Young adults looking for a Home (Warwick: 2010, mortgage, good credit)

[itallian stallion]

Alright, this is the deal. Me and 7 friends-all male and one female are planning on buying a house together early 2010. I know that sounds ridiculous but to us its not-we're really tight nit like that. Obviously we're gonna need a lot of money for a large house. Now, Im a tattoo artist at 17 making anywhere from 75-100 k a year, my friend Mike is an HVAC technician making about 40k a year, and our mutual friend Adam is a video game designer thats about 70k a year as well. Our other friends have mediocre jobs-well paying but not as well as the 3 of us. We've just started saving up but you can see that with those salaries we can afford a nice house in a year or two. The issue here is WHERE we are going to get one. 3 of us in NY 4 of us in NJ. We all prefer the down to earth fun loving atmosphere of Manhattan, NY but we also enjoy the peaceful area in Parlin, NJ. We are at a complete standstill. Most of us work in NY but the houses in NY are all upstate while we work in the city, not to mention isnt NYC one of the most expensive places to live? Jersey is okay for us to live in but we want a nice area thats not too far away. Please someone tell us where we can buy a house on the east coast.

[windey]

2010?... it's still too far for me.....good luck!

[mortgage king]

lol good plan but what if 1 person want s out then how are they going to get the money they put in?

[itallian stallion]

Originally Posted by mortgage king

lol good plan but what if 1 person want s out then how are they going to get the money they put in?

Its not the kinda situation where anyone is going to bail out. Trust me.
If by gods grace something happened and someone couldn't or wouldnt move in with us we have enough money as a whole to cover expenses.

[mortgage king]

it's a good idea. not sure if you can get a loan but if you pay cash then...

[itallian stallion]

Originally Posted by mortgage king

it's a good idea. not sure if you can get a loan but if you pay cash then...

Well we all have good credit being so young and all, idk though can we get multiple loans on the house? That seems too easy.

[WarwickBound?]

Originally Posted by itallian stallion

Alright, this is the deal. Me and 7 friends-all male and one female are planning on buying a house together early 2010. I know that sounds ridiculous but to us its not-we're really tight nit like that. Obviously we're gonna need a lot of money for a large house. Now, Im a tattoo artist at 17 making anywhere from 75-100 k a year, my friend Mike is an HVAC technician making about 40k a year, and our mutual friend Adam is a video game designer thats about 70k a year as well. Our other friends have mediocre jobs-well paying but not as well as the 3 of us. We've just started saving up but you can see that with those salaries we can afford a nice house in a year or two. The issue here is WHERE we are going to get one. 3 of us in NY 4 of us in NJ. We all prefer the down to earth fun loving atmosphere of Manhattan, NY but we also enjoy the peaceful area in Parlin, NJ. We are at a complete standstill. Most of us work in NY but the houses in NY are all upstate while we work in the city, not to mention isnt NYC one of the most expensive places to live? Jersey is okay for us to live in but we want a nice area thats not too far away. Please someone tell us where we can buy a house on the east coast.

What are you going to do when one of you wants to get married? You realize that a mortgage is a 30-year investment? Buying a house when you're 17 with your buddies is NOT a good idea. If a bank would even give you a loan, which I doubt. Just because you're young does not mean you have good credit -- in fact, you have not proven yourself as reliable yet to a lender.

[itallian stallion]

Originally Posted by WarwickBound?

What are you going to do when one of you wants to get married? You realize that a mortgage is a 30-year investment? Buying a house when you're 17 with your buddies is NOT a good idea. If a bank would even give you a loan, which I doubt. Just because you're young does not mean you have good credit -- in fact, you have not proven yourself as reliable yet to a lender.

well then how do I prove myself reliable to a lender?? Why doubt that a bank would give us a loan? Maybe they will maybe they wont.
A house with of 3 homosexual males. two of us strongly against marriage and an engaged couple who wants to do this-I don't see any marriages ruining anything. You think we haven't discussed this? We have, just because we're young doesn't mean we are stupid.