I’m not going to say what you should do, what your family should do, but try to give you some perspectives here.
Selling rental property doesn’t just mean paying for something out of a bank account. It means stopping income. For many, it means cutting off planned retirement income. I have a number of people I know who bought rental property for that reason. It’s going to provide retirement income for them. They don’t get the shelter from FAFSA on these assets because they are not qualified retirement vehicles, but it’s their way of getting some tax shelters as they build up the properties to get income for retirement. So it can be a big deal to sell one of these things. It’s not a matter of simply replacing it 10 years later
Another thing I want to bring up is that sometimes parents don’t make the best financial decisions, especially when it come to their kids. I’m guilty of this with our children. My parents would have been worse. They would have frigging signed away their lives to give me or my siblings anything we wanted because they so blindly trusted and believed in us. They were very very lucky that none of us had them borrow money or sell assets for us because frankly, despite the fact that all of us did become successful financially later in life, those first years out of school, and some of our life decisions would have made it difficult to have paid much in loans off. Also my parents fell into some hard times and what money they had, made a huge difference in their choices and quality of life those years. I was in no financial position to help them much, as I was scrambling to get a tow hold in a career. Even coming from a Top 20 college with a “good” major, it wasn’t easy. I had to pay every cent of any start up costs myself, and it was expensive. Was helping parents out as well, and siblings still trying to get through college.
Which brings us to your brother lending you that money. That can hurt. Especially if he owes on loans and has his career, personal and family needs. I was there, and I can tell you it costs because you do live among your peers and compare yourself to them. It’s danged difficult psychologically to have to let things go that can further your path in your life as well as that if a SO, children, because the family from which you are trying to buy the strings still have a financial hold on you- with your money flowing back to them.
Also, though my entry into a career was many years ago, I have a kid right now embarking on a career straight from a top 20 school. I also know a lot sbout his friends and peers. The money don’t come pouring in after graduation. Quite the contrary. He’s not thrilled with the job he took, but it was the best offer. It’s not like silver and gold plates with piles of money are going to be offered to you. He needs to find a place to live in a new city, get a car, get clothes, get situated , and yes, he is privileged in that we, his parents are paying for it all. Plus, he has no student loans that tend to present themselves around December, already churning up interest for kids who borrowed. On top of the car insurance, car payment and other bills they are going to be paying on their own by then if things go perfectly well. He’s doing primo— not stuck living back home, onward to a new exciting life, but the numbers, the budget is daunting.
I wouldn’t count on landing a six figure job right out of college. I know some top kids from the most selective schools in the most sought after fields, with top grades and I’m currently right there where they are getting job offers and I ain’t seeing much in the way of 6 figures on those plates.
I understand fully why you’d want to go to Swarthmore or Michigan. I’d want to go too. I’d want my kids to go too. I’d break the bank for my kids to be able to do so. … But I wouldn’t do it for myself to my brothers or parents. That I know.