All Forum Posts by: Margaret B.

@Liam Silva I noticed that you live in Ontario. You did not mention where the engineering school was located, but if its located in the United States, investigate an FHA 3.5% down payment mortgage for 30 years with an interest rate of 4% max, which would require owner occupancy at least a year (you'll be there two years). Low down payment, low interest rate for 30 years and roommates/future tenants paying the mortgage building your equity and credit rating equals a "sweet investment"!

@Liam Silva My daughter and other students rented a bedroom in a 4/2 SFR during college in Texas, because she did not want to live on campus anymore; the 3 students had their own bedroom, but shared the hallway bathroom.

Then, she moved into a new apartment complex which had a separate bedroom and bathroom (deadbolt lock on her bedroom door for when she was out) for each student in a 3 bedroom/3 bath unit, with a common living room plus kitchen ... this plan was perfect for all; they could be all together or separate whenever they wanted, plus they were not arguing to get into one bathroom for date night, etc. 

If possible, my best "motherly" advice would be buy NOW to live there while in school for two years (get a loan from your parents for the down payment?) ... locate housing as closely as possible to the university (ideal would be no more than 2 miles away, so you can ride bike/bus or walk to school) with 3-4 bedroom with 3+ baths, common area + kitchen (probably need some renovation work which equals sweat equity), get 2-3 roommates and their rent should pay the mortgage ($450 times 2-3 goes a long way toward a mortgage), so you live rent free or as close to free as possible .... think like an engineer, make the numbers work!  (If you borrow the down payment from your parents, pay them your $450 rent instead of a stranger!)  When you graduate, turn the whole unit into an investment property, you will continuously have new students coming to the university and needing housing!  Move back home, get your new engineering position, and then buy your personal residence (the university investment property will be self-supporting).

Lots of investors here on Bigger Pockets do this very successfully!  I know one young man (mid 20s) who graduated from the Georgia Institute of Technology who is an engineer & a millionaire investor doing exactly what you seek to do.  Happy investing!

@Austin Dietz What is the address of this property?

@Shawn West Have you investigated the newly advertised credit card being offered by Citicard, I think, at 0% interest for 21 months?  Why pay 8-9% interest if you can get 0%?

@Kenneth E and @Anderson Minaya As a REI newbie, I am constantly amazed at the sharing/generosity of BP members! Thanks to both of you for new sources!

@Kevin Jefferson  Sorry, I forgot to tell one of its novelties .... travel from your home to dinner, the grocery or the drugstore is via golf cart!  There are pathways to get you from point A to every point Z ... so bring your own golf cart to be "a native" ... otherwise, you will be driving your car like "a tourist"!

@Kevin Jefferson  Peachtree City is a highly-sought after location south of the airport (higher than average per square foot price); it has very good architectural controls for businesses like restaurants, Home Depot, etc.  It is a very nice place to reside!

@Bill G  I am sorry for your loss and I pray everyone heeded your advice.  My mother was murdered in 1996 .... I still miss my mother and grandmother every day.  This afternoon, I spent time with both at the cemetery and filled them in on my life, their grandchildren, great grandchildren, etc.  It was very peaceful, and I hope they enjoyed it as much as I did.

I wish a Happy Mother's Day to every female REI on BP! Enjoy your day with family, full of joy and love!

@Kyle Grimm In the state of Georgia, you have to disclose when buying or selling that you are a licensed realtor or broker.