@Benjamin Z.
I'll try to shed some light on the subject. My background: went to a top public college, got my degree last year and am now enrolled in a Master's program (an MBA program of sorts). I bought my condo when I was 21.
I definitely lucked out cause the parents paid for college. I still came home on weekends and worked though. Had they not, I think I still would have gone but I might have put it off for a year to save up. Might have wracked up some debt but would have paid those suckers off ASAP.
When I realized I wanted to go to graduate school at a different college (one that my brother also attends), I started browsing places to buy near school. Mostly cause I was sick of paying rent and knowing it all just went toward paying off someone else's mortgage. I bought a place that was built for student living -- 4 bedroom/4 bath condo with shared living area/kitchen. I live in one room, and rent out of the rest which more than covers mortgage and expenses (as long as all goes according to plan AKA the appliances keep working).
It has worked out well so far. It's allowed me to have very low living costs since housing is covered (well, other than the 20% down payment I put down). I ended up taking a year off between undergrad and grad school so that really helped, as I was working a few menial jobs (barista, cashier etc.) while I figured out what I wanted to do. So the cash flow from jobs wasn't fantastic but I made do.
You potentially have the start of something great. Don't throw college out completely. I've never been one of those book-smart people but I worked hard, made some awesome lifelong friends and learned a lot about living on my own and making my own decisions. I wouldn't take it back, nor would I take back buying the condo (even if it was a rather spur of the moment decision, we don't need to get into that though). In the end, this will either be as good or as bad as you make it. IT IS NOT EASY. You don't sign your name a few times and just start seeing checks rolling in. It takes a LOT of hard work, dedication, blood, sweat, and tears. IF you are prepared for this, then jump. If this sounds daunting to you, perhaps revisit your plans. You can make your dream a reality but it takes a lot of effort and energy on your part, and you probably will see a whole lot of money go out before you start seeing anything come in. Be prepared.
2 years later though, I'm 23, a landlord, have made some profit and am thinking about the next deal (when I'm done with Master's, of course) :-)
