For families with children, one of the biggest achievement is having to send your kids in a great school, most of all in a great College. For 2017/2018 published tuition fees are at around US$9,970 for state residents for Public Colleges, and $25,620 for everyone else according to the College Board. Tuition for Private Colleges can range from $34,000 up to $47,000 per year. If you have young children, you probably are thinking of ways to save and invest to be able to send your kids to a great college.
If you don't want you or your child to be burdened by student loans, you would need to start saving as soon as possible. You need to save an average of about $5000-$6000 per year.
One awesome way to invest and save is to buy a rental house. According to Zillow, median prices for houses in the US costs around $199,200. The average rent in Florida for a one bedroom apartment is $366 higher than the US average ($1150) which is $1,587, and $1,839 per month for a three-bedroom apartment.
You can also refinance the house and take the proceeds or sell the property, pay the tax on the gain at the reduced capital gains rate. Either way, this would all help in funding the education for your children.
Prices of rent continue to rise as homes in owner-occupied neighborhoods continues to appreciate. Buying a rental home can be a big help. It's like your tenants are sending you kids to college.
If you are looking for prime property in the area of Boca Raton, Call me today and I'd be glad to help you find that perfect home for you.