Ep 61: How a $10k Investment Will Pay for my Daughter’s College Education

Wait, what?! You read that right. I’m so excited to share this plan with you today.

If you’ve ever stressed about how you’ll pay for your child’s education, this one is made just for you.

And if you’re interested in learning more about HOW to actually bring a vacation rental into your life as a part of your income portfolio, I’ve created something else just for you.

It’s called The 6-Figure Vacation Rental Roadmap and I’m putting on the finishing touches right now!

So, if you’d like to be the first to know when this program is live, head over to ginnytownsend.com/rental and save your place in line.

And if you’re curious about how much you could potentially earn with an Airbnb in your area, I can send you a free and pretty powerful tool to help you estimate…

Visit GinnyTownsend.com/estimate to claim access to this powerful free tool!

Thanks for joining me, and until next time, continue to be up and to the right.

EPISODE TRANSCRIPTION

What is up Podcast Nation! Ginny Townsend here and I am so thankful that you are joining me today. So this episode came up because I was sharing with a friend a week or so ago how I plan to pay for our daughter’s college education with about a $10,000 investment and she looked at me like wait what you need to tell me more about this. And so I thought if it was that helpful for her it I hope it’ll be as helpful for

A new way to look at how the power of real estate investing and the power of vacation rentals. And so that’s what this episode is all about. Now. I currently have and I’m sure you’ve might have picked up on this and previous episodes. I’m currently working to bring to Airbnb properties online right now, but the next one on my list is what I’m calling clears college fund now I did some research and the price of college here in the US.

Right now this year is anywhere between 40 thousand dollars so that for an entire degree all the way up to 200,000 and this is undergraduate. I know I know something like a law degree definitely more than that. If you know, if you like certain MBA programs and more than that, but for getting an undergraduate degree, it’s a huge range and I have no idea where Claire will want to go to college. I have no idea what higher education will look like when it’s time for her to go to college but frankly, that’s not the point.

I mean the point is I want to set her up for some kind of success with a little bit of work today, right? And even if she chooses not to go like who has like I said who has any idea what a formal higher education will look like, but if she wants to start a business she has a fund to do that with or should she just be able to get a great job or whatever.

And then is looking to purchase a house. Okay, wonderful. This fund could totally help her out. So it doesn’t have to be tied to like a what is it a 503 third. There’s a specific investment type of account for educational expenses. I’m kind of embarrassed that I’m blanking on that type of an investment account right now that you can set up for your children, but this what I like about this and obviously I’m not going to you investment advice here, but I like that this

This gives her flexibility. So whatever life looks like in about 17 to 18 years the value of this will still be here for her. Okay. So let’s talk about my plan for spending about 10,000 dollars to fund her entire college education. All right the overview and then I’ll kind of dig into the specifics, but the overview is to purchase a property in the next year or so, and with the help of guests who stay there the plan is to

Pay it off pay off the mortgage by her 18th birthday. So Willow it free and clear and then she can based on let’s just say use it for college she could do we could do a Cash-out refinance to pay for school and maybe depending on that location and the rental demand and all of that maybe even pay her living expenses from the rent that still coming in. So yes it is. It’s golden can still be a

Golden Goose like we don’t have to necessarily sell it for her to be able to actualize the cash. We can refinance and pull the cash out as well as keep a hold of the Golden Goose paying in paying in rent every month beautiful right ideal. So here is my plan. My plan is and this is another reason why I’m really tied to this about ten thousand dollar amount for a down payment.

Is I want to teach my daughter that big things can come from smaller Investments. I want her to know what possible I want her to be able to see like okay if I approach something differently, how can I still make it work right? How can how can this be possible if I just look at a situation differently if I think about it differently and that’s a huge value. I want to instill in her as she grows up. And I think this is a great way to do that. So they’ll play.

Man is I want to find a cute two to three bedroom Cottage or cabin here in the Northeast for roughly $200,000 maybe up to 250 but roughly around $200,000 because that was the upper end of what it costs to get a college degree in the United States. This year is what the estimates were saying.

