Q: Our daughter just started college and we are seriously considering buying a house near the campus. Our plan: Assuming she stays in college for at least four years, when she finishes her first year, she can move into the house, and we can rent rooms to other college kids. We believe our daughter is capable of managing the property.Our problem: Her college is in a different state, and while we have experience buying property where we live, we want to make sure we are doing the right thing. Any suggestions? A: Without knowing all the facts, it sounds like a good plan; it will save you money on college expenses and hopefully make you some money at the same time.You should immediately retain a local attorney. If you don’t have any names, you can contact the local bar association in the county or state where the college is located, and they will provide you with some names.Once you have a lawyer on your side, she or he should assist you in getting a local real estate agent that will … [Read more...] about Is it smart for parents to buy a house for their college kid, then rent out the rooms?
Buildings insurance when buying a house
Updated at 3:46 p.m. ET (MoneyWatch) Buying a house isn't a bad thing to do with your money, if you're ready to be a homeowner and you understand what you're getting into. But if you're justifying the purchase with the well-worn: "I just want to stop throwing away rent money," you are about to engage in a dumb money move that only sounds smart because no one has worked out the math. How could I possibly question the clear logic of this age-old wisdom? After all, you build up equity in a house. You don't build equity by renting, right? Absolutely. But to inject a tiny bit of reality into this dubious wisdom, let's look at the numbers. To make the comparison simple, let's say you bought a $240,000 home, putting $40,000 into a down payment. That leaves you with a $200,000 loan at 4.5 percent (assuming you have great credit and interest rates don't rise). Your mortgage payment on that loan would be $1,014. Again, just to make this simple, we'll assume that's roughly the same amount you'd … [Read more...] about Dumb moves that sound smart: Buying a house
Here are five reasons why buying a house together is way more of a commitment than walking down the aisle. Sasha Brown-Worsham, provided by Published 1:30 pm, Monday, February 12, 2018 Photo: Jeffrey Hamilton/Getty Images Image 1of/1 CaptionClose Image 1 of 1 Photo: Jeffrey Hamilton/Getty Images 5 Reasons Why Buying a House Is a Way Bigger Commitment Than Marriage 1 / 1 Back to Gallery A few weeks ago, my husband and I were having drinks with two friends who had just bought a house together—a fixer-upper they plan to tear down to the studs and rebuild in a labor of love. They are in their 30s and have been dating eight years. "So is the ring next?" My husband asked them, half-joking. "No way!" the woman said without even glancing at her significant other. "We … [Read more...] about 5 Reasons Why Buying a House Is a Way Bigger Commitment Than Marriage
They gathered in downtown Miami — an estimated 4,350 Bitcoin believers — to trade pitches for apps and start-ups. They discussed and debated trends in cryptocurrency. They speculated about the volatility of Bitcoin, which shot up in value from $900 to $19,000 over the course of 2017 and is currently hovering around the $10,000 mark. But despite the national stir created last fall when a $544,500 Edgewater condo was listed for sale in “Bitcoin only,” none of the panels or presentations at Miami’s sixth annual North American Bitcoin Conference focused on real estate. Although Bitcoin is the oldest and best-known of the nearly 1,500 kinds of cryptocurrencies currently available, real estate developers, brokers and analysts are cool on its use in an industry that is literally defined by physical assets. In other words, if you’re hunting for a home, don’t worry that you’ll get outbid by a buyer offering cryptocurrency. At least not yet. … [Read more...] about Bitcoin is booming in Miami. But can you buy a house with it?
The National Flood Insurance Program, the only flood insurance available for most American homeowners, is swamped with debt and set to expire on Friday. Kathleen Lynn, provided by Published 9:00 am, Wednesday, January 17, 2018 Photo: JodiJacobson/iStock Image 1of/1 CaptionClose Image 1 of 1 Photo: JodiJacobson/iStock Swamped by Losses, U.S. Flood Insurance Program Faces a Deadline 1 / 1 Back to Gallery The National Flood Insurance Program has been swamped by billions in claims, and Congress is looking for ways to bail it out. The federal program—the only flood insurance available for most American homeowners—is set to expire on Friday. Congress is expected to pass a short-term extension, as it has done several times since the fall. But if it fails to do so, the government would stop … [Read more...] about Swamped by Losses, U.S. Flood Insurance Program Faces a Deadline