What Would You Do? Scenario

[Jakari Mayers]

Scenario: You are a college student living in college housing with 3 other roommates. You want to buy your own home and the same roommates will be living there paying rent which would go toward the mortgage. Now the bad part, you have very limited funds (typical college student) and decent credit. How would you go about this situation?

[Patrick Liska]

Try and get an FHA loan, may need parents to co-sign, FHA loans are low money down and low interest rates while you live there, and because you will be there a couple of years it works for you. But i do not think i wouldn't let the room mates know who owns it, hire a property manager to run it and collect rent. And when you leave that will all be in place for you already and you can move wherever you want. its a good source of income to pay for college or whatever, while building your credit. I own two student rental properties out of state and have no problems with my tenants and them paying, my PM takes care of all that. just make sure the numbers work and you can make money on it.