Buying my first home (Investor Needed)
I'd like to first start off by saying thank you for viewing my post this is my first post on this website . At this moment I am a 2nd year college student , attending Franklin Pierce University in Ringe Nh.
Currently I would love to purchase a 8 bed room house that's listed at 180k.
Propert tax 5k a year
To live on campus it will cost us all 10k each not covering the cost of food. This price is way to much for us so we decided if weaves off campus it will save us lots of money. If I were to invest in a property of campus that is 2 mins from my school I would be able to generate 70k within the next to years. I have 7 roommates that will all be paying a large sum for rent.
$500 per person * 10 month school year = $5000 dollars * 7 roommates not including myself = $35000 per year
Since I have 2 more years to graudate this would be a steady two year plan. After I leave I will be renting out the house to 8 new roommates in turn making
$500 per person * 10 month school year = $5000 * 8 roommates = $40,000 per year
First year $35000
Second $70000
Third $110,000
Forth $150,000
Fifth $190,000
If all went as planned we will exceed the listing price by the 5th year making profits the 6th year. I would like to own the house by then and possibly expand to other houses. I will be going for my real estate licenses hopefully this summer. Thank you for view this