Buy a house to pay for college?!?
I recently had some clients call me complaining about how expensive the dorms are at NDSU (our local university). So instead of biting the bullet and paying for dorms, they are purchasing a foreclosure for their son to live in (putting it in his name).
Plans are to fix it up (a few thousand dollars), and rent out a couple rooms to his friends. Their son gets to live for free in a decent house (his friends pay the mortgage) close to campus and when he graduates, sell the house and make enough profit to pay for college. Sometimes it seems too good to be true. This time it isn’t!
Sure, these deals aren’t out there everywhere, but they are out there. And if you’ve got a few construction skills and enough guts to do this, what a great idea!
Erik Hatch
Phone - 701.371.9739
Email - erikhatch1@gmail.com
Realtor, Keller Williams Roers Realty - www.fmmetrorealestate.com
Interim Campus Minister - NDSU's University Lutheran Center
Homeless & Hungry Director - www.homelessandhungry.org
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