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crcballer55 wrote:

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2LipsLegit wrote:

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Dont have time to write a full reply right now, but I appreciate everyones input.

Keep in mind that right now my parents are essentially throwing 800 out the window to give me a place to sleep. If I copped the apartment, theyd be putting that towards my mortgage, so Id essentially be profiting 800 a month off of that.

If I need to move after graduation (which is definitely a possibility, one that is also a concern of mine) Ill have personally put maybe 30k into the place, while there'll be a total of near 50k paid towards owning it. I could maybe sell it for less than I paid and still come out positive. I'd also be building my credit for the future.

Alternatively, I could rent it out and put the money towards the mortgage. Im not too keen on this to be honest, but the majority of the kids at UM have parents that are definitely paid and throw out rent money and deposits like its nothing, so I guess its a possibility.

Im almost certain that I would qualify for a loan, should I need someone to cosign, my dad would probably be willing to and that would guarantee a loan.

You're asking for trouble if that's the thinking.  It might sound good in theory, but there are too many negative variables to consider moving forward with it.  Number one, and most obvious in this scenario is that you're depending on roommates to help pay for part of the rent/mortgage.  If they choose not to pay, what happens then?  It's going to be a pain to throw them out and you will have a negative his on your credit at the least.  If it gets really bad, you'll end up foreclosing and be out your down payment plus have a foreclosure on your credit for the next 10 years.

This is also in Miami.  As bad as the housing market has been hit, it's still projected to get worse before it gets better.  Continue to save up, "throw money away" on rent, and put the savings towards a house you really want when you're willing to settle down.  Lastly, you're failing to factor in HOA's and property taxes into the payments as well as property maintenance.  Right now, you're not building any equity but you're also not taking any liability should the apartment flood or a major appliance breaks.

Hold tight and be patient.  The low prices on real estate and the interest rates aren't going anywhere any time soon IMO.  Before you buy, worry about paying off your student loans.  Then you'll have a guaranteed return and can save up the amount your were paying and put it towards a house later.

No, Im not depending on roommates to pay anything. It would just be me living in the apartment/condo. Should I end up in one with an extra bedroom I might consider renting it to one of my friends that I'm living with this year.

I dont see what you're getting at, if anything, about it being in Miami. Do you mean that the housing prices here, specifically, will continue to fall?

Also I don't have any student loans. My grades in high school got me a full ride so I'm only paying for books.

RunningFishy wrote:

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I'm giving up because OP and many do not see the TRUE FIGURES. They don't understand cash flow.

OP is structurally dependent and contingent on TOO MANY FACTORS. Granted, he has the resources. It's not what you have in your account, it's HOW you got that money.

$25K @ age 20? Yes, it's nice, but it's not something you've accomplished. There is no way in hell you are able to save up $25K at age 20 at minimum wage. You're either delirious or aritificially avoiding reality.

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If you said you already have a full ride tuition, you can simply adjust your cost of living. Find a smaller unit. Why pro-rata w/ room-mates? I also find it distasteful in your approach of making money off of your parents. SMH

I do understand cash flow, I think. I realize Im going to have to pay costs in the future, I realize Ill be much less liquid with most of my money in a property. I do not know how much those costs are going to be, hence me starting this thread.

I do have 25k saved up, just because most people don't pull it off does not mean its impossible. 14k and change is in a CD that expires late this spring, which is pretty damb convenient as far as going ahead with this plan. I appreciate all the props I got, but its not like Im making this thread to get a rise out of people about it.

Dont really get your last paragraph to be honest. Finding a cheaper house than the one we're in really isn't that easy in this area. Everyone is aware that the only people starting leases in august are students, and they price accordingly. Regardless, renting something cheaper wouldnt accomplis much in my situation. Im not exactly preying on my parents, when they offered to put the money towards a mortgage rather than rent. I never asked them to pay rent either, they've done it of their own accord.

RunningFishy wrote:

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Just talk to your parents.  Be grateful your parents are in a position to help you.  It's too bad you do not see the true intentions of your parents.  What I've said still stands, and it's not something you want to hear.  You'll have to crunch numbers. 
What I'm getting at is, you're believing everything will be merry and glee.  You're not accounting for emergencies, and many other expenses.  Get over it, and change your mindset.  Paying for room and board in the context of renting is not bad at all.  It gives you flexibility, something you need.

No one looks out for you more than your own family.  Get that point into your brain.  You still sound spoiled. lolz

Talk to them about what? They suggested I buy my own place. I don't know what you want me to talk to them about, if anything they'll support the idea.

What do you think my parents true intentions are? It seems pretty simple, they want to help me build a payment history and get some assets to my name.

I'm not sure what you've said that I dont want to hear... I've asked you to explain things but you haven't. If anything, I need someone to convince me of why its not a good idea to go ahead with this, and if buying my own place is a bad decision, I'd hope that someone would talk me out of it. I know I'll have to do some numbers, and its not like I dont plan on it.

I'm not assuming everything will be merry and glee, I mentioned this is my very first post. I know that there will be extra costs that come with owning, but I dont know how great they'll be, which is why I came here to ask for guidance. There are plenty of people that are a few years older than me, have been through this, and can contribute with their experiences.

I know my family looks out for me, and if thats your argument, then you're saying that I should just go ahead and buy it then I guess, because that's what they're suggesting.

I sound spoiled, still? Ok.