Here’s the Bulletin I sent out to my clients this month:
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It’s that time of year to think of college. Young people are either graduating or breaking for the summer, and most are already thinking about accommodation for the upcoming semesters.
But does it have to be a rental?
Although it may sound surprising, right now is also the perfect time to think about a young person’s first real-estate property.
It’s a good time to revisit an article I wrote about Why Your First Home Should Be an Investment Property, which you can find on my website at that link.
Here’s a quote from the article to think about for college life:
“One of the best ways for parents to give their children a good start in life is to help with the purchase of a rental property when they go to university. A duplex in the college part of town, that kids buy themselves, takes care of housing and represents a very stable form of income for them as they grow.”
As I said in the article, if I could give one piece of real estate advice to young people, it would be to get started owning property as soon in life as possible. Time spent paying rent and trying to save for eventual home ownership is time and money wasted.
The article spells out the advantages to the first-time home buyer, which allows a low down-payment, less-than-perfect credit, and also the purchase of a rental property of up to 4 units. College-age people are in their best time of life to share accommodations with others, and it’s the perfect time to share a duplex, triplex or four-plex.
The difference lies in owning it.
Being young and buying a first home is actually a huge opportunity to begin creating wealth early in life. And a multiplex is a great way to do it.
— Stephanie
