Posted by Kathi on November 15, 2002 at 17:16:02:
Student loans can be used for housing expenses. A downpayment on a home is a housing expense. I used a student loan for a downpayment on a 4 plex when I was in graduate school.
College Students-Buy or Rent? Some considerations - Posted by Gambit_NC
Posted by Gambit_NC on November 13, 2002 at 19:54:01:
I am in the process of determining the considerations of buying a house while in college instead of renting. For hypothetical reasons lets put the scenario like this:
You and your best friend need a place to live for possibly 3 years. You can rent a 2 bedroom house close to campus or buy a similar house and pay the same as rent in mortgage payments.
What do you see as the advantages to buying vs. renting?
The way I see it is if you are both there for 3 years and have the money to put down, it would be a good investment.
However, I see some problems out there too. What if you move, will you even be able to get financing without a cosigner?
I would love any input or ideas or personal experiences with this. Look forward to some ideas!
Re: Buy dude - Posted by Jay
Posted by Jay on November 13, 2002 at 23:50:21:
Well, I am a 22 year old college student. I own a 4plex. The benefits of owning your place are: gain equity, offset your taxes, and you can rent it out even if you do move. Or, rent the bedrooms to other students. Down payment? Parents, savings… there are loans out there from 100% if it is your first home, so all you have to do is get hooked up with a good mortgage broker.
The advantages of renting are… Well, maybe I can come up with some later.
The taxes will vary depending on the type of property, and where you live. I pay $1,800 per year for my 4plex. I live in one unit, and only have to pay for about $100 per month. If I rented all of the units out, I’d make about $500 per month. Well, just my thoughts, good luck man.
Re: College Students-Buy or Rent? - Posted by Gambit_NC
Posted by Gambit_NC on November 13, 2002 at 22:58:40:
Sorry-
Also- How much would taxes and insurance be on average for a $100,000 home? Thanks.
Re: College Students-Buy or Rent? - Posted by Gambit_NC
Posted by Gambit_NC on November 13, 2002 at 22:55:20:
Also- Any creative ideas for a student to get a downpayment for a mortgage? Thanks!