Monday, March 23, 2009

Father finds unique way to pay for kids' tuition

By Velida Alemic

Chili, N.Y. —
When Jim and Josie Doran of Chili rehabilitated an older home within a stone’s throw of the University of Buffalo campus this year, their son Joe, a sophomore, became their first tenant — and they saved on college costs.

“People talk about a poor economy today,” said Jim. “But the economy also presents an opportunity in rental income. When we were first married, the first house we bought was in the 19th Ward. The rental income on that place now covers Joe’s tuition at the University of Buffalo.”
Jim grew up in Chili just a few miles from where he has lived for the past 16 years with Josie, his wife, and sons, Joe, 20, and Nick, 16.

This year Jim expanded on his formula by buying an older home in Buffalo, in a neighborhood full of student housing. Two apartments — one for Joe — rent by the person at $225 a month plus utilities, while the university charges $600 a month for room and board, plus additional fees and meal plans.

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