Saving for College – Rehab and Rent!
A college savings plan doesn’t always have to come in the form of a savings account or a 529. With three kids and another on the way, I’ve been giving some serious thought to how we will be able to support four kiddos as they get through school. We haven’t started any kind of savings strategy as of yet, but I know that we need to.
The safest bet as far as I’m concerned? Real Estate. I am going to start looking at four rental properties as our college savings funds – rent them out for now, and as they appreciate and our kids head off to the wonderful world of higher education, we will have a choice — we can sell off a property to pay tuition and living costs, or they can move in and live rent-free, saving on dorm or rental costs while they go to school.
I honestly think that Real Estate is a safer investment right now than any savings account – with banks going into bankruptcy left and right, with financial planners throwing up their hands and admitting that they can’t guarantee anything in our uncertain economy, I would rather pick up a few more properties while prices are low, and rehab and rent them for the next few years.
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