Buying a House/Rental - Need Some Help...

[MastaFlex 10+ year member]

I have a few questions for you guys, just seeing if you might be able to help me out, and complete my things i need done.

I was at work a long time ago, and I was speaking with a man who said that there is a company out there that will help you when you are purchasing your first house. He said that the company will actually pay for your down payment on it as long as you live there for so many years. My question is does anyone know of a company like this and what is it called? - Possible link?

Another thing is I want to buy this house and use it as a rental. I will be attending college next year, and i want to buy a house, live there and rent it to 2-3 other people. Does it cost more if you are buying it as a rental or what?

The main reason I am doing this is so I can get out of my house and be on my own. Also I wouldnt have to pay anything because there rent would pay for the mortage payments each month.

Anything additional you have for this would be great help as I am in the research stage of this whole process.

Also I know there are some expenses that may come up like faulty wiring, or broke down items. These I know about and will have to save for.

Thanks for the help in advance fellas!

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[9512ds 5,000+ posts]

kick your parents out...

and my mommy says thanks...

that was an awesome gesture my man

 

[MikeofTulsa Moderator]

it shouldnt be any more expensive to buy a house to rent it out than buying it to own it. now the only thing is if your going to rent it out you might have to check the zoning, if your going to rent it as a duplex or something like that you'll need to have it zoned as a duplex. otherwise your jus having people pay your to live there. now as far as a down payment, not every place will require it depending on your income level, credit score, work history, etc. etc. buddy of mine jus bought a house w/ no down and only had to pay 200 bux in closing costs. so it really all depends on a number of factors. i would suggest contacting a realter and start looking for a house, also contact a lending institution to see how much you would be approved for. they could answer alot of your questions regarding home buying and such

 

[bonesninja 5,000+ posts]

http://www.fanniemae.com/homebuyers/homepath/index.jhtml

lots of good reading here man....good luck

 

[MastaFlex 10+ year member]

thank you fellas, i will read more about it

 

[MastaFlex 10+ year member]

kick your parents out...
and my mommy says thanks...

that was an awesome gesture my man

She is more my mom then your mom, so lets get that straight right now. Also She would make me beef and noodles before you, so thats needs to get straightened out as well.

i do what i can for the mom