Just a indecisive college student itching to buy some property

[Andrew Cecce]

 I am currently going to Georgia State University in Atlanta, Ga. Right now my dad is paying $850 a month for me to live in a private room inside of a 4 bed/4 bath downtown condo and my lease is up in 2 weeks. It has fascinated me that these people were getting $3600 for each one of these units and it's been driving me to want to do the same. My lease is almost up and I am interested in purchasing a home around the city for 100,000 or less and renting out each room on Air-Bnb. I have around $5000 saved in the bank and $30,000 between 4 credit cards. I planned on using around 30% of my overall credit to put a down payment on a home (I read is about 6% on average) and pay for all the other fees,including closing on the property. Then the rest of the  When my lease is up I can either renew it and get stuck in another lease OR I can move to my moms house (20 minutes away from school) and hope I can close on a house and start my real estate journey early. But if it works, then the mortgage will likely be paid for by my dad. I will building equity and I will be collecting all the revenue at the same time. I'm willing to invest all the money I have saved because if it backfires then I can just learn from my mistakes, commute from my mom's house and build even more capital to do it again. I am really eager to get out there and start making moves. If you were in my position what would you do? 

[Nancy Bachety]

@Andrew Cecce

Wow. First, congratulations on thinking about investing at this age. You see your dad is spending a good amount of money just to pay for your rent and think it looks easy. It's simple but not always as easy as it looks.

Buying a house with credit and $5000 sounds reasonable enough but without a job how will you get a mortgage, or is that where Dad comes in again?

Why don't you ask Dad what he thinks of your plans. How about asking him to partner with you? His credit and your skills at learning how to be an airbnb host?

Why don't you move in with Mom anyway and save your dad $850/mo? Maybe then he'll be able to partner with you, after tuition is paid for and stuff like that.