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Updated over 4 years ago,

User Stats

5
Posts
2
Votes
Daniel Oh
2
Votes |
5
Posts

House Hacking As An 18-year-old?

Daniel Oh
Posted

So I just turned 18 (about a month ago) and I want to move out and I've been looking at ways to support my own housing etc. I have a couple part time jobs and I've been working and saving my money up. I live in Southern California and the market is relatively on the higher side. Im looking into getting an FHA loan (signed or co-signed) from my father and I just wanted a second opinion. I already have a group of friends that are willing to move out and pay rent for a year and I've ran my numbers and everything and the monthly mortgage would cost anywhere from 2.8k-3.5k a month and I would have to split that amongst 4-5 people. My plan is to have them pay for the majority of the mortgage since they are living in a house that I would purchase. 

So for instance, lets say the mortgage is $3400 flat and that split amongst 5 people would be $680 but I was thinking about raising the price per person to $750. 750x4(roommates excluding me)=$3000 leading me to only pay 400$ month compared to paying the full $3400 by myself. What do you guys think? Is this unethical to do? Is this a logical plan? I'm honestly really overwhelmed and lost. Any sort of response would be really helpful. Thank you. 

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