I live close(about 35 minutes) from where I will be going to school here in a couple of months. My mom would like me to stay on campus all of the years I go to college but my dad isn't so big on that. I was thinking after the first year, I would use the money I would spend on staying on campus and use that to buy a rental property? Would you advise someone like me to do that? Would it be smart for someone like me to do that with no real-life experience buying a home? If I do buy the rental, I would stay at home so I could earn the extra income form the rental. Let me know.
How about College not collage!
Well it’s not impossible and can be a good thing but you’re gonna have two main “issues”. The first being if you intend on getting a loan, no bank will lend to you since you’re a student unless you also make substantial income.
You can get around this hurdle if someone like your parents co-sign the loan.
I finished school recently and when I lived on campus it was about 5k per academic year, which likely won’t be enough to buy a house.
Finally if you find a way around those main issues, have realistic goals as to what your cash flow looks like. If you have a mortgage you can likely expect 150-300 in cash flow if not, perhaps more like 400-600. Not to mention dealing with tenants and other things will be more headaches to deal with while in school.
@Caleb Heimsoth For my school it is about 6-7k per semester for food and dorm. I could maybe try seller financing?
@Mike Bereck that’s another way to go. It’ll just be harder to find. Not impossible though
Got ya. Yeah I mean if I can’t get sell financing then I can save the money and wait but it would be nice to get ahead and have some freedom by not being in the parents house all the time 😬
Why not just live on your own off campus? That would be cheaper.
Yes it would be and I’ve thought about that but I guess I just feel like I’m throwing money as in it’s not being put into equity. Many options.
I'm a landlord and also a tenant. Renting from someone can also have many advantages and isn't necessarily just throwing money away
@Caleb Heimsoth That is very true. That is something I am looking at as well.
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