All Forum Posts by: Drake Robertson

@Sam Smith

I really appreciate your advice. I haven't began to start talking to lenders yet, it had not clicked for me that I needed to get that taken care of, thank you for bringing that to light. I also like the idea of using a joint account with my parents so that they can see what I have and know if there starts to be a problem. The $1,500 I am currently saving is only because of my co-op, I will be back in school next semester and I will not have an income, this is what scares me. I am using that money to save for a down-payment and after that I will have to use the money coming in from renting it to cover the mortgage. Ultimately what I was trying to gain was advice on if this is a crazy idea or something that would be feasible and a good idea for me to try and get started on. 

Alicia,

The current plan is to use an FHA loan because I will be able to use it as my primary residence while I am still in college. With my co-op I do have the luxury of working full time now and I am saving approximately 1500 a month. I also recently got a credit card and use it for anything I have to buy now and then pay it off immediately so that I can start developing credit. I know if I can get a 3-4 bedroom house I should be able to charge 4-5 hundred a month per room which if I get the mortgage payment low enough then covering that, property tax, insurance, etc. should be doable with a little extra to put back towards any unexpected expense with the house. Once I graduate I would start doing it as a one big monthly payment for the whole house and not charge by room.

The biggest problem I can see with it is not being able to obtain the loan without a cosigner but my parents are a little hesitant on the whole renting business.

I am currently enrolled in college and studying electrical engineering. I am on a co-op where I am not in classes but instead working for a company in my field. I want to buy a house in my college town and rent out the rooms. I know at least for the next 2-3 years I can rent to my friends and then after graduation, being in a college town there should always be a steady influx of new people in need of housing. With my co-op I am currently saving as much as I can and wanted to know if trying to save for a down-payment and pursuing my plan is a good idea while I am still in school. Any advice would be helpful, thank you!