Hello:

I am in need of some advice; I will be relocating to Florida for school and wish to purchase a condo. My parents will be doing the purchasing while I rent it. We both own homes in Massachusetts, but I am not in a position to refinance to contribute so this would be their purchase. They have plenty of equity to refinance; what would be the best approach at financing this purchase? And whom can we contact for purchasing an out-of-state property? Does it matter if we originate this from a MA or a FL bank?

Thank you in advance for your feedback!

what would be the best approach at financing this purchase?
Chances are you could get more lenient financing if this is approached as a second home purchase for your parents. As in “We would like to buy a condo for our use and that of our son/daughter while he/she goes to school down here”.

Investment property is a bit harder to get a loan for because is a loan that can not be easily sold in the secondary market.

Having said that, you both need to take a look at the tax advantages of going for one form or another of financing. You should also be completely honest in the way that your application is filled out.

whom can we contact for purchasing an out-of-state property?
Have you come down to see the school? My first choice would be a local real estate agent in whatever city you are moving to.

Does it matter if we originate this from a MA or a FL bank?
Not really, but a local Fl. Bank should be able to turn this around faster.


Good luck

If purchased properly your parents can take advantage of good tax benefits by purchasing the property for you or giving you the down payment you need to buy it yourself. You may want to try and qualify on your own through a local lender here in florida. There are 100% financing available for NOO property, also you may want to consider looking into 1-4 multi-family property your parents could purchase a 4 unit property renting you 1 and the other 3 would also be rented to produce income that you would be able to use. Let me know if you have any further questions mlyles@moneyhaus.com .

good luck