Purchasing A Rental For Your College Kid? Don't Do It Without A Real Estate Lawyer

Have you been thinking if purchasing your college kid a home so that they can live there while they go to school? Do you want to rent out other rooms to some of their friends as well? This is a great way to make an investment when you're planning to pay for your child to stay somewhere anyways, and a real estate lawyer can help.

A real estate agent has the expertise to help you find a great property, and protect yourself from future problems associated with rental properties. Here are a few reasons to hire a lawyer.

They Know the Area

Unlike a real estate agent, the real estate lawyer isn't going to sell you anything to make a commission. They are going to take you to the areas where you feel safe housing your child, where you will have good resale potential when you no longer need the property, and where people want to rent houses. This helps you get a property people want to live in when your child no longer wants to live there.

Lawyers Create Documents

The lawyer is going to help you with all of the purchasing and closing paperwork with the property, and they are going to help you with the legal documents for your potential tenants. The lawyer will provide you with the leases that your kid's friends will have to sign, to state the terms of staying in the property and how it should be maintained, and the cost for rent each month.

Legal Expertise

The lawyer will make sure you have all the property insurance on the house, to make sure that you don't get sued and lose everything if something happens to one of your tenants. They can also help you pursue any problems you have when a tenant owes you rent, or something happens to the property. You always want to have a lawyer on speed dial when you rent properties.

If you think it would be best to purchase a home for your kid to live in while they are going to college and trying to live on their own, find a real estate lawyer, like Iannello Anderson, to help you get the best deal and property. If you were planning on paying their rent anyways, you may as well make the investment into something that you will eventually own, and charge other people to make money on the investment at the same time.

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