Picture yourself graduating from LMU or El Camino and already owning a nice place to live right by the beach. Would you rather suffer living in a drab LMU dorm room or have an entire condo for yourself? Most people would probably pick the second option! There are many off-campus housing options available that students may not be aware of. If you are looking for a dorm alternative, then check out our formula to owning your own condo while also living off-campus.
Using an FHA loan, for $2,500 a month including property taxes, you could own a condo originally priced at 420,000. By putting 3.5% down ($14,700), and after tax deductions, the payment would come down to a rent equivalent of $1,500 a month. This two bedroom condo could be rented out by a friend to help pay, and once you graduate, it could be yours! Now, doesn’t that sound like a nice arrangement?
For a list of properties near local colleges and universities, please contact me! 855-FAB-SBAY (855-322-7229)