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- Dec 4, 2010
So Im a sophomore at UM right now, considering buying an apartment this summer. ATM, Im renting a house with two roommates for 2300 a month including water. So split three ways we each pay (or should I say our parents pay) 766 plus around 50 bucks for the electric bill monthly.
My parents have said that if I wanted to buy something of my own they would be willing to give me that rent money instead as it wouldnt be costing them anything extra, and I could put it towards a mortgage.
Right now I have 25k saved up that I could put down and then take a loan for the rest. With my parents paying approx 800 a month that would mean Id have about 44k towards paying the spot off by the time I graduate, plus whatever money I make that I can throw on top, maybe a couple hundred a month.
I know there are going to be additional costs of owning something, but I dont know how great they're gonna be. I also know that buying property somewhat ties you down, but prices are low right now and if I can get a great deal I feel theres kind of a limit to how much of a burden that could become.
I just turned 20 this month, I know Im young and a "kid" in many people's eyes but I think this might be a great opportunity to start building some actual wealth to my name. If I do end up doing this, it will mean cutting my expenses - no sport bike next year, no trading my SS for a marauder, less eating out etc. - because I want to pay as much of the mortgage off as quickly as possible, but I've always talked about grinding and stacking, so why not do it?
My parents have said that if I wanted to buy something of my own they would be willing to give me that rent money instead as it wouldnt be costing them anything extra, and I could put it towards a mortgage.
Right now I have 25k saved up that I could put down and then take a loan for the rest. With my parents paying approx 800 a month that would mean Id have about 44k towards paying the spot off by the time I graduate, plus whatever money I make that I can throw on top, maybe a couple hundred a month.
I know there are going to be additional costs of owning something, but I dont know how great they're gonna be. I also know that buying property somewhat ties you down, but prices are low right now and if I can get a great deal I feel theres kind of a limit to how much of a burden that could become.
I just turned 20 this month, I know Im young and a "kid" in many people's eyes but I think this might be a great opportunity to start building some actual wealth to my name. If I do end up doing this, it will mean cutting my expenses - no sport bike next year, no trading my SS for a marauder, less eating out etc. - because I want to pay as much of the mortgage off as quickly as possible, but I've always talked about grinding and stacking, so why not do it?