Should you buy a house while you are still in attending University of Hawaii? It sounds like a far-fetched scenario, huh? After all, with the skyrocketing prices of college tuition these days, who, but the super rich can afford even the idea of buying property? You can. Consider this: the benefits of buying your own home while in college may make the pains of paying tuition level off. If you handle it correctly you may even be able to make a small profit.

 

There are several ways to accomplish this. 

 

The first is scouting out a property off-campus and signing off for the property yourself. With a job and a 30 year loan, you and a credible co-signer could seal the deal. Then, you rent out rooms to six or seven other students or anyone of your choosing that you feel will be a good paying renter. You will want to screen carefully because here is where your long-term benefits will come in. Plus, you get the benefits of dorm life without the hassle. You decide coed or not. 

 

Another way is to buy the deed with a co-owner. Say you are the freshman, well this may not work with a bunch of other know nothing freshmen, but advertise around the off-campus area and watch the idea appeal to sophomores and the continuing student who enjoys the idea of living in a comfortable more adult setting. Many people return to school after they have lived a bit of life and these people are generally open to the typical student housing atmosphere. But they are usually are already working real jobs and still like the idea of saving money and building equity. These same adults can bring your property buying endeavor the clout and credit you need to make a loan officer smile. 

 

Third, the parents. This could also be the first way to go. Indeed, it is a win-win. Your parents could lay out the down payment for a second home and be the principle on the deed. You would, of course, live there. You would rent it out to cover the mortgage and they would get a nice tax break. How much? You would want to talk to a real estate tax lawyer to goose the deal for a maximum advantage. But, indeed it is a win for everyone all around. 

 

With student housing running into the $8000 to $9000 range these days, alternative ideas such as these are the sensible way to go.