<p>Would any of you care to share stories pro or con about your experiences actually buying into the real estate market where your kids went to school? I know there was some discussion of this awhile back, but I can't find it. Thanks.</p>
<p>I recall there was a one time tax advantages to doing this. I remember that thread also. My aunt bought a house very close to a university once as an investment. It was purchased by the university when they wanted to expand. Sorry, that's all I can offer!</p>
<p>Last spring, we purchased a 4 bedroom house for our daughter to live in this fall. It has had many benefits, least of which is the tax one, as we have yet to file our 2004 return. LOL </p>
<p>Yes, there were some headaches. Finding tenants for the summer. We found them, but at a reduced rate in exchange for lawn care and just having people in the house. Two of them were previous tenants. My daughter and her friend share the main floor and I found two tenants through an ad for the 2 basement bedrooms in the middle of the summer after we closed. </p>
<p>Since we live over 1000 miles away, we found a handyman who has worked out great. He is retired and is invaluable for our peace of mind. For instance, last Friday night the water heater started leaking. My daughter was working, and the tenant couldn't reach us, so she called the handyman herself and he was there within 20 minutes to turn off the water, and back early the next morning to repair it. Instead of assuming the entire unit needed to be replaced, he replaced a valve. The entire job was much less that $100. </p>
<p>The 3 rents we collect covers the mortgage, taxes, insurance with a little left over for incidentals. If the home should appreciate in the next four years --great; but if we just break even we would be happy. I might add that we bought the house from a grad student, who had owned it for 18 months and netted approximately $15,000. I am optimistic!</p>
<p>The surprise benefit of this whole experience is the growth my daughter has experienced with all this. She takes care of depositing all rents, and paying all bills. She collects utilities from the other 3 tenants for their portion. I oversee this, but am not directly involved. One of the tenants is less desirable than the others, but they seem to co-exist fine.</p>
<p>I hope I feel the same way when we sell, but as of now, I would do it again in a minute!</p>