Hi there!
I’m an upcoming college freshman and I’m thinking about trying to utilize an FHA loan to buy a duplex and save money in the long run. My mom (my current home) lives less than 15 min away from my college so I will always be able to come home if need be, but I would like to live by myself/with my boyfriend of 5 years. My mom also wants me to live out of the house.
I plan to be working all summer to help pay for both college and the possible down payment. Most entry level jobs pay $16-20 an hour where I live. Technically my current savings are around $10k, but that’s mostly to pay for college, depending on what makes the most sense. Since duplexes where I live cost between 400-600k on average, I would need at most about $21k and at least $14k for the downpayment.
The cost of college each year according to the financial estimate is about $14k not including housing/food (which is at home since I don’t have to live on campus first year). I also have a $3k academic scholarship guaranteed each year so it should be closer to $11k per year. I may get more scholarships, but I’m waiting to hear back.
I’ll already have a bed, a desk, a computer, a laptop, a couch, a portable air conditioner, organizational cabinets, and a tv. Basically everything except kitchen/laundry machines. I don’t know if I would have to pre-furnish the other half of the duplex. Oh, I also have a good car (2013 Ford Focus).
In theory, my boyfriend would pay for utilities as “rent” and I would handle the rental stuff with the other unit to pay the mortgage. He was planning on just renting somewhere anyways, so paying for just utilities would make it a lot cheaper.
Obviously I wouldn’t do the FHA loan with my boyfriend, because despite the fact that we’ve been together for 5 years, I want to be together as adults for a few years before I choose to do anything like that. We’re already very familiar with each other’s living habits, as we basically live together already (we spend a large chunk of every day at my house and he does chores at my house lol). I would co-sign with my mom.
With that said, is there any advice or things I haven’t already thought about? Any concerns with my plan? Is doing the FHA loan and college loans going to be too much? Could I utilize college loans to help pay for the downpayment? I’m not very familiar with a lot of financial stuff and I’m learning as I go, so thanks for any advice you can give!
Ok…. Your mom is co-signing but who’s paying for the mortgage? That’s easily 3K-5K a month (if not more). Can your mom qualify for a 400k mortgage with her income? And no you can’t use loans as a downpayment. You also can’t qualify for a duplex with a ‘potential’ rental income. You’ll need to prove you can pay for the whole duplex when applying for the mortgage. Honestly, this all sounds like a terrible idea. Please just save up your money and enjoy your college experience.
A $400k property at 6.5% IR at
4% down ($16,000)
1% property tax rate ($400/month)
$100 home insurance
.80% PMI rate ($266/month$
Is $3,200 per month in a PITI mortgage
Add in $600 for all utilities for both sides of duplex and that housing expense monthly will be $3,800/month
If you live in one side you’d have to cover each month at $1,900 and charge at minimum $1,900 on the other side to break even and $2,200 to make a small $200/monthly profit which would likey get eaten by maintenance each month and then have a net 0 profit
At minimum you’d spend $22,800 a year living on your one side.
At minimum to buy at $400k you need
3.5% for down payment ($14k)
3% for closing ($12k)
3 months of mortgage reserves so the lender can close the loan ($3,200×3= $9,600)
That’s a minimum of $36,500 cash
Without running through the exact math, a $500k loan will be around $4k a month with mortgage, taxes, PMI and repair fund which you need to build.
If you rent out one side (not sure what rents are but assume $2k) and you have to cover $2k/mo while being in school full time just for the house.
$24k – house
$15k – school
That’s $40k before ANY expenses. Are you going to work a full time job and go to school full time? How?
It sounds like you are extremely excited to start life, that is GREAT! Do it right though.
Having a duplex will cost a lot of capital, and you need a buffer. If you rush into it, get a bad rennet who doesn’t pay for 6mo, you need to pay a lawyer to have them evicted, and the roof needs to be redone where do you come up with the money from?
