Lord Jacula (dreamskinner) wrote,
Lord Jacula
dreamskinner

Financial Advisors

With the market crashing and all...and me in need of shelter,
Would it be a good idea to buy a house with loans and rent out the other rooms to pay back the loans while going to school?

I've seen many houses here for less than 300k (heck 600k would work) in which for a 4 bedroom house, I could rent out the other 3 bedrooms for about $500/mo.  That's $1500 from each person and $500 from me.  That would be $2000/mo towards the loan(s).  in one year I would have payed off $24,000 of the loan, and have the house well paid off within 15 years.

 

NOW, the question is, would this be a good idea?

-Jack
 


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