Updated over 7 years ago on . Most recent reply
Need Advice Paying for College
I’m new to REI. Kicking myself for that!!
I have a scenario and I’d like to hear “What you would do”
Scenario
I Inherited property.
Have a son in college, no college fund. He has scholarships and federal unsubsidized loans that cover full tuition, fees and some room and board...but not all.
Prob going to need around $20k for college.
I have secured a $30k loan using the property for collateral to cover the college expenses.
What would you do with the $30k?
Would you use it to buy a rental property? I could probably buy a rental for $40k that would rent for $500/mth. Payments on the $30k loan are $260/mth. Plus whatever the other $10k would cost. Taxes and insurance will be $100/mth. Doing this, I would have to put the education expenses on a card.