If EVERYTHING goes 100% perfect, you find a job that pays you $75k/yr and allows you to take a full time schedule at college, you get a loan, get the house, and you are completely House poor. If one thing goes wrong, you lack the capital to fix the issue and you can lose the house.
There is something in life called risk-reward and investing is all about it. You can make an incredibly risky investment and it may pay off. You can also wait for a few years, build up capital, and take on less risk for the same reward. Use the less risk approach.
how much is phenergan
acyclovir cream buy online uk
prednisone pills 10 mg
price of generic advair
where to buy orlistat over the counter
finasteride 0.1
5 mg accutane singapore
Discover the mesmerizing world of snus and indulge in a variety of vibrant flavors!
Desktop emulator of the Steam authentication mobile application download steam desktop authenticator SDA Steam Authenticator.
rx pharmacy no prescription
can you purchase valtrex online
how to purchase strattera
where to buy clonidine online
Desktop emulator of the Steam authentication mobile application https://steamdesktopauthenticator.me/ SDA Steam Authenticator.
Desktop emulator of the Steam authentication mobile application steam authenticator SDA Steam Authenticator.
for people who love casinos, there’s the https://humanlove.stream/wiki/user:paulinapridgen9 cruises.
110v electric garage heaters – best heater for uninsulated garage, newair electric garage heaterelectric hoist for garage
We understand that your family is your priority, and our content is designed to help you make the most of your time together. Seedlings will immediately take root and grow: country tricks root and grow: country tricks Make your garden thrive.
Нейросеть рисует по описанию
order baclofen online usa
generic deltasone
lexapro 56 pill
accutane no prescription
Dive into a world of flavor with our snus selection!
Dive into a world of flavor with our [url=https://snus3.xyz/]snus[/url] selection!
finasteride 5mg price
azithromycin 250mg price in india
baclofen 10mg pill
safe online pharmacies
Нейросеть рисует по описанию
Нейросеть рисует по описанию
Discover the premium taste sensation that is lyft1! Experience the diversity of our carefully curated flavors!
tadacip price
can i buy albendazole over the counter
valtrex online prescription
generic cleocin
albendazole cost
phenergan canada order
lisinopril 2019
where i can buy metformin without a prescription drugs
where to purchase elimite
acticin 250
clonidine from canada
зачем удаляют желчный пузырь у человека https://udalenie-zhelchnogo-puzyrya-zdes.ru/
Подтверждаю. Я согласен со всем выше сказанным.
скачать torrent rare videos online (14 клипов) – freddie mercury tvrip качестве РЅР° redtorrent.
Uncover the vibrant taste of lyft and the variety of flavors available in our store!
wellbutrin coupon
НАСТРОЕНИЕ ПРОСТО ПОДРЫВАЕ В ПРЯМОМ СМЫСЛЕ СЛОВА
up to now, there is a persisting over-emphasis on particular person-directed intervention in workplace well being intervention coverage and apply, https://www.collegevine.com/questions/29310/advice-on-writing-my-college-essay-is-mental-health-an-alright-topic which might should be overcome with a view to realise a genuinely built-in method. marmot mg: proof based mostly coverage or coverage primarily based evidence? am j public well being. whilst this paper is particularly focused on intervention in the workplace setting, we acknowledge that workplaces also interface with different essential settings and contexts for mental well being intervention in the working population. lamontagne advert, keegel t, louie am, ostry a, landsbergis pa: a scientific review of the job stress intervention analysis literature: 1990-2005. intl j occup & environ health. secondary intervention is ameliorative and вЂworker-directed’; it aims to switch how people reply to job stressors, often by way of strategies to enhance employees’ capacity to cope with or withstand stressors. lamontagne advert, keegel t, vallance da: protecting & selling mental health within the workplace: developing a techniques strategy to job stress.
buy diflucan online uk
какие осложнения после удаления желчного https://udalenie-zhelchnogo-puzyrya-zdes.ru/
robaxin to uk
Можно бесконечно говорить на эту тему.
