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04-09-2009, 11:22 PM #1
Renter
- Join Date
- Apr 2009
- Posts
- 1
Pharmacy school student going out of state
I live in CA and will be spending 4 years in a pharmacy school in Buffalo, NY. Instead of sinking $500/mo on rent for the duration, I was thinking of buying a small 2br condo/apartment for around $80k. I can rent out one room to a pharmacy student. Then after 4 years, I'll move back to CA and either rent out the apartment or sell it.
I currently own no property but have a credit rating in the low 700's. I can probably get my mom to co-sign a loan and I wont have any money for a down payment.
Think this is a good idea?
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04-10-2009, 12:46 PM #2
Fixer Upper
- Join Date
- Mar 2009
- Location
- SF Bay Area
- Posts
- 24
Sounds like a great idea, I would probably do the same if I were in your situation.
Seems to me though that if you can qualify for the first time buyer program you will need at least 5% for a down payment, otherwise 20%.
If you don't have an income right now, you will have to get your mother to co-sign.
Factor in probably a few more thousand for closing costs as well unless you can get the seller to cover it. Lately though, sellers are being tough to give back credits though...
Good luck..
--MikeLast edited by jnzy111; 04-10-2009 at 12:55 PM.
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