I know at ucf and at many other schools around this country many of the fraternity houses are off campus its not such a bad thing to have them off campus as long as they stay close to campus like ours is about a half of a mile from campus. Exit the problem your forgetting is unless the chapter nationals steps up an buy the house or puts money down or sothing how many banks are going to give a bunch of college kids a 417k mortgage with no money down no shot.

you just have to find a good mortgage broker, not south florida shady one, a knowledgeable one.
if the national fraternity won't do it then you would need to put a bunch of people on the loan, do it as an investment property and show the projected rent roll. or contact a local hedgefund, venture capitalist. you show them the numbers i think you find someone, but then they would own the house but at least you would have a house.

owlcountry40 said

My fraternity just bought an off campus house about 4,000 sq ft it going to be 7 bedrooms it also has a tennis court on the property that will be turned into a basketball/ court yard type deal the house needs some work. But that is being done right now it should be almost completed sometime during the summer

That's awesome. What fraternity and where is the house?

Delta Tau Delta its on 4th and 35th street i believe......... its like a mile form campus.

owlcountry40 said

Delta Tau Delta its on 4th and 35th street i believe……… its like a mile form campus.

Throw parties, not exclusive one's like Pike & Sig Ep…. ;D

Are you guys allowed to hang the letters on the house, say over the garage, or no?

I don't know what the rules are for off-campus Greek housing.

This is especially incredible that you guys got a house going considering you've been on campus what, a year? Hats off to you guys.

Exit39 said

you just have to find a good mortgage broker, not south florida shady one, a knowledgeable one.
if the national fraternity won't do it then you would need to put a bunch of people on the loan, do it as an investment property and show the projected rent roll. or contact a local hedgefund, venture capitalist. you show them the numbers i think you find someone, but then they would own the house but at least you would have a house.

Huge problem with this…if the national fraternity won't go for it, it ain't happening. There needs to be an established Alumni Board in place to manage the house, collect rent, landscaping, repairs, etc. The undergrads can't be responsible for that, they're incapable of it.

If the guys go "rogue" and get their own place that's fine, but I know my fraternity wouldn't associate with that house, waaaay too much liability.

what about hiring a management company? adding to expenses but i'm sure a lot of real estate people down there will work for cheap.

just ideas i'm throwing around….

owlcountry said

Are you guys allowed to hang the letters on the house, say over the garage, or no?

I don't know what the rules are for off-campus Greek housing.

This is especially incredible that you guys got a house going considering you've been on campus what, a year? Hats off to you guys.

 We have to check with zoneing first.

Yeah - Boca isn't too easy-going when it comes to hanging signs. Plus, it's not really a "fraternity house," per say. It's a house where a bunch of brothers live. Although it may serve the same purpose. In the past, and those that are in their mid-20s would know this, the house where SigEp and then Sammy lived was a "fratenrnity" house. Where exactly was that…. off of Palmetto, right?