Buying Investment Properties for Children and Family Members

The scenario usually goes something like this: 

You’re a parent whose child is going to Harvard, MIT, Lesley, Tufts or some other school close to Boston. You have invested in real estate locally, nationally or internationally before and you understand the benefits of investing in general. You also understand the benefits of investing in Cambridge/Somerville/Medford more specifically. 

So why throw away insane amounts of money on rent (easily $100k+ over 4 years as of this writing), when you can use that money to buy a condo or multi-family for your child. If you buy a multi-family, you potentially could have your child live for FREE or at a fraction of the typical cost for the 4 years they attend college. And then at the end of the 4 years you could turn around and sell your property and make a handsome profit. 

If you have the funds to go this route, I think it’s an absolute no-brainer and I’ve had many clients over the years purchase investments for their children. 

One question you might have is when should I buy a property? It really depends. I have clients that buy investment properties when their children are in elementary school because they are fairly certain their kids will remain local. And if they don’t, they’ll still have a great investment at the end of the day.

I have other clients who might have only a week or two to find a property for their child who is starting school in just a handful of months. Believe it or not, I have found properties for these clients too - it just takes preparation and timing to have everything align just right.

Whatever your need, if you are planning on buying an investment for a child or a family member, give me a ring and we can talk through the specifics!