[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 1.90 MB, 250x250, 1489032690074.gif [View same] [iqdb] [saucenao] [google]
2044648 No.2044648 [Reply] [Original]

Thinking about getting a mortgage for a house/apartment near a college I want to attend and rent out the spare rooms. Is this a good idea?

>> No.2044779

>>2044648
What's the cap rate?

>> No.2044796

>>2044779
No idea. I'm in a situation where I can make over 100k by the time I'm 20 and was wondering if it would be smart to put a down payment on a house near school and rent out spare rooms to pay off the mortgage/school. By the end of it all I could sell it and graduate with six figs. Is this possible?

>> No.2044807

You need to vet the people you are going to live with very well. Everyone seems good until you have to live with them.

>> No.2044917

>>2044796
>I can make over 100k by the time I'm 20
typical unrealistic expectations of a child
wait until you actually have the money and spare us your projections

>> No.2044973

>>2044917
You're right it is hypothetical. I have a job that pays $20 per hour with time and a half of overtime for a max of 20 hours of overtime per week. Plus I get a 1 dollar raise every 6 months (with a $25 cap) depending on my performance. I'm 18 1/2 and live at no expense with my parents. if I get a weekend job I could theoretically save up that much by the time I turn 20. I could stay an extra year if need be.

>> No.2044978

>>2044917
I was just asking if living in a house you rent out while attending college is a good idea.

>> No.2045045

>>2044648
It could work quite well and be a good leg-up putting you in a position most people dont reach until there late 20s. It could also be a disaster. There are a couple of outcomes from this that will be unavoidable.

1) It will be a lot of work. Whether it be managing the property as the landlord and handling everything that comes with that or managing the people. It will up your workload significantly and there will be ongoing expenses.
2) While your colleagues will finish their studies as little more than adult children having been coddled in a hugbox school environment from ages 6 to 24, you'll have picked up and learned a wealth of valuable life experience that will put you well ahead of the curve. I also think being able to say you worked, studied and managed a mortgage + tenants through college gives you a significant edge when entering the workforce.

Don't know anon, I like the idea but Im skeptical of the workload.