Quote:
Originally Posted by bsbllplyr1234
I will work on getting a nest egg of $25,000 before I start. ($12,500 down payment, and $12,500 for maintenance/emergencies/fees/taxes.) I would require a year-long lease to each person so that money is a guarintee....
In case somebody did do damage to the house, I would have an $800 deposit. For the bills, I would have all of them in my name but charge extra per person per month to cover the previous month's bills (or just charge them about $100 a month per person for a total of $500 per person), no long distance phone calls.
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I've changed my mind with further info. :nono:
You've got more than a year to go. A year's lease is not even close to a guarantee of income. A bank won't loan you money based on these declarations. I'm not even sure if a co-signer would do the trick for you. Talk to a banker or another adult.
$800 deposit is fine and dandy. Will you be able to pull a couple of grand out of your pocketbook for anything more than painting and cheap carpeting, i.e. appliances, electrical or plumbing?
Do more homework on loans, income taxes as they relate to rental properties, and get yourself a stable income (i.e. job) for a few years. Unless, of course, you come into a rather large trust fund. In that case, PM me.
