P S How do you get $100 per week per person when houses are so cheap? Seems like investors with cash would buy houses and undercut your rental price.
Hot water tanks cost $1,000, as do new refrigerators. Need a stove, washer, dryer, dishwasher, pay someone to install them???
Your friends could bail on you. You could be in a car accident. idk your home maintenance skills.
You might meet the love of your life, and she may not like the place. {She certainly will not want to live in a crowded house.}
Save your friggin' money. Wait until you're out of college and then make a decision based on what you have vs what you need. When you graduate, you may decide to leave the area. You may decide to do that BEFORE you graduate. You may need a car. You may need sudden maintenance on the house if something goes wrong. Your tuition might increase. Who knows what might happen?
The roof on my house ran me just under $6000 last year. You can get into financial trouble so quick it would make your head spin.
In a hurry to grow up?
I would say, "NO", to buying a house, as an investment. Concentrate on you studies and get a "good education".
Being a landlord is not for everyone, and it will divert your attention to what is "really important".
There is plenty of time for you to play "Donald Trump".
No, you can't be on a loan because you don't qualify. Your mother could however just purchase in her name and have the rent paid to her. She will not be able to get a loan on what you describe though, no one will, that is a cash buy. She needs to find something over 50k that does not need anything to before you can legally rent it out.
Lenders do not give out mortgages for less than $50,000.00. Any thing less that $50,000.00 must be a cash buy.
alright Im 18 my mom will cosign for me I have $18K saved up. I am in college and work 5 days a week I have 3 friends that want to rent rooms for $100 a week theirs 2 houses. I am looking at both 4 bedrooms for $40K they need some work like painting the rooms and furniture and appliances but that's not a problem I just want to know if I should get a house now or wait? what are the pros and cons? and please only real answers not angry rants or you cant get a loan because yes I can ive already asked banks about it.
