College Graduate - To Rent or to Own

[Mitch Jorgensen]

Hi All -

I'll do my best to keep this as brief as possible, but I would like to give a bit of a brief background before getting to my big questions. 

I am currently a senior in college, expecting to graduate with a degree in finance in May. I have held an internship with a good company for almost a year, and they offered me a full-time position early last month - so my hunt to find a place to live (in the Milwaukee, WI area) begins. I know 'most' graduating college students just limit thinking to renting/leasing a place. But, maybe due to my degree, I HATE the idea of putting money into nothing. Especially in this area, where a single apartment might cost around $900 (might as well get a mortgage and a roommate). I have recently been in contact with my banker trying to get pre-approved for a loan and things are looking good. I guess working to pay off loans and building a good credit is paying off (expecting to only put down between $10-15k and deal with PMI, initially).

I have been looking at purchasing duplex homes in my area, renting out one side, and living with a roommate in the other (yes my roommate will also pay me rent). I obviously don't want to put myself at much risk, so I am looking for places with a good price range (something that I could handle by myself without tenants). But as I mentioned, the end-goal is to live for fee while establishing a good equity right away! 

Since you are all much more educated in the topic than me, I would love to hear any advice/input you guys might have on my current situation. Am I on the right track? Should I not be making such a big investment early on? What makes a good deal? Should I expect a mortgage payoff and extra cash flow each month? What should I be taking into consideration when looking for places? What would you be doing in my situation?

Thanks everyone!

Mitch