College House Purchase

[Andrew Schlessinger]

Good Afternoon, my El Paso, Tx investors.  I'm a small investor in Baltimore, Md and my son will be starting at UTEP in the fall (4th Generation UT student!!!).  Instead of paying rent for a few years, I'd rather purchase an investment property and have him live there and rent out rooms.  I've been doing research on the different areas to invest, but thought I'd reach out to the professionals to get an understanding.  We may be in a position to purchase a turn-key investment, but am thinking more along the lines of a small fixer-upper for him...something habitable, but that he can put a bit of sweat-equity in over time. 

Any ideas?

[Dan Burstain]

One other thing @Andrew Schlessinger.  I know this goes for the University of Texas at Austin, and not sure this applies to you but if your son buys a property in Texas he can declare residency to UT after 12 months so you don't have to pay out of state tuition the last 3 years of college.  You don't even have to own the property all 4 years.  Basically, anyone going to UT and paying out of state tuition should do this to drastically reduce the cost of tuition alone.