OWN YOUR KID'S COLLEGE HOME ONE PARENT'S STORY: $4,000 FOR 3 YEARS OF HOUSING KATHY FETTKE & DONNA BEHRENS She doesn’t know what they will do yet when he graduates. They will probably continue to rent it out but it will be a whole different ball game. Her son is the onsite “landlord” right now, and he’s bringing in personally screened tenants. When he graduates, they will have to hire a property manager and accept tenants they don’t know. Kaaren says: “It’s a great option for a kid. Mitchell’s had to learn some things. He’s not just a roommate. He’s the boss of the house. So he’s learning how to be an authority figure.” Finding the Right Deal on a College Home Location matters in any real estate deal, so you will have to run the numbers on potential college districts. If there’s more than one college or university on a list of candidates, you might want to factor in the savings or revenue from home ownership as opposed to dorm or rental expenses before the choice is made. It could help sway a decision about where to go. Mitchell received an athletic scholarship which landed him in Kansas. With real estate in his Mom's background, they checked out homes in the area, and found one three miles away. Here’s some of Kaaren’s advice for parents: Find a home that’s as close as possible to the school. The closest ones may be more expensive, even if they are older and in need of more maintenance. She says her son’s home is further out, but close enough to campus, and is only about ten years old and in good shape.