If your child is ready for college and you find your bank account unprepared for the costs that have risen exponentially since your child was born, it can wreak havoc with your finances. And the thought of your child being saddled with high student debt for much of his or her future is disheartening and depressing. But all is not lost.
"The Simple Man's Guide to Real Estate" can show you how to buy and use a 4 bedroom home in the town where the kid will be going to college to provide a totally free college education, and maybe make a nice profit to boot. It also provides you with a lot of tax deductions.
The strategy would include making your child the building manager and leasing the other three bedrooms out to 6 other college kids BY THE FULL YEAR, not just the school year. Make sure their parents sign the lease agreement if the student is under 21.
While your child attends college, there is no housing expense because the child has a room in the house. The child is the building manager and you can pay him/her a management fee, tax deductible for you, and that money buys the child's books etc.
When your child comes home for Holidays or you go to visit, the expenses are tax deductible - you are meeting with your hired building manager. It's business.
The leases from the 3 other bedrooms, each room shared by two students ( a total of 6 rents if your child has a PRIVATE room) earns you enough money to pay all the buildings expenses plus many of your child's other college and living expenses. College is getting cheaper all the time.
When the child graduates, contact the parents of students who will be attending the college next year (the Dean can give you a list) and tell them what you did and offer to show them how. Surely one will buy the house from you. The proceeds will pay off the remaining college loans, any mortgage and still have money left over.
"The Simple Man's Guide to Real Estate" can provide all the details necessary to do this, as well as many, many other real strategies and tips for making money in real estate. Go ahead, give it a try!
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