Hi all, new to PF but would like some advice.
I've been considering getting a mortgage on a condo to live in for a while now as renting honestly seems like a dead end for someone in my situation.
I'm 21, live at home and always have with minimal expenses. Doing so I've casually saved a decent amount of money $20,000 in term deposits then several grand in other places (previous $30,000 but I spent $10,000 on a car).
My main job is currently in a local bakery but I do do pizza delivery in the evening for extra $$$, and some online projects. That being said I make about $2500-$3500+ a month working 40-50 hours a week and can save a good amount if I put my nose to the grindstone.
By Christmas I can have at least $30,000 saved up which is around a down payment on a condo. I'm not on a time frame so I'm fine living at home longer, ideally I'd qualify for a mortgage myself at a lower rate by having a 20% down payment but if it comes down to it my parents are willing to cosign.
Doing the basic math I'd need about $30,000 for a standard condo/townhouse where I'd like to move as they go for $120,000+. A mortgage for something like this would be around $800-1000 a month which is close to renting rates which is why I'd rather have my money working to something rather than going in someone else's pocket.
I'm considering and certainly willing to go for a 2 bedroom condo/townhouse and to rent one of them out which should be easy enough as I'd like to move closer to a university. I've done a few classes but always had issues living at home since it's a 1hr+ drive so I've had mediocre results when attending on and off. I'm in no rush to return but I certainly see myself ending up their again.
The long term I'd ideally have a condo renting out one room and living in the other while attending university. The way I see it if I went to university I'd be paying the money to live closer so I may as well pay a mortgage then worst case scenario even if I dropped out of Uni again I'd have at least worked towards something.
Tuition at my local university isn't too expensive roughly ($7,000 a year without scholarships) so if I work part time and hard over the summer breaks I should be able to manage. Even worst case scenario small student loans would be worth it if the majority of my money is still going towards an investment like a condo unless I'm mistaken?
For someone my age who is frugal do you think this is a reasonable plan/goal?
Submitted May 31, 2018 at 03:25AM by 7125LikeMe https://ift.tt/2J0lt7q
