Hi All,
As mentioned in the title, I am a bit confused with my Dad's advice.
I have just moved out of my fathers house after a year of working my first job making 43k a year plus 10K commission (monthly bonus checks). My rent is currently 600 a month living in an apartment with 2 other people. Underestimating how messy they are, I cannot wait for my lease to be up (10 more months).
Talking this over with my dad, he suggested that I look into buying a condo. My credit score is currently 733 and rising so he believes I will be able to take out a mortgage and apparently mortgage rates are crazily lower than rent payments (300-400 for a nice 1 bedroom condo in New England). My problem? It sounds too good to be true and there is so much...Messy information out there that I can't seem to get a grasp of.
ALSO, I am pretty deep in student loans (47k) and like an idiot, I bought a pretty pricey car when I got my job (18k) and I also plan on going to graduate school to receive an MBA (34k). Safe to say, I am nervous about all this debt I am accumulating and I am not sure if I want to add a whole 70-90k mortgage loan to it (if I'll even get approved).
According to my Dad, I can just put down a down payment of say, 2-3k, buy a condo and sell if after 2 years and get all the money I put in the house, back. That just doesn't sound realistic to me.
Would any of you be able to advise or speak on the matter? These loans already stress me out but I've got a good grasp on them so they aren't running me broke. I guess at this point, I really want to know if buying a condo at my age is a good idea or not.
Submitted September 21, 2017 at 01:43PM by TidusBlackbeard http://ift.tt/2ysMP0V
