A little about me: I'm a 17 year old senior in high school, planning to go to college in Seattle next year. I'm also on loaded up on community college classes so I'm on track to graduate high school with both a HS diploma and an AB. So far I've read a few books about real estate and plan to read many more.
Call me an idiot, but I'd really like to buy a house at 18. I know buying a house isn't really something people think about until later in life but I love investing, and I'd really love to get into real estate. In theory I'd love to house hack, but in Seattle multi-family homes go for at least $1m, which is a little bit out of the budget to say the least.
So my plan, is to get an 3.5% down FHA loan for a 2 bedroom condo around the 300k range. That means the down payment is $10k, and because I've been saving aggressively since I was 15 I have enough money in the bank to cover that. The estimated monthly cost is a little north of 2k (including MIP), and I could get a roommate to cover half of that. 1k a month is the same cost of university dorms, which means I would have to shell that out either way.
So correct me if I'm wrong, but for around 10k I get to:
-Own my own condo at 18
-Take advantage of ungodly Seattle appreciation
-Live in a nicer place than the university dorms
-Start building equity for future deals
Not to mention I'm currently chipping away at the Washington mandated real estate course, and should be set to have a license on my (or close to) my 18th birthday. Which means I would get around 3% commission acting as the buyers agent. IE: My downpayment is basically payed for!?
This sounds amazing, but "If it sounds too good to be true, it probably is." I'd love to hear thoughts on this and where you guys see potential shortfalls with this. Thanks in advance for your time!
