Episodes
Thursday Sep 22, 2016
"How Real Estate Can Help Pay For Your Kids College"
Thursday Sep 22, 2016
Thursday Sep 22, 2016
Wayne Turner, the broker and owner of Turner Real Estate group, is back speaking to Charles Dowdy, the host of the Lake 94.7.
Charles introduces Wayne as a top Realtor on the North Shore selling houses all over, and goes on to lead Wayne into today's topic, "How Real Estate can Help Pay For Your Kids College"
Wayne says that Real Estate is a great way to build an investment or nest egg for your child's college. For an investment, you can buy a home for about 10% with rates below 5%.
Most of the time, rent is about 1% of the square footage. So if you have a 1200 sq ft house.
If you purchase a home that costs $175,000 your mortgage payment will be less than $1,000 dollars but you can charge $1,450 a month in rent. So you have a $500 positive cash flow property.
In addition, Wayne goes on to say when your kid is ready to go to college, you can sell the home, and do a 1031 tax-deferred exchange, and purchase a property in the area where they are going to school in and they can have housing where they actually go to school.
Are you considering buying an investment? Click here and see potential investments under $175,000 on the North Shore.
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