Forbes recently published a list of the top 20 "college towns" to consider owning real estate. While the Raleigh-Durham, NC area did not make the list [I'm sure we were #21 :-) ], we were represented when Rhonda Butler from Fonville Morisey was quoted as saying,
Say you have a $200,000 townhouse, you can take 4 students and charge them $700 a month for rent, and suddenly you're going to have a positive cashflow on the transaction.
The article makes a good case for buying a place for your child to live in while they are in school rather than throwing money away for rent. A common way of doing this AND BENEFITING YOUR CHILD is to purchase the home with them on it. A very good program that I recommend a lot is an FHA loan.
Say you have a $200,000 townhouse, you can take 4 students and charge them $700 a month for rent, and suddenly you're going to have a positive cashflow on the transaction.
The article makes a good case for buying a place for your child to live in while they are in school rather than throwing money away for rent. A common way of doing this AND BENEFITING YOUR CHILD is to purchase the home with them on it. A very good program that I recommend a lot is an FHA loan.
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