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Buying a Home for You Childern & 1st Trust Deeds
Who better to get started with than someone you can Trust! Just make sure they understand it is Business! |
Are your children or someone else you know currently renting an apartment or a home? If they are, ask yourself one question. Why aren’t they renting from me?
Did you know that you could buy the house for your children to live in and have them pay rent to you instead of a stranger. Of course it is very important that they understand this is business and no monkey business will be tolerated. At least know more than you’d tolerate renting the home to strangers.
Some of the benefits to this are simple. Number one, you know them. Credit reports, references, or unusual lifestyle issues etc. will likely be mitigated, and you can also offer them the opportunity to buy the house from you at some point in time which will offer an incentive to keep the property up.
Another option would be for you to carry a 1st Trust Deed and be in the primary lien holder position. Instead of you actually buying the house, you simply finance it. You are the bank!
We will find the house for you and carry through the transaction. Your kids or friends that need the home will have made a wise investment.
Again, business is business and they must understand the terms of dealing with you are no different than the bank. You will require a down payment, and you will expect payments on time. Failure to do so on the purchaser’s behalf could result in foreclosure and loss of the property, and loss of their down payment as well! Oh and by the way, you would still own the property and any equity built by payments received. Pretty secure investment eh?
Just make sure that it is a house that you would like to own if it ever comes to that. Location, location, location, will always make it a desirable property. |
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