Investing in homes for college-age kids
There is a new trend for parents of kids bound for college. WE are seeing the cost of dormitories, fraternity or sorority houses or off-campus housing reaching between $800-$1000 a month now in many areas.Investment property is a nice solution instead of throwing money away on four years of your childs housing. Many parents are now considering the purchase of condominiums or house near the college for their children to live in while attending college. Roommates can be recruited to help offset the cost, and parents can write off mortgage interest costs, which can provide a wonderful tax benefit. By the time graduation rolls around, parents can sell the investment for a profit or keep it as part of their real estate portfolio for their later years. Talk to you tax advisor for information on how much you can write off. A wonderful Idea for those that like to think outside the box.
Interested in Investments? Call me at 503-960-4589 and I can answer your questions.
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