All Forum Posts by: Li-Chen Chang
Li-Chen Chang has started 1 posts and replied 3 times.
Post: UT Student needs to buy a property in Austin TX
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@Ryan Kelly thanks for the quick response. He doesn’t need to by living next to UT as he will be living in the dorm and rent out the property. But he can live I. The property during summer break when doing an internship. I need to check with school to see if it’s ok to have title shared with parents. Thanks again!
Post: UT Student needs to buy a property in Austin TX
- Posts 3
- Votes 0
@Ryan Kelly thanks for the information. I wanted to co-purchase but the school wants student to have "sole" ownership of the property. Maybe we can co-sign on a loan, but the title only list my son? not sure if that's possible. If we can co-sign on a loan, then we will be able to look into the condo near school or in Austin area. Maybe short-term rental will take too much trouble to acquire.. a 9 month lease sounds better. :)
@Eliott Elias I know the market is really hot in Austin now, and originally thought the $200K can be used as downpayment for investment property, but not sure if my son can get the loan (with no income) and unsure if having me on the loan could affect my son's residency status or not. We will pay out of state for the first year, but looking for ways to gain residency as we plan to move to TX later. My son's school starts in late Aug.
Post: UT Student needs to buy a property in Austin TX
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Hi everyone! My first time post here but really looking for your help! I joined BiggerPockets to look for investment deal for myself, however, my son just got admitted to UT Austin, and he loved there! We are out of state and learned that we can establish TX residency after living in state for 12 months and he needs to purchase a property with sole ownership under his name (he is 18 years old) and established as his primary address. We have about $200K refinanced to invest a property in TX (will retire in TX in few year), and if use for my son, we are unsure if he can get a loan so can't use that as down payment. Also think it will be good to use the property as short-term rental to rent out so he can live in the dorm during school year and live in the condo during break (housing contract only offer for 9 months). I have few questions:
1. does anyone know or help out of state students invest in Texas?
2. is there still house/condo property in Austin around $200K? (I found few from BiggerPockets deal finder but they were 3 years old)
3. is short term rental easily set up (any management company to work with)?
Sorry to have so many questions... appreciate any help or advise in advance!