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Updated almost 8 years ago,

User Stats

12
Posts
1
Votes
Jeshua Moore
  • Monroe, GA
1
Votes |
12
Posts

Should I thy to do this?

Jeshua Moore
  • Monroe, GA
Posted
That should be "should I try to do this" I can see how to change it. Alright so here is the set up. My neighbors have bought a house and are closing in two weeks. They will be selling there house but I can tell they are not excited about the whole thing. Im pretty close to them. I been working for them since I was 9 over half my life. And I feel like maybe I could make a deal with them to be able to buy the house. Im look to start buying rental and was thinking chap house would be the way to go to really get that passive income. However this house is a little on the nicer end. However I think I could still make it work. It has I completely finished basement. The basement has a one car garage, kitchen, and 1 and a half bathrooms. The upstairs has a two car garage and it's own kitchen and bathrooms. So it's set up that I could house hack it, are have two tenets one on top one in the basement. I think I could rent the top half for $800-1000 and the button $600-800. The house is 3,748 sqft on 4.09 acres. The nice thing about that in my area of Monroe Ga it's a really fast growing town. But people really like house with land right out of town like this one. It's a really nice house and in good shape. What I was thinking about setting up with them is to pay them $1000 a month for 5 or 10 years. And then at the end of the time pay the rest off. I think I could get the house for about $350,000. In that 5 or 10 years I can be renting it out and putting money away for a down payment. And be able to get a lone from the bank to pay them off. Are be able to sell it before the times up and pay them out. I'm 19 in college online at least for this semester. With scholarships I'm getting paid to go to college just a little. But point is my expenses are low. I'm living at my parents and really only have to pay my insurance and sell phone for mouth about $130 a month. I think I could pay that $1000 a month if it's not renting. And if I can't make it work in a year it will be a $12000 dollar education. Most my friends pay more then that for college. What do you guys think could this work? Should I look for a different way to make a deal with them? Should I wait till I have more money saved away?

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