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| lhutch |
 Posted: Wed May 23, 2007 5:18 am Post subject: Do you thing rental properties are a good college fund |
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DH and I bought 2 duplexes 4 & 5 years ago. Theoretically they'll be paid off just when the kids need college $$. Will this totally hose up financial aid?
Liz |
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| Do5 |
| Posted: Fri Jun 15, 2007 3:07 am Post subject: |
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Investing Sr. Associate
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there are caps to financial aid, and the income of the rentals will be taken in consideration along with any additional income.
not sure how long before they go to college, why not look at a 529 plan for the kids college? |
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| vetelmo |
| Posted: Fri Jun 15, 2007 3:12 am Post subject: |
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| if you can afford to buy MORE homes, I dont think you NEED financial aide. |
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| Do5 |
| Posted: Fri Jun 15, 2007 3:16 am Post subject: |
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| vetelmo wrote: | | if you can afford to buy MORE homes, I dont think you NEED financial aide. |
I was kinda thinking that myself...  |
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| lhutch |
| Posted: Tue Jul 10, 2007 9:45 am Post subject: Rentals for college funss |
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Just because I have rentals definitely doesn't mean I have a lot of money. I'd like my children to get all the assistance they're entitle to, regardless.
Liz |
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| damon |
| Posted: Tue Jul 10, 2007 11:34 am Post subject: |
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| If I were you, I'd plan on them not being eligible. I'm guessing that most college students whose parents have multiple rental properties don't qualify for financial aid. |
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| lhutch |
| Posted: Tue Jul 10, 2007 11:37 am Post subject: Perhaps I should |
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| think about deeding them into a trust or something, huh? I wonder how much THAT would cost? |
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| stockmarkettips |
| Posted: Tue Jul 10, 2007 2:09 pm Post subject: |
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| How about a utma account for them? |
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| vetelmo |
| Posted: Tue Jul 10, 2007 3:41 pm Post subject: |
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| damon wrote: | | If I were you, I'd plan on them not being eligible. I'm guessing that most college students whose parents have multiple rental properties don't qualify for financial aid. |
But she's looking into how her children can be "entitled" to. BUT these homes will be paid off, she wont want to have to take out a new lien and to hell with the kids whose parents cant afford multiple properties, as long as she can somehow hide something to appear to be "entitled" financial aide, lol.  |
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| Grimreaper |
| Posted: Wed Jul 11, 2007 1:45 am Post subject: Re: Perhaps I should |
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CFO
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| lhutch wrote: | | think about deeding them into a trust or something, huh? I wonder how much THAT would cost? |
Why waste the muny you earned on a college edumacayshun?  There isn't a college in the country that provides an edumacayshun werth da $$$ they's axin fo da service. There will be more $$$ available to be made in the RE mawkets over the next 2-3 years than you will EVER earn from a college edumacayshun. Teach yer children the art o'da deal, and teach em not to be skeeered to git their hands dirty since dat be coming back to America in a big way. I'm trying to convince my 14 yr old son to take a course in electrical and home wiring systems that they offer at a vocational tech institute here in town. High school age kids are allowed to take their normal classes in the AM and then go to votech in th attanoons. My thinking is dat solar energy will get alot mo trackshun as the current earl bubble collapses ova the next 2-3 years....alternative energy will mo than likely be a partial cause fo da collapse in Earl in fackt. May as well advise my son to da best ov my ability, right?  College is a waste cept for engineers, doctors, those types ov professionals. Bidness school is a TOTAL waste and I'm wreckin da most highly regarded bidness schools in da country are probly da most expensive to attend....that makes sense.  |
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| lhutch |
| Posted: Wed Jul 11, 2007 3:05 am Post subject: I absolutely use the rentals |
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as a learning experience for my kids. My daughter (9) knows the theories behind the expenses and my son (7) is getting the idea and we have him help around when doing maintenance. They see BOTH their parents working and keeping the places nice.
And for those who think I'm stealing from the poor, I need to have enough money to care for my other 7 year old developmentally disabled son who may or may not be able to attend college or fend for himself.
Liz |
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| zerolikedis |
| Posted: Wed Jul 11, 2007 3:21 am Post subject: |
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Investing Manager
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| i was waiting for Grimm to post. LOL |
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| Grimreaper |
| Posted: Wed Jul 11, 2007 3:59 am Post subject: Re: I absolutely use the rentals |
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CFO
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| lhutch wrote: | as a learning experience for my kids. My daughter (9) knows the theories behind the expenses and my son (7) is getting the idea and we have him help around when doing maintenance. They see BOTH their parents working and keeping the places nice.
And for those who think I'm stealing from the poor, I need to have enough money to care for my other 7 year old developmentally disabled son who may or may not be able to attend college or fend for himself.
Liz |
Eggsalent! Sounds like ya got your kids off on the right track. I personally had my son hittin whiffle balls when he was 2 years old. By 2 1/2 he was soooo good....he almost took me head off wit line drives! Of course he thunk it was funny as chit. I figured I'd get im big inta sports at a yung age so he would have sumthin ta concentrate on when da "bad crowd" in high school came a callin.....plus there a chance he'll be a very good attlete now. He told me he'd put me and my buddies up in a double wide trailer on his multi-millyun $$$ estate if he ever gits a contract. But wit NKE about ta hit da skids I just hope there's some muny left to convince our great attletes to convince our yoots that spending $150 on a $20 pair o'shoes is "the way to go"  |
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| lhutch |
| Posted: Wed Jul 11, 2007 4:01 am Post subject: NKE out |
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| Grimreaper |
| Posted: Wed Jul 11, 2007 4:11 am Post subject: Re: NKE out |
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CFO
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| lhutch wrote: | | UA in! Right? |
If you say so...jist don't be the "last one" in. |
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