I came across this article and thought, "What a Great Idea!" Off Campus House - 7 Tips For College Students to Buy Your Own Off Campus House. I had a friend in law school whose parents bought an apartment near campus for him to live in while in school. Of course, he seemed so lucky to me! But it was also an incredibly sound investment on the part of his parents. They bought the apartment in 2002, I believe, right before the huge real estate boom. I bet they paid $100,000 for it. (This is in Hawaii, by the way.) By the time my friend graduated, I bet the apartment was worth $400,000.
But that's not the point. If you are going to pay for your child's living expenses anyway, why not make it an investment? This family was lucky enough to make a huge profit, but breaking even is good too.
In the article, the author discusses how a college freshman can buy a house. I don't know about you, but I was definitely not in a position to own property at age 18. But my parents could have done this and saved a huge amount of money. They could have bought a house and rented out the other rooms to other college students and completely covered the mortgage.
I'm definitely keeping this in mind. Eight years until I have to think about this though!
To your family's health & prosperity,
Candice
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