When Diane Pearson’s sons both attended Robert Morris University, buying a condo for them in the suburb of Pittsburgh made financial sense.
Pearson, who is a certified financial planner, took out a home equity line of credit to purchase the property with cash in 2013.
Three years later, the family sold it at a $5,000 profit. Factoring in the savings on dorm room fees, “in the end we probably saved $40,000,” she said.
“I have been recommending this process for years,” she added.
Diane Pearson with her husband Alex and sons David and Alex.
Source: Diane Pearson
Before the coronavirus crisis sent shockwaves through the economy, it was increasingly common for parents to buy properties, or…