Buy A Home, in College? 25

Home Ownership in CollegePeople often tell me that when they were in college they assumed owning a home was something they would only do much later in life. The goal of being a home-owner was something to dream about one day being, but not something to actually consider achievable.

Well I’m here to tell you that it is 100% completely achievable and can be easier than you think. I just read a great article by an actual college student (of really modest means) who did it and is much better of because of it.

She didn’t come in with money or experience. She didn’t have some magic beans fall into her lap. She just paid attention to her situation and took a chance. That’s a lesson a lot of us need to learn. Making the most of your situation doesn’t take luck or fate. It just means opening your eyes and seeing what’s already there.

So in this young woman’s case, she realized that housing prices in her area were dirt cheap. She figured out that she could get a killer house for less than half of what it had been selling for just a few years earlier.

So what did she do? She decided she would become a homeowner and rent out a condo to tenants. And which tenants? Her roommates, of course!

Essentially, this enterprising young lady had saved enough for her 20% down payment on a nice 3 bedroom near the beach. She got her parents to take out a mortgage on the rest and worked out a repayment schedule she could meet.

Then she and her existing roommates moved into the apartment and they started paying rent to her! Seems like an incredible situation. But just think about how simple it was. All it took was for this woman to see an opportunity and go for it. (Having cooperative parents also helps, right?)

So that’s what I want you to walk away from today’s post with. Don’t be afraid to read a situation and move on it. You can find great deals if you just take a chance and look around you.

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