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To Buy or Rent For Your College Student
Dan The Roommate Man
September always means Back To School, and for thousands of families it also signals Off To College. In addition, more and more young people are opting to continue their education with post-graduate studies.
Once a student is past the Mandatory - Freshman - Year - In - The - Dorm Policy that many colleges have, parents face an interesting dilemma: should they continue to shell out rent, or considering buying a property for their children to occupy while attending school
Here is a TRUE Story.
In 1994, A young man decided to attend North Carolina State University. He enrolled in a combination Master/Ph.D. program. This meant he would be in Raleigh, NC for the next four -six years. After investigating the rental options in the area, his parents decided to help him purchase a townhouse.
This was the deal. A 3 bedroom, 2½ bath townhouse in close proximity to the school was bought for $72,500. Because the young man would occupy the property, he qualified for a minimum down payment, FHA mortgage. Because he had very little income of his own, a small living stipend offered by the University, he needed his parents to co-sign the mortgage. The total outlay of cash down payment and closing costs was approximately $5000, which the parents provided. The total mortgage payments were around $760. With the help of a local rental agent, the young man was able to quickly identify two other graduate students who wanted to share the house. They each paid $400 a month, and all shared the utilities.
Fast forward four years. It is now 1998. The young man has lived virtually rent free during this time. From his living stipend, he would even have been able to re-pay his parents the $5000 they invested. Note the use of the phrase "would have been able to". Since this a TRUE story, the truth is - he didnt!. Almost four years to the date that the property was settled, the young man had the townhouse appraised. The appraisal revealed a value of $98,000!
Partially because he didnt have to worry about moving, or fret about uncooperative landlords, the young man did well in his studies. He now looks forward to graduating with his Ph.D. in the near future. Thanks to his ownership of the townhouse, he has also established a good credit history, learned some valuable lessons in responsibility, and earned a whooping $26, 500 in appreciation!
This TRUE story reveals the distinct advantages to buying, as opposed to renting, for students. It also illustrates the factors that should be present to keep such a purchase from becoming an abject failure, instead of a resounding success.
Before You Buy For Your Student, Ask Yourself:
If the answer to all these questions is "Yes", then you might do well to examine this option. Beginning the process is quite easy. Search the web for a good agent from that area, explain your goals, and leave the rest up to your real estate professional. If youve made the right decision and found the right REALTOR®, you wont be the first parents this agent has helped.
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Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.
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Vastu is the oldest and most complete system of architecture in the world. The reason for its recent interest in the U.S. is that Americans are demanding a better quality of life. There’s a greater awareness now that our physical environment does affect the quality of our life. The effect of our environment can make us feel peaceful or stressful. There is a great deal of stress and pressure on people these days. The pace of life is so fast. Modern architecture only addresses function, comfort and aesthetics. The aim of Vastu is to create a peaceful, healing environment that supports growth and protects from non-life supporting influences, pollution and geopathic stress.
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An Ann Landers column "Parenthood is not a job for the weak at heart" caught my interest.
Affiliate Program Basics
Affiliate Program is a ground floor opportunity. All you have to do is send visitors to your affiliate web site by placing a textlink or banner on your website and receive a commission on each sale, without the complication and expense of selling anything yourself.
What To Expect In Closing Costs On A Home Purchase
Many are taking advantage of this year’s low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application.But, they should realize that there’s a whole new set of expenses that must be covered before actually closing on the sale.
Organizing Your Day
One of the hardest things for most individuals working from home is to stay focused. One of the best ways to stay focused is organization. In addition, being organized will help your time management skills. The two are very much intertwined.
A Simple $20.00 Investment Can Protect You, Your Family and Your Nest Egg!
NY - 07/23/04 - What if you discovered that twenty dollars could give you access to an array of valuable information that addresses the lifestyle, needs and financial interests of people 50 and over. Well, a twenty dollar annual membership in Senior Resources of America, headquartered in West Hills, California, does just that and more.
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A beautiful and inexpensive place without a tourist in sight. Sound like a dream Its not. This slice of paradise does exist. Nestled high in the Andes Mountains of South America, Bolivia is a little-known retreat exotically spiced with a unique Latin and Native American flavor. Bolivia has a lot to offer…a very low cost of living, unspoiled natural environment, friendly people and a range of climates to suit virtually every taste.
The Future Of Banking - Bank Online
Chances are your bank is a virtual place. Since the invention of the Internet you can see your balances anywhere, at any time. Most banks think globally and have acted this way by creating secure portals to manage their account holder’s information stored in their databases. This information stored usually shows account balances, previous transactions, current balances, interest paid and electronic scans of their checks. Anywhere you can get to a computer, your bank account is right in your hands, usually in real-time.
If we want to fill our heads with the doom and gloom society seems tothrive on, all we need to do is turn on the local news at night. To make that quantum leap toward personal happiness and success in life,sometimes we just need to do what so many people seem to be talkingabout lately: clean house and take personal inventory of the people weassociate with most.
“Penny Wise and Pound Foolish”
This saying came to mind when reading my Icop newsletter. JLwas discussing things that Chuck and I talk about all the time. A couple of weeks ago while listening to Jim Edwards’ audio newsletter he ranted about the “psycho freebie seekers” love that name. Jim rants almost as well as Dennis Miller.
Why You Never Have To Pay Retail Prices For Anything - Ever Again
I step into my local mall, and into a leading top brand clothes store. I see a jumper I like and while feeling the soft material casually lift up the price tag - and I almost feint with disbelief. How much Thats more than I make in 2 days! I quickly stop caressing the fabric and head toward Big Als Unbranded Clothes Discount Centre for a sweater within my budget range which unfortunately will no doubt look as if it were knitted by my 5 year old Niece.
Real Estate Bankruptcy
Although real estate bankruptcy cases no longer dominate the bankruptcy courts dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor. Real estate bankruptcy cases are typically filed after a foreclosure sale has been set. Upon learning of the bankruptcy filing, a secured creditor has a number of available options, all or some of which should be exercised, depending on the facts of the case, to maximize loan recovery.
Perhaps you’d like to take advantage of today’s great real estate market in housing but feel a little intimidated by everything that’s involved.
Preparing a Budget
Ok, you say, I know I need a budget, but how do I prepare one The most common budget period is one year, but this can vary depending on whether or not your business has seasonal or cyclical fluctuations. For example if you run a Christmas decorations shop, or a costume shop your business is going to peak during certain times of the year.
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