Hi, everyone this is my first post here. Just to start I’m 18 and getting ready for college, Im about to graduate HS and I have about 8k saved up. I found a new job I’m starting the second week of may after im out of school, ill be working 70+ hours a week at 15$/hr (1050$/wk) and ill be working about 15 weeks before I go off to university. And after working all that time I’ve planned to have about 20k saved up. After figuring all of that out I went to my parents with the idea to buy a house about 3-4 bedrooms in the town my college is in. My parents think its a great idea as my they have invested in real estate many times. We would be renting all the bedrooms out which should more then cover the mortgage ( I have to live in dorms my freshman year). I would be investing about 15k into the purchase of the house and my parents would be covering the credit score part and would own a majority of the house. When i told my parents i would invest 15k on the house they gave me a budget for the house at 225k ( Houses there a quote cheap) I told my dad I would take care of all of the repairs and collecting rent for free but I would get to own 17.5% of the house, and they agreed. We would hold onto the house and rent it out until I graduate and after I graduate we would sell it (Unless of a real estate collapse, which we continue to rent it out). Is this a smart plan for me? I would only be investing 15k and own nearly 40k of the house as compensation for being a handyman and collecting rent. Since its a big school (40k+ students) I believe it would not be hard to find people who want to live there.
Submitted April 05, 2018 at 03:23PM by Need_new_plug https://ift.tt/2q4pNuT
