Buy a local foreclosure, furnish it and rent out rooms
If your parents are planning to pay your dorm fees for the year or pay for an apartment, ask them to buy a local foreclosure for you instead. The national average for dormitory fees is $3,000 per semester, which means your parents would pay $6,000 by the end of the year. Instead, find a foreclosure near your school for $60,000 or less and have your parents pay the down payment. Then, find three student renters and charge less than it would cost them to live in the dorm (say $2,750 â€“ so you save them $500 for the year). Collect their payments for the semester upfront (the same way they would have paid their dorm fees upfront), so thatâ€™s $8,250. Use some of the money to furnish and pay the mortgage, utilities, insurance, taxes, and manage the property. (This idea costs more than $200 but not to you personally and for your parents itâ€™s a better deal if they were planning to pay dorm or apartment fees anyway. Theyâ€™ll set you up with a place to live and a way to generate income so they wonâ€™t have to pay the dorm fees for the remaining time youâ€™re in school.)
Note: All ideas listed are for informational purposes only. Please consult licensed attorneys, realtors and others before making final business decisions.