a home or condo near your child’s college can really make sense especially if you will have two or more children possibly attending the same college. Depending on their ages you could end up saving rent and growing equity for eight to twelve years.

Parents looking to purchase a home or condo to temporarily house their kids in college usually go about the search the same way any house hunter would. Especially if the location they are looking at is out of their area or even out of state. These folks usually employ a Realtor in the area they are interested in. The realtor will have immediate access to all prospective properties listed for sale on their local Multiple Listing Service (MLS).

Keep in mind those Realtors representing buyers usually provide their services for free since the sellers usually pay commission to both the buyers and sellers agents.

Good luck.

Lee Dworshak is a Realtor with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.

A: Most Colleges and Universities have “advertising boards” where one can place an ad for anything including houses for sale. Also you could contact a Realtor that sells properties in that area – drive around and look at “for sale” signs. Go to Realtor.com and look at homes for sale in this area then contact agents that are selling them. And remember – the lower the price, (usually) the faster the sale.

George Szkup is a Realtor/Broker with Tucson Home Advisors in Tucson, AZ.


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