Free College For Your Child

The cost of higher education is, itself, getting higher. And student loans can saddle your kid for years. But did you know you can get your child's education for free, or close to it, without any student loans?

First, if you do not yet have "The Simple Man's Guide to Real Estate", get it. From it you will learn how to do what is necessary. It involves real estate (naturally).

First, scour the area around the campus of the college or university your child will be attending for a 4-5 bedroom home for sale. When you find one, check with the local authority on zoning regulations that might prohibit renting out bedrooms to students. You would use one of the methods in "The Simple Man's Guide to Real Estate" to buy the home under good terms. Now here comes the good part...

Hire your child to manage the property - his salary is deductible for you and can be used for books and such, which you would have had to pay for, anyway. Now it's deductible. Post notices all over town, and inform the Dean that you have space for (6) students (two per bedroom) Get the parents to sign a full year lease - you cannot afford to have 3 months in the summer with no rent coming in. The leases are for 12 months, and the parents must sign.

You child has a private bedroom, and there are 6-8 students (depending on number of bedrooms) paying rent. The rents would be determined according to costs for the mortgage, taxes, insurance, water bill, heating, electricity etc. In this way, you do not have to pay for anything except your child's salary. And the excess rents pay much of the college costs.

Bear in mind your trips to visit your child and his trips home are tax deductible, also, as he works as your property mkanager and you would discuss business.

So far, your child has a free room that costs you nothing, and has an income that provides your childs books, etc. And you can deduct most - if not all - of your costs from your taxes (even the mortgage, taxes and insurance, as of this writing). This savings can be used to pay additional college costs.

Now here is the kicker: when your child is ready to graduate, let other parents whose child will be attending that college know how you got your own child's education nearly free. Offer to show them how, and sell them the house. With 4 years appreciation at about 5% per year, you can sell the house for a lot more than you paid, giving you even more profit to pay off remaining college costs.

Between rents for 4 years, plus all tax savings, and profits from resale of the property, your profit, as of this writing should hit about $60,000 - enough for most colleges.