Okay. So here are these specific factors? I’m looking for the owner will own it outright and they will be open to doing seller financing for a 3 to 5% down payment. Yes. And then from there we will rent it out as a vacation rental and even if we want, you know, let’s say we want to move it to a long-term rental down the road if circumstances change if

Changes will have the option obviously to be a long-term rental to continue paying down the mortgage over the next 17 or 18 years. Okay, and then I will probably refinance most likely refinance out of the original seller financed funding and continue to pay it off now, I’m sure you’re listening to this and saying wait what so that’s a really specific thing, right?

A two to three bedroom Cottage or cabin the owner owns it out right there willing to do seller financing for a three to five percent down payment that is all very specific and that is not an all-day everyday situation, but it exists in the thing is I’m not in a rush right? I’m not in a rush. The right property will come because first of all, well actually I think there’s a couple of different things but first of all because I know exactly

I’m looking for I’ll be able to see it when it comes having like a more vague or just not thought through plan. It’s hard to see when the right answer emerges. But then also I kind of think, you know, if you put it out there in the world. I think you’re just more likely to have the right property come your way or the right answer to you know, what you’re looking for come your way and I know that might sound woo to some.

Um, but I think Clarity is key for things happening, right? Okay, but again, like I said, I’m not in a rush this can happen if we find the right property tomorrow or if it comes a year from now, even if it comes 18 18 months from now there it is entirely possible to pay down a property, especially with a mortgage of that size in I mean 16 years totally doable right totally doable.

so

Actually, if you know of anyone who fits that that criteria, I’m just gonna I didn’t even think about mentioning this before but yeah message me or DM me on Instagram. My handle is it’s Ginny Townsend, but if you if you know of someone who may be looking to sell a two to three bedroom. Oh my gosh might as well reach out, right? Okay now but like as we think about this plan and as we think about okay $10,000

With a little bit of planning could pay for a 200,000 dollar education.

That’s pretty incredible. Right? So many things are possible with vacation rentals. So many things are possible with real estate in general right and vacation rentals being among the most highly profitable at least right now. So does this sound like something you’d be interested in doing is this sound like something I mean whether or not it’s for your child’s education but to be able to take a look at wow, a little bit of work a little bit of down payment right now could totally change.

My life and the life of those I love in the next few years incredible, right? So if this sounds like something you’d be interested in doing and you know, you want to create more income diversification, you know, you want to fund let’s say your child’s college education and you know about 70 percent of millionaires became millionaires through some interaction with real estate. So, you know, you want to have a rental property, you know, you know, you want to have a vacation rental because

As I said, it is among the most profitable ways to to be in the real estate business these days but you don’t know where to start now. What does this whole process look like? What do you do where I mean? Like I said, where do you start? How expensive is it? How time-consuming is it? Where can you save money versus where should you? You know, it might be great to invest some money. Let me tell you what I actually did this on accident. That’s right if you haven’t heard in previous.

I mentioned that I am an accidental six-figure Airbnb host. I figured out what I was doing as I needed to do it I pretty much what is this thing? It is I built the plane as I was flying and you know what though? I’m even more in love with this Revenue stream now than I was before when we first started out which is exactly why I created this program. It is called the six-figure vacation rental roadmap how to find

Furnish and fill a profitable short term rental it is all about giving you the step by step instructions simplifying the process of finding Furnishing and then filling your short-term rental to make sure it is profitable. Now, these are all things I would have loved. Oh my gosh, I would have loved to have back when I started and I can’t wait to share them with you. So if this sounds like something you want to know more about head over to Jenny townsend.com to

Rental right now and secure your place in line for this for when this launches and putting on the finishing touches right now and I cannot wait to share all that. I’ve learned. I just can’t wait. I can’t wait for to hear what this how this impacts your life and the life of your family with a vacation rental in your income portfolio. So again, if this sounds like something you want to know more about go over to Jenny townsend.com to load today.

And let’s keep moving forward. All right. Well, thank you so much for joining me. I know this was a little bit of a brief episode but I still feel like I do first of all, I don’t like to talk more than I need to talk. Right if we can say something concisely. Let’s say it concisely so with about a $10,000 investment our plan is to pay for our daughter’s college education. How incredible is that? Oh my gosh. So, like I said, I hope you found this useful and I can’t wait until next time.

But until then continue to be up into the right.