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Updated almost 9 years ago,
First House
Hello Everyone,
Quick background:
-19 years old
-living at home
-Fraser, Mi (30 min outside of Detroit)
-full time employee
-$30k a year before taxes
-full time student
So the house next to mine recently went on the market. Nicely finished 3 bedroom single dwelling. Current owner has been renting it out. The asking price is $85k. My mom thinks this would be a great move for me knowing I want to get into real estate eventually. She says I could put 3.5% down with an FHA loan and rent out 2 rooms. She thinks it would only be around $400 a month. Charge each roommate $200 and I would be just helping with utilities. Only problem I see is I have $2000 set aside in an account I add to weekly for a house. She said her and my dad would cover the rest. It would be awesome to be able to do this but I don't know if I should. My eventual plan would be to move out and keep it as a rental property. Thanks for any tips and comments.
-Jacob