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For the record, I am neither a tax professional nor an account.  When it comes to those professions, I make a great Real Estate Broker.  Please read the following and let me know if I might be of any assistance in implementing a new idea in Real Estate.  Tax laws are constantly changing, for this reason a tax professional and or attorneys should be consulted when there are questions.

 

You have done your best, you’ve celebrated all of the successes and suffered defeat.  You are a parent.  It is very possible that like many, you have started a 509 fund to make sure your child has the benefit of obtaining an education without the financial stress that plagues most students today. Like most you probably find yourself in the like position of having had estimated the amount needed by using cost from when you set up the fund plus some escalation, and like most, you never thought that the cost of an advanced education would rise as quickly as it has. This is just one of the many scenarios parents and students are  navigating today.

Whether you have a fully funded or underfunded plan or find yourself in differing circumstances the chances are  that a Kiddie Condo might be for you!  Buying Kiddie condos have many advantages:

 

 

* Buying a kiddie condo increases the amount of deductions you may take because you are allowed to claim the interest.

*  Reduces the amount of housing cost because you can rent rooms out to other students to help defer the cost of the mortgage payment.

* builds equity over time and by reducing principal using rents.bridge_185632

* Helps build credit for you student/ young adult.

* acquisition  cost are lower because the property is viewed as owner occupied, allowing you to use lower down payment options like FHA.

* When combined with the FHA 203K loan program it allows  you to buy a property and get rehab money that is rolled into one fixed rate FHA loan. This could help you build additional equity.

 

The process is actually quite simple and not much different than most home purchases.  Take the first step and call to discuss  if the program would be right for you or if there is something that might fit better for your situation.  If you’re going to have to pay for housing anyway, why not make it a tax deductible investment?

 

Call Randy Harrold, RE/MAX Realtor now @720-495-8174

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Kiddy condos and how to make money on your child’s education

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