crazy or not: thinking of maybe buying a house in westmoreland county (Pittsburgh: rentals, college)

[SteelCityRising]

Originally Posted by juliegt

I'm actually thinking about buying a cheap 3 bdr house, possibly in Beechview for my son and a few roomates to rent from me while he's in college here. Initially he will live with me, but I think we would both prefer for him to live on his own while he's in college. I think owning a rental property would be cheaper in the long run than subsidizing his rent if he moves out. I can continue to own it as a rental after he moves on or I could sell it. I have to crunch the numbers to see if I can actually afford to buy. I've never been a landlord and I'm not sure if it's something I want to take on. OTOH, working for a general contractor and being a homeowner has made me very knowledgeable about what goes into maintaining a home.

Or you could always rent-to-own it to me with $2,000 down and 100% interest.

[sealie]

This is a massive albatross around your neck and the worst case scenario doesn't contemplate how hard it is to find good tenants that far out.

[Goodjules]

Originally Posted by SteelCityRising

Or you could always rent-to-own it to me with $2,000 down and 100% interest.

Ok, as long as you buy the bridge I have for sale.

[Goodjules]

Originally Posted by zip95

Having a husband where you help each other is different than managing umpteen roommates... What if they're late with their rent the same month the furnace goes.

That's true, but years before I went back to school as a homeowner I lived with no more than three roommates at a time while I was in college as a renter and never had any issues with people being unable to pay. We were very scrupulous in screening potential roommates and required a deposit. I'm not saying it's easy, but it can be done without it becoming a disaster. You have to go into it well-aware of the pitfalls especially if you're doing it as a homeowner. I also wouldn't buy a home unless I had enough savings/income for repairs and maintenance. When I was a young renter/student I worked 20 hours a week during the school year and full time in the summers as did most of my roommates. When I went back to school years later I did the same and my husband was working full time. We don't know what the OP's resources are. I think we need to point out the risks involved, but there are ways to own a home while you're in college that won't necessarily result in financial ruin.

[BarqCider]

there are risks obviously, but i figured owning a small place outweighs the cons of it. i'm still leary of moving in with random roommates and obviously trying to find a place close enough to take the bus to class and not going to cost me 800 a month for a 9x12 room.

[sealie]

How much liquid cash do you have for closing costs? Do you have paystubs and proof of ability to pay, or are you going to get your parents to cosign? What's your credit score? I've known of grad students doing this in Greenfield but they at least had a stipend to show the mortgage broker. I assume you've gotten preapproved at least.

[ferraris]

Originally Posted by BarqCider

there are risks obviously, but i figured owning a small place outweighs the cons of it. i'm still leary of moving in with random roommates and obviously trying to find a place close enough to take the bus to class and not going to cost me 800 a month for a 9x12 room.

If you can't afford $800 a month, I have trouble believing you can afford the closing costs, maintenance, and just general "stuff" for a $90K house. You could do it, but the home better be in superb condition to begin with, and you'd need to be okay with spartan decorations and furnishings.

Also, there are plenty of places that have been suggested to you that wouldn't require spending $800 a month on a tiny room or having roommates. If you have your mind set on a house, then go for it, but it's silly to act like buying a house is your only viable option here.

[sealie]

Even without the risk of repairs and maintenance, the math doesn't work out. With bad credit and no down payment, plus utilities on a house being what they are, you're going to be lucky to be under 900/mo all told. Plus, having had a STEM major myself, you spend all your time in the lab anyway.
Plus look at how long the houses languish on the market in Trafford. There are people who can't sell the house for what they paid for it. Buy a house there and you are stuck for years.

[BarqCider]

Originally Posted by ferrarisnowday

If you can't afford $800 a month, I have trouble believing you can afford the closing costs, maintenance, and just general "stuff" for a $90K house. You could do it, but the home better be in superb condition to begin with, and you'd need to be okay with spartan decorations and furnishings.

Also, there are plenty of places that have been suggested to you that wouldn't require spending $800 a month on a tiny room or having roommates. If you have your mind set on a house, then go for it, but it's silly to act like buying a house is your only viable option here.

its not that i cant afford it, its just i dont want to pay $800 for a tiny place with 2-3 roommates.

[BarqCider]

Originally Posted by ferrarisnowday

If you can't afford $800 a month, I have trouble believing you can afford the closing costs, maintenance, and just general "stuff" for a $90K house. You could do it, but the home better be in superb condition to begin with, and you'd need to be okay with spartan decorations and furnishings.

Also, there are plenty of places that have been suggested to you that wouldn't require spending $800 a month on a tiny room or having roommates. If you have your mind set on a house, then go for it, but it's silly to act like buying a house is your only viable option here.

ive been looking at places mentioned to me and like i said, every single CL ad has failed on me. I had NINE people i was supposed to meet during the memorial weekend i wa sup in PGH. I went up thursday morning and didnt return until saturday afternoon.Out of all those NINE potential places to live, every single one bailed or their roommate doesnt want a CL person/they know someone.