My girlfriend and I have just gotten to the point where we can save money. A year a ago we made a combined 20/25k, we now make 120k. We have destroyed all our debt except what we have left on our car (9k) and a combined 30k in student debt. We are beginning to outgrow our little apartment. Upon searching for a new place we have not been able to find anything under 1100 that fits our needs long term.
I started looking at what houses were for sale. I found a few that look like good leads. The highest listing being 76k. So at 15 years fixed the payments would be at most 750$ a month including taxes and insurance. With an FHA loan, the minimum down payment being 3.5% or 3000$. This with closing costs and a "house savings" we could technically close with less than 9000$ cash. I believe we could have this much saved along with our unsubsidized loans and car paid off (10+9k).
I start school again in fall 2019, I plan to continue working full time; as most of my classes will be online. I also will be receiving 1300$ a month while in school for housing. I will not be moving for 7/8 years depending on if I choose to go to graduate school or not. So our income is secure for 7/8 years at which point I would turn the house over to a property manager while in grad school or sell it to help pay for grad school.
Sorry if this is a bit thrown together. I have been pondering this for a while and just needed to get some direction from those with a bit more wisdom. Any advice, warnings, suggestions, or anecdotes are welcome. Thanks!
Submitted April 19, 2018 at 10:44PM by Morrowk https://ift.tt/2HfvlNN
