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Originally Posted by ratbastid
If you can get one of your parents to co-sign, getting a loan should be no sweat.
Being a landlord isn't easy, and home ownership is a whole level of work and commitment that you've probably never experienced before. But if you're living in the property, you can protect your investment pretty well. Be sure you're renting to people who will be responsible. I recommend accounting students. No athletes.  |
As of last summer, I became a half owner of another income property. I'm still a student, albeit an adult one, but this is the third mortgage with my name on it. I live in one, one is negative earning (costs me about 200 a month, but signifcant principle paying) and one is pulling in a huge 12 points above the capital cost.
We put pretty questionable clauses in the lease, such as eviction without refund if they have any gatherings in excess of 12 people, security deposit was 2x a months rent, rent is due for the next month on the 21st of the current month instead of the 1st of the next. Other than saying it was a 'harsh lease', they didn't hesitate to sign it. I rented to 4 male athletes, but they all had references and appeared responsible. I think it also helps that they know I live a few blocks away. The Dekes and business students actually have the worst reputation around here.