My daughter is a 10th grader.
She is currently at a private school getting approximately 80% in financial aid, and I hope that this will continue into college as she is a very motivated student.
I am doing some financial planning in order to be as ready as possible.
I own a 2 family house, both units rented out, and I rent an apartment elsewhere.
There is not much equity accumulated as prices have fallen off steeply since I bought 9 yrs ago. I am about even (not underwater) and current rents in are approximately equal to payments out.
When my daughter finishes high-school, I will have three options:
1. move back to my 2 family & rent out 1 unit
2. continue to rent elsewhere & rent out both units
3. (maybe) buy another place & rent out both units
At this point, I don't have a strong preference (lifestyle-wise) either way.
I have looked at FAFSA calculators, etc, but i can't find anything to guide me on the financial consequences of these 3 choices from the Financial Aid point of view (I know how each plays in terms of taxes).
I know one thing about living in the 2family is that as a resident (if equity built up/prices rose) I could get a Home Equity Line of Credit, whereas if I don't live there, I can't ... would a financial aid package require this?
I'm not even sure what kind of person/professional would know the ins & outs of this kind of thing.
Can anyone advise me on this?
or suggest resources that would help explain it to me? I'd like to be able to model it out & know the landscape & consequences of various decisions.
Thanks in advance,
I'm in Massachusetts if that matters.