Nicole's personal experience. She had three in college at the same time - one graduated, two are still in. At 20, Nicole's two boys were able to purchase their first homes. They bought income property where they could live, and then become the landlords and rent out the other rooms in their homes to not only pay the mortgage but to help with cash flow.
Each home cost $400,000 with a 3% down as first-time homebuyer or could be done using downpayment assistance.
If you put less down, you'd still cover the mortgage with the income, but maybe not as much pocket money.
You can use your own home equity to purchase investment properties do follow this same model and cover room and board, and increase your real estate portfolio. Consider this option instead of a 529 plan. That home you purchase for your child when they are born could appreciate over the next 15-18 years and will pay for college, or a whole lot more using the rental income and principal reduction. It could help pay for their first home and even their wedding, PLUS their education.
----more----
OK, say you didn't plan this when they were born. Here are a couple of things to consider. You can put 10% down to help with cash flow, but if the kids did it on their own, they could have gone after downpayment assistance. 3% or 3.5% down FHA is a great start.
Room and board are two of the most expensive items to factor in for an education.
Think about a single-family home that has a rental-able basement, building in the yard, garage. Or maybe further away from campus. The answer is a creative YES - how do you do this in a hot market?
Listen to this 10 minute episode. You'll want to listen to the credit series on how to increase your credit score to learn more.
5 Important Things You Need To Know About Your Personal Credit Score What You Need to Know About Debt to Income Ratio
Supply Isn’t the Story, Demand Is.
Be a leader for your clients.
Financial Independence for Early Retirement through House Hacking
Don't Be Afraid of No from Your Lender
Buyers, Sellers, Agents, this is not the time to rest.
Forbearance and Unemployment Numbers' Effect on Denver Real Estate Market
Giving Agents the Tools to Be Essential Human Resources for Buyers and Sellers
Resurgence of HOME and how it affects the Denver real estate market
Know Your Loan Options Renovation, CHFA, Jumbo, Conventional, FHA, USDA, and VA
Making Your Professional Memberships Work for You
Use Your Extra Time to Learn All You Can and Add Value
Daily Disciplines and Increasing Your Value
Celebrating the Resiliency of Agents
DMAR for August - Real Estate Did Not Surprise; It Delivered
Getting Out of Your Own Way
Zoom Logic for Beginners and Gems for More Advanced Users
Succeed During Change With Excellence and Ethics
Agents - avoid being annoying online - be of value to community.
Virtual Home Tours to Give You an Edge Over Your Competitors
Be willing to fail and think of your agents as your clients.
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Dubai Property Podcast
IBKR Podcasts
The Ramsey Show
The Clark Howard Podcast