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A few peolple here have said buy instead of rent, but buying isn't always cheap. I'm still in grad school, and I also want to stop renting and buy, but I plan on buying a multi-family. I live alone and only need 3 rooms, so if I bought a reasonable 3-family, I could make enough from the other two rentals to pay the mortgage and all utilities including my own. That's called living for free in my book. Well, granted I might have miscellaneous expenses here and there (and taxes), but that should be well less than me throwing away hundreds a month on rent. Not to mention the property is increasing in value as I go (or at least around here it quite obviously would)
Oh, and if you can't afford the down payment, you can get someone you TRUST - wife, parent, sibling, etc - and have them assign the building to you. How this works is that the other person agrees to buy the builind under the condition (and this has to be written into the contract) that he/she can assign it to someone else, and that someone else just happens to be you. What this basically means is that you're buying the contract from that person, HOWEVER, say the building is being "sold" to your mom for $150k. When she assigns it to you, she can sell it to you for more, say $170k. All the bank sees on the mortgage application is that you're buying from your mom for $170. The bank gives your mom the $, and she gives the extra back to you so you can make the down payment. If you want you can even hike the assignement price up a little more and get money for repairs, etc... Only thing is that if it goes too high, the bank won't give you a mortgage because the collateral (the building) is obviously not worth the amount that you're asking for.
That's my tip.
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C4 to your door, no beef no more...
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