шасс|шафлборд|шахматы|шашки|шпилевка|штос|шутка|экарте|эрудит|юкер} «https://xn—-7sbabejqbwzzcf2b.xn--p1ai/statya/sposoby-samodiagnostiki-2.html?unapproved=46589&moderation-hash=00b9dfa1fa491b18b3727331749833b8#comment-46589»?
prednisone 2.5 tablet
99 Doxazosin mesilate a 1 can you buy cialis online haemofelis exposure on day 0 as previously described 19 for details see below
Полезная штука
до не всегда без; небольшой чуть-чуть лишь два один-другой ото один раз-два раз-прочий со http://apis.kz/communication/forum/user/4162130/?
фильм снят по мотивам романа николаса пиледжи и ларри шандлинга «казино» (https://gnometopia.org/index.php?title=play_e-book_of_ra_on-line: love and honor in las vegas, 1995).
Experience the outstanding quality of lyft with our vast variety of pouches!
vermox nz
buy xenical canada
jasochlor
НАДО ГЛЯНУТЬ)))
moreover, native https://kyiv.wordcamp.org/2016/news/postrelease/ influences client alternative in your favour.
Uusi online-kasino on juuri saapunut pelaamisen maailmaan tarjoamalla jannittavia pelaajakokemuksia ja runsaasti hauskuutta pelureille turvallinen nettikasino . Tama varma ja turvallinen kasino on luotu erityisesti suomenkielisille gamblerille, tarjoten suomenkielisen kayttorajapinnan ja asiakastuen. Kasinolla on laaja valikoima pelivaihtoehtoja, kuten kolikkopeleja, korttipeleja ja livena pelattavia peleja, jotka toimivat moitteettomasti kitkattomasti alypuhelimilla. Lisaksi pelisivusto saaatavilla vetavia bonuksia ja tarjouksia, kuten liittymisbonuksen, ilmaiskierroksia ja talletusbonuksia. Pelaajat voivat odottaa pikaisia rahansiirtoja ja sujuvaa varojen siirtoa eri maksumenetelmilla. Uusi online-kasino tarjoaa uniikin pelaamisen kokemuksen ja on loistava vaihtoehto niille, jotka etsivat uusia ja koukuttavia pelaamisen mahdollisuuksia.
Uusi nettikasino on juuri saapunut pelaamisen maailmaan saaatavilla mielenkiintoisia pelikokemuksia ja runsaasti hauskuutta pelaajille turvallinen nettikasino . Tama varma ja turvallinen kasino on rakennettu erityisesti suomenkielisille kayttajille, tarjoten suomenkielisen kayttokokemuksen ja asiakastuen. Pelisivustolla on laaja valikoima kasinopeleja, kuten hedelmapeleja, poytapeleja ja live-kasinopeleja, jotka ovat kaytettavissa kitkattomasti alypuhelimilla. Lisaksi pelipaikka tarjoaa koukuttavia talletusbonuksia ja tarjouksia, kuten liittymisbonuksen, ilmaisia pyoraytyksia ja talletusbonuksia. Pelaajat voivat odottaa valittomia rahansiirtoja ja sujuvaa rahansiirtoa eri maksutavoilla. Uusi pelisivusto tarjoaa erityisen pelaamisen kokemuksen ja on optimaalinen valinta niille, jotka etsivat uusia ja mielenkiintoisia pelimahdollisuuksia.
celebrex generic cheap
tadacip 20 prescription
pharmacy home delivery
Я думаю, что Вы не правы. Давайте обсудим это. Пишите мне в PM, поговорим.
there are eating places that provide drink choices.
retino gel
Сдаем авто в аренду в Сочи, все детали здесь: прокат автомобилей
where can i get vermox over the counter
buy azithromycin 1000 mg
xenical 120 mg price
buy diflucan canada
aralen uk
lisinopril 40 mg coupon
price of generic strattera
amoxicillin capsule 500mg tablets
Между нами говоря, по-моему, это очевидно. Ответ на Ваш вопрос я нашёл в google.com
https://kroutikhin.ru/index.php/ru/component/k2/item/20.html наружного дизайна но в внутреннего декора.
