Real Estate

I am thinking of making a down payment of 45000 and buying a house in houston on 15 year mortgage. After 10 year when my kid goes to collecge i can sell the house and pay for college. is that a good idea?

no.

8 Responses

1. mel Says:
   February 22nd, 2010 at 4:43 am

   no.
   References :
   poob

2. TK9804 Says:
   February 22nd, 2010 at 5:22 am

   ONLY if it becomes an asset. Meaning no extra monies are going into it. Mortgage, insurance, maintenance, etc are all liabilities to you. Read Rich Dad Poor Dad, it touches on this & it’s a short book.
   References :

3. J'adore Says:
   February 22nd, 2010 at 5:58 am

   it’s a risk, but if you have knowledge of what you are doing and you are experienced, than i wouldn’t see why not. BUT you don’t know what the economy will be like 10 years down the road, and you also don’t know what that neighborhood will be like in 10 years.

   I think you should put money away in addition. Don’t mess with your children’s future if you plan on helping them with college.

   It’s good to have a plan B
   References :

4. jlhpisces Says:
   February 22nd, 2010 at 6:33 am

   No, what if something happens that causes the market to crash? Or something not covered by insurance destroys the house? Do you want to speculate on your child’s future? Look into a 529 plan or something similar. http://www.savingforcollege.com/compare_529_plans/
   References :

5. smallbluejellybean Says:
   February 22nd, 2010 at 7:07 am

   Why not. My parents didn’t pay mine or my sisters way, we did it ourselves. I am going to do the same thing with my kids. I would have enough to pay the initial costs to start them out but they will be expected to pay their own way threw the rest – by getting a student loan or a job.
   And its a bonus if you make some more money to do that for them.
   References :

6. Chris Says:
   February 22nd, 2010 at 7:35 am

   It’s a risk. In 10 years it might be worth a ton. But if we go through a market like we have right now it’s tough to say. Houston has always been a fickle market. Personally I’d go with something a little safer. You can always go to your bank and ask the finance advisor.
   References :

7. GGYY Says:
   February 22nd, 2010 at 7:48 am

   Not a bad idea, get the property for the lowest price, rent it out, so that the tenants pay for your 2nd home, put away the money you save for the college fund, turn the liability into an asset. Like TK9804 stated read Rich Dad Poor Dad, great information
   Good luck
   References :
   Rich Dad Poor Dad by Robert Kiyosaki

8. VOLLEYBALLY Says:
   February 22nd, 2010 at 8:35 am

   Hypothetically, but it isn’t as easy as that. Do your homework. You never know what turn the market will take and what repairs will cost you over the years. Think of frozen pipes, siding, landscaping, and economic swings. Put half in a place where it will grow interest. Learn how to day trade.
   References :

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