Hello All! I stumbled upon this site brainstorming an idea I want to make a reality and thought this would be a good place to look for suggestions/advice. Thanks in advance for any insight!
I recently moved graduated from college, started a decently well paying job, and moved back home to save money for the next year or so. Fortunately I currently have no debt, I think in the next 12-16 months I will be able to accumulate 40k including money I already have saved.
With that money I am wanting to buy a 180k-200k three bedroom house. If I bought this house I would be able to rent out the other 2 bedrooms to close friends (who I have lived with before) so tenant problems wouldn't be too much of an issue.
I am mostly wondering if anyone has experienced this scenario before, where they owned and lived in a house with friends/other roommates, while you were still paying the mortgage. How did it work out? Within the next 5 or so years I would have the opportunity to relocate to a new city for my job, so I am thinking this would be a good way to begin gaining equity in real estate, live with friends while I'm still relatively young, and have their rent payment help pay off my mortgage.
Sorry for the long post, hope that it is at least comprehensible. Thanks!
@Jake Smith instead of doing the bedroom rental I would buy a 1-4 multifamily unit and rent out the other units.