I am 21 years old and I am extremely ambitious and motivated. I am currently a sophomore in college and I am interested in investing in a small home located near my campus. I desire a three bedroom house so that I can owner occupy the property while renting out the remaining two rooms to tenants. I'm Intreagued with this idea because living expenses are exuberant and if I were able to close on a deal and maintain occupancy with two other tenants my living expenses would be eliminate and I would be living for free rather than paying thousands of dollars renting someone else's home. The additional obvious upside is the two other tenants would be paying rent which would cover the mortgage payment, insurance ect.. and leave a bit of positive cash flow which I would set aside for maintenance repairs vacancy ect... I am seeking any advice on this idea and would love feed back! I know there is an option called a kiddie condo loan which would allow me to qualify, making this possible if I we're able to find a co-signer who would be willing to partner with me. If anyone has any advice I'd love to hear it!
Welcome to BP @Grant Martin
Sounds like a great idea if you can pull it off. You can get an FHA loan for only 3.5% down as long as you owner occupy it for a year. I'm not sure if they would allow a co-signer or not. Make sure you have enough cash on hand to handle maintenance, repairs, etc.
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