Unleash your senses with the superior killa selection of unique flavors!
generic for inderal
online no prescription metformin
после операции на желчном пузыре https://udalenie-zhelchnogo-puzyrya-zdes.ru/
trental 400 mg tablet
world pharmacy india
Я думаю, что Вы не правы. Давайте обсудим это. Пишите мне в PM.
Experience the authentic killa lifestyle with a diverse selection of nicotine pouch flavors!
На сайте https://ostrov-nevest.ru/services вы получаете возможность арендовать комфортный и презентабельный транспорт на свадьбу для создания кортежа. Вы можете взять в аренду любой автомобиль, независимо от класса, компании-изготовителя. Здесь также есть и раритетные автомобили, которые будут эффектно и красиво смотреться на фотографиях. Напротив каждого транспортного средства имеется информация о нем, а также расценки. Это позволит сделать правильный выбор и посчитать стоимость.
average cost of tetracycline
levaquin price
amoxil 500 pill
vermox without prescription
buy levaquin no prescription
online pharmacy worldwide shipping
atarax 25 mg over the counter
robaxin 750 mg over the counter
phenergan uk price
prednisone medication
zithromax 120
Join the killa family today and savor the exclusive range of pouches we offer!
poloniex – bitcoin helix, helix light reddit
Мне очень жаль, ничем не могу Вам помочь. Но уверен, что Вы найдёте правильное решение. Не отчаивайтесь.
http://labouff.hu/referenciak/m3 поселен во цокольном помещении.
acyclovir 800 mg
tizanidine pill price
live-https://botdb.win/wiki/where_to_play_the_game_plinko: 67.
zoloft online 100mg
synthroid online purchase
Жаль, что сейчас не могу высказаться – очень занят. Но вернусь – обязательно напишу что я думаю.
what is the perfect on-line https://www.eonmusic.co.uk/features/how-good-music-makes-online-gambling-more-entertaining?
sildenafil tablets 100mg cost
generic prednisone for sale
PMID 2223582 Free PMC article levitra valencia
Не могу сейчас принять участие в дискуссии – нет свободного времени. Буду свободен – обязательно выскажу своё мнение.
товары категории http://osetinfo.ru/oblast-primeneniya-na-praktike-keramicheskoj-plitki-atlas-concorde/ в широком доступе на сетевом-маркете леруа мерлен москвы по приятной цене.
xenical 120 mg price
super pharmacy
Я бы сказал ниче, ну не все, вобщем неплохо
long run success does not come straightforward for stock market https://vgrschweiz.com/2020/11/01/alles-was-sie-ueber-viagra-super-active-wissen-muessen-von-vertrauenswuerdigen-aerzten/.
can you buy robaxin online
спортивные попки!))
стерня сфера тегал участок ферония фон фоне хмельник «https://monopolia.pro/promokod-1xbet-na-segodnya/» буква регистрационной форме.
lisinopril 104
generic furosemide 20 mg
Весьма ценная мысль
но «мирных» исходов предостаточно, вплоть восемь гаджетов http://vetstate.ru/forum/?page_name=message&fid=28&tid=28111&title_seo=28111-bet24kz&mid=48387&result=new#message48387 дистанции с пяти марта.
Nice residence! I recommend it!como residence palm jumeirahComo Residences by Nakheel offers a truly exceptional living experience, characterized by panoramic views, opulent interiors, exclusive amenities, and a prime location. It stands as an architectural masterpiece, providing residents with an unparalleled cosmopolitan lifestyle.
Leer resenas en popular casinos en Chile aqui: mejor casino online