Really? 19-21 year olds with no money for down payments are a legitimate market?

SoCal_Engr
Contributions:5666

Granted, there may be the exceptions. But...REALLY? Do you really feel good about "helping" that person take on a mortgage. Do you follow up over the next few years to make sure that the person is still financially above water? If not, do you reach into your bag of "programs" and haul out a short-sale to "help" them again.

It is the job of the consumer to be smart enough to take care of themselves. However, where do you personally draw the "caveat emptor line"?

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January 17 2011 - Black Mountain Ranch

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Answers (3)

Bradley Slavens, "Slavens Realty"
- 5.0/5.0
- (4 reviews)
Contributions:14

I had a friend in college who bought while we all rented. He bought a 2 bedroom condo and rented it out to roomates. By the time we graduated he had a condo with lots of equity and rental income while we were all paying off student loans.

If they can make the payments the younger you are the better in Real Estate.

I will advise my daughter to buy as soon as possible.

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January 18 2011

Debbie Funderburk, "debbie.funderburk"
- 0.0/5.0
- (no reviews)
Contributions:59

I think the key is responsible home ownership; can you continue to make the payment.

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January 18 2011

Brian Hayhow, "The Hayhow Group"
- 4.9/5.0
- (16 reviews)
Contributions:91

Unfortunately some lenders would say qualifying credit score and pulse are the only two requirements. I would certainly hope a buyer of that age was working with a top-notch lender, honest Realtor and had advice from parents.