Updated almost 6 years ago on . Most recent reply
Is this a good idea?
So my idea is to have an investor cosign with me in exchange for the cash flow from the house. For example if I get a 5 bedroom house that cost $300,000 and the mortgage is $1,500 a month. I live in 1 room and rent out the other rooms for 550 each for a total of $2,200 and splitting the utilities between the people in each room. Allowing me to save up so the next year I can then put a down payment on a another house. The cashflow of $700 would be given to the person that cosigned for me for a year. Making that person $8,400 in year just for me getting there cosign. I feel like that's a good deal. I've heard on bigger pckets you gotta find a way to make the deal work. That theres always gonna be excuses not to get started and I think this could be my way of getting in :/ just not sure if it's really a good idea or from the POV of an investor would it be worth it for them?