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Student Helps Teacher Buy Home

A teacher learns how to buy property from one of her students. This is a great story on a number of different levels.  A student rises above growing up under rough circumstances, dad deported due to troubles with the law, to lead a seminar for teachers on how to buy homes, and also earns a scholarship to UC Berkley.

I think a lot of people don't realize that there a number of avenues to buying property, whether it's an investment property or your first home. It pays to get the ball rolling and keep your eyes and ears peeled, you just might find a property that's undervalued and in the area where you want to buy or invest in.  Attend a real estate seminar or class when you have the chance. It's a good idea to set goals and create an investing plan.

How she did it:

Lisa Shafer's monthly mortgage and tax bill for her $383,000 condo will be about $1,880. After income tax savings, she thinks it will come to about $500 more than the $1,022 she pays now for rent. She plans to get summer jobs to boost her income.

Down payment: $30,500

$10,000 from IRA (the Internal Revenue Service allows first-time home buyers to withdraw this amount without penalty)

$5,500 from savings

$15,000 gift from her parents

Loans: $352,500

$250,000 first mortgage from CalHFA at 5.75 percent (lower rate for working in a low-performing school)

Three other "deferred payment" loans do not have to be paid for 30 years or until she sells her condo.

$75,000 from Oakland first-time home buyers program, simple interest of 3 percent

$15,000 from CalHFA teacher program, interest of 5 percent first year, 4 percent second year and 0 percent thereafter

$12,500 from CalHFA High Cost Area Purchase Assistance Program, simple interest of 6.75 percent

Commission: Shafer did not use a real estate agent and negotiated with the condo builder to credit her the 3 percent commission an agent would have received.

Incentives: $25,000 in builder incentives covered three years of condo fees, closing costs and appliances.

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