Thank you for taking the time to respond! I am looking at purchasing a 2Bed and 2 Bathroom home for $290k. I am a first time buyer.
My goal: live in it for 1-2 years and then rent it to get cash flow. My interest rate is 6.25% and I'm putting down 1%. I want to use OPM as much as I can makes sense. The monthly payment will be after talking to my agent about $2,400 per month. The property would negative cash flow about $200/month.. I figure as the area is growing and there are more people moving to the area it will increase the values. Once I have more equity hopefully refinance and use that to get it cash flowing as I put a downpayment on another property.
I have a friend who said he would like to be a roommate with me. Which brings me to the question... Should we split it 50/50 and 50/50 utilities or should I have him pay 1k plus 50% utilities? Then comes to house maintenance, should that be 50/50 mowing lawn etc… or give him a break and I do that etc not sure. The house is 2 Bed 2bath 1300sqft. Updated kitchen but I’ll need to do floors and update bathrooms. He is a school bus driver. I just want to make it work as renting the house will allow me to still save some money.
Anyone have similar experience or any tips would be greatly appreciated.
