Posted by Bob (Md) on February 04, 2001 at 02:31:20:
My opinion is that kids ought to spend a couple years in the “real world” before heading off to college. Also, I think that if they have to contribute to the cost, they’ll value it more.
So, I guess the best of both worlds would be to teach them about real estate, let them make some money after high school doing REI hands-on, and then have them put themselves thru college with the profits!
I have a 20-yr old son that has just now gotten enough of a “clue” about life that he’s decided to go to college for real. I have an 18-yr old son who’s on the national honor roll and decided to lay out for a year or two before college to save up some money and figure out what he really wants to do with his life. They both make me darn proud. I wish I had been that smart when I was that young. By the way, I just bought both of them a copy of “Rich Dad, Poor Dad” ;-).
Posted by JohnBoy on February 04, 2001 at 01:03:33:
You can do as the others suggested in case he goes to college because he prefers the idea of becoming a doctor or lawyer or something, but why not teach him young about finances and the real estate biz…then he won’t NEED college!
What can college teach him that will make him more financially free than what you can teach him about investing in real estate? Assuming that being financially free for the rest of his life will be his goal of course.
Posted by BillW. on February 03, 2001 at 15:55:59:
Ed, Congrats.
To pay for college:
Buy a property near a good campus ASAP.
Rent to students for next 18 years. Pack them in .
Save all pos. cash flow.
Let son live in property while going to college.
After your son graduates, property should be paid off.
Refinance, get money out.
Keep renting and give cash flow to son to help him with life.
If one property won’t do it, get 2 or 3 or 4 …
If son goes to a different school, keep renting and use cash flow to pay for that school and room and board.
Good luck,
BillW.