College is an investment in a young person's future. But a student's college career can also provide an opportunity for parents to invest in real estate and thereby help pay for college costs.

Amber Pollock, a 20-year-old University of Wyoming music major from Casper, and her family were not happy with either the cost or condition of rentals they saw in Laramie. So they decided to buy a condominium.

That's not as extravagant as it might seem. "For the prices they had down there on their rentals, for just a little bit more money we were able to get into this condo situation," said Amber's father, Bill Pollock.

"It kind of made sense to get into an investment at the same time we were providing her housing," he added.

Amber lives at Sun Chase Village Condominiums, a 90-unit project on the north side of Laramie. She has a three-bedroom, two-bath condo. The rent her roommates pay helps cover the mortgage payments.

"As long as she's got roommates, it makes sense to do it," Bill Pollock said.

Sandy DeFry of Casper and his family own a condo in the same project. He bought it for the same reasons that motivated the Pollocks. Not only does the condo provide housing for his daughter, but DeFry figures the equity the family builds will help pay the cost of college when the property is eventually sold.

The DeFrys took advantage of what's sometimes called the Federal Housing Administration's "Kiddie Condo" program.

It's a type of mortgage that allows a person to co-borrow with a blood relative who helps qualify for the loan using their income and assets. The loan can be applied to a condo, townhouse or single-family home.

Parents buying homes for college students is not new. Fred Croci, developer of Sun Chase Village, said in Fort Collins, Colo., home of Colorado State University, hundreds of parents have purchased units for college students over the years.

Croci said about half the units sold in Sun Chase Village have been purchased through the Kiddie Condo program. "We've been very successful with it," he said.

When the Sun Chase Village project launched about five years ago, Croci said units sold for $120,000. They're now selling for around $140,000. That's good news when it comes time for a family to sell.

"If your unit has gone up in basically four years, that's almost enough to cover the cost of the education," he said.

Amber Pollock likes the flexibility the condo provides her to practice the violin. "That was a big plus for me, because I can practice whenever I want and not have to go on-campus to do it."

"I'm happy with it," she said, then added with regard to her parents, "I think they're happy with it, too."

Business Editor Tom Mast can be reached at tom.mast@trib.com, or call 307-266-0574.