1st time house buyer?

[pbnj22 10+ year member]

anybody have some good insight?

i am finishing up my first year of college and me and a few buddies were thinking of buying a house.

and selling it in a few years to pay off our college tuition... who knows maybe it will turn into a career for us. or a little side job... we could maybe even buy a bigger house and rent out a few rooms to our friends or random people if we get desperate haha

we were hoping that our monthly payments would be around 500 a month each with taxes insurance and utilities

so for a 3 bedroom place we would like around 1500 a month or 2000 for a 4 bedroom..

so maybe like 150k for a house? anyone have some thought?

Click to read more...

 

[GavinVoy 10+ year member]

so who's name is on the mortgage?

 

[pbnj22 10+ year member]

well there is 3 of us actively involved. all 3 of us are spoiled and have wealthy parents so most likely them. or at least have them co sign. i thought you could have as many names as you wanted on the mortgage? after all it is still just a loan basically?

 

[subzero 5,000+ posts]

Stupid idea/

Never go into a house with buddies, especially college buddies. Just rent a room from someone. That alone is a pain in the ass. If you try to buy a house with them, your asking for a whole lot of drama and finacial jeopardy...

 

[KMS 10+ year member]

Since you're spoiled why not have your parents get you a house for yourself?

 

[GavinVoy 10+ year member]

well there is 3 of us actively involved. all 3 of us are spoiled and have wealthy parents so most likely them.

meh.

 

[pbnj22 10+ year member]

Since you're spoiled why not have your parents get you a house for yourself?

because my parents arent that nice and i would like my own.. sorta and i could make some money renting it and selling it eventually

 

[dragnix 5,000+ posts]

doesn't sound ideal to have a house to rent it out when you don't have the means to pay the mortgage yourself. Not that easy to own a house and make money off it, either by flipping it or renting it out. I say don't do it.

 

[bigbangtheory 5,000+ posts]

Stupid idea/
Never go into a house with buddies, especially college buddies. Just rent a room from someone. That alone is a pain in the ass. If you try to buy a house with them, your asking for a whole lot of drama and finacial jeopardy...

This here pretty much covers it!

 

[kgcolbyIII 10+ year member]

something like that only works with cities located near the water where the prices are high and will only get higher. Now i know people who buy a house then rent it for the same amount of the payments for it because it reduces the taxes owed to the government when your paying off a house. Infact my co-worker just paid off her house so now she has to buy another one and rent that one out to avoid the taxes (or something like that)

BUt be VERY carefull about getting a house with friends, i dont even like RENTING with friends.... thats fired on me a few times let alone a house lol...

 

[whitedragon551 5,000+ posts]

because my parents arent that nice and i would like my own.. sorta and i could make some money renting it and selling it eventually

You have to have a license and renters insurance to rent it. May be different in your state.

 

[05fronty 5,000+ posts]

if you do buy a used house and i don't care if it is only a year old, get a home inspection on it! you don't know what will be screwed up in it.

 

[disturbed471985 5,000+ posts]

All around bad idea. I see someone’s credit getting ruined for years to come. I should know student loans killed my credit and life is hard but it's alot harder with bad credit..

 

[bubbagumper6 5,000+ posts]

I don't understand how you think your going to buy a house then sell it for a profit 3 years later....you realize you'd have to buy a cheap dumpy house and put a ton of work into it right? That profit people make flipping houses isn't just free money, they put a lot of man hours into fixing those places up and time is money. So if your willing to sacrifice a lot of time, go for it. But I can almost guarantee if you don't run into problems there, you'll run into financial problems with your friends. You'll have small disagreements at first and after a year or two you'll be in small claims court or on Judge Judy.

 

[Qbenjamin 10+ year member]

This has bad idea written all over it, I go through enough //content.invisioncic.com/y282845/emoticons/bsflag.gif.21f42eccd34b7d1eb1608fb1b59b69c3.gif with my wife and our house. I can't imagine what it would be like having to make decisions with three people (just friends) having to give the ok...