Posted by Rose on March 17, 2001 at 10:50:48:
Chad, don’t let your age stop you. Not very many at your age don’t even think about these opportunities. If you are worried about renting it out, here is another option to possibility.
I have a son 23, who is in college also but owns a house (4bedrm) close to college. He lives in master bedroom and rents 3 other rooms to his friends. The house is paying by itself practically and he gained atleast $60k equity by being there since he is 19.
His dad cosigned the loan for him since he couldn’t get a loan when he was only 19. If you make payments every month you can establish a good credit. If you are a college student, you have more possibility of renting it out rooms and have a better positive cashflow if this works for you. Hope that helps.