LeAnne Carswell, 51, a real estate agent in South Carolina, bought a townhome for her son to live in while he attends Clemson University. Her son spent his freshman year at a sister technical school and moved to Clemson as a sophomore, living in a dorm with three roommates. Carswell found on-campus housing and trendy off-campus rentals, costing roughly $1,000 to $1,200 per month, to be wasteful spending. She searched for a nearby property to buy instead, informed by examples of parents who rented rooms to students and recouped costs, and expects to at least make her money back when selling.
He was in a dorm with three roommates. I don't remember how much room and board was, but I know it was a waste of money because we were just throwing it away. He came to me last fall and said, "We've got to start finding where I'm going to live in the fall of 2025." I thought that was so far away, but he said everybody's going and looking.
All three of his roommates went and looked at a new high-rise near Clemson that's the trendy place to go. It was between $1,000 and $1,200 a month - and he'd still have other roommates. I said, "I'm not paying that." So we started searching around for somewhere to buy rather than just wasting that money. I had heard of other people owning properties while their kids were at school.
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