Quote:
Originally Posted by Sliver
I don't even consider letting my kids start from scratch to be an option as real estate is just too expensive relative to starting wages. They're in their early teens and I'm already planning how I'll help them with a down payment. Hoping right now they'll live together in a house I put the down payment on while they're in university. I'd like them to fill the extra rooms with roommates so other people can chip away at the mortgage for 4-7 years before we sell the house and they split the equity to move forward. A lot can happen between now and then, but that's my perfect-world plan.
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That's a great plan. My dad did that for my brother first, then I took over a couple years later. He had it about 8 years and sold it for double what he paid, and the entire time my brother and I managed repairs and room mates, so he didn't have to deal with any of that. With 5 people, it's easier to cover all the costs. We had close to 40 different room mates over those years.