1st Time Home

[Goinboardin]

I'm starting a grad program in Laramie, Wyoming in August, I'll be there for 5 years. Just the nature of the field, I will be getting paid to go along with a tuition waiver. I'm proficient with home repair/construction and had what may be a good or terrible idea of looking for a fixer upper home to buy rather than pay 60+ months of rent. I have a feeling a bank would laugh at me if I seriously asked for a mortage, but maybe not. I was thinking a smaller place, 2 or 3 bedroom, and rent out whatever rooms I'm not using to help with the mortage.

What are your thoughts on my idea? Its definitely just an idea right now, trying to figure out if its a good one or a bad one.

Oh I lived in Laramie for a summer, so I know I like the town/area.

 

[rmkMatt]

It's a good idea if you can afford it. Go talk to a couple different banks and see what they say. If you can find a place cheap enough and rent out a room you could probably cover the loan interest with rent money. If you're really lucky the house will be worth the same or more at the end of 5 years and come out ahead.

 

[snowmobilesrme]

asssuming you have decent enough credit, congrats, and i say go for it. right now is the time to buy.

if i had good credit i'd get a house right this second. people make mistakes i guess right?

but hey a great idea would to buy a house if not at least land in the south like somewhere in tennesee or something cause compared to the price of housin up where i live, its rediculous. prices are basically cut in half for real estate down there.

good luck on your choices. id say buy land and build your house cause you will love it that much more.