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Old 12-05-2020, 06:44 PM   #21
Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: W Wash
Posts: 1,452
We fall on the good experience side. Bought house whose owner was a professor and in neighborhood of college profs very near campus. City had the neighborhood zoned R-1 which limited occupants to only two unrelated persons besides owners, so we put DD on the title as a joint owner. Long story short, she lived in it 3.5 years, managed all bills, collected rent, made mortgage payments, found tenants (two where former HS classmates) and they jointly screened for the third resident. DD learned an immense amount of reality and did really well.
We kept property as a rental after she graduated (made easier by one of tenants staying for vet school on campus).
Five years later, we sold our big house in a HCOL location and did extensive remodeled on the rental and made it our primary residence for 13 years while we enjoyed university town living.
With interest rates at current levels and a reasonably mature kid (prob easier with a gal), the economics are pretty attractive IMHO.
YES, like any other real estate, you still have to buy quality in the right neighborhood. If you have not done before, get some help and be sure you find a real estate agent with a good track record. Ours help us/DD find service people and resources whenever asked.
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Old 12-15-2020, 08:55 AM   #22
Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 2,502
Depends on the school, oldest was required to live in the on-campus dorm (only one...and it's monstrous big) for all 4 years...for my youngest still in undergrad their school requires living in an on-campus dorm for the first two years.
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