Comments | dreamskinner: Financial Advisors

dreamskinner

Financial Advisors

Oct 16, 2008 21:54

With the market crashing and all...and me in need of shelter,
Would it be a good idea to buy a house with loans and rent out the other rooms to pay back the loans while going to school?

I've seen many houses here for less than 300k (heck 600k would work) in which for a 4 bedroom house, I could rent out the other 3 bedrooms for about $500/mo. That's ( Read more... )

Comments 2

you arent very smart... anonymous August 6 2009, 19:40:53 UTC

do you know what an amortization schedule is? The first 20 years of the loan, the payments are 90% interest... And if you're lucky, 10% goes to the principal... So your statement about paying down $24,000 a year and paying off in 15 years is moronic... Furthermore, a mortgage note is typically a 30 year note, and amortized over that period.

Additionally, to obtain a $300,000 loan you would need 20% down if conventional, or %5 down for an FHA loan. Both I can almost guarantee you wouldn't qualify for...

In closing... You state that you are smart and 'all knowing' and 'into science'... Yet the statement above is coming from someone with little to no apparent knowledge. Maybe you should become a bit more humble...

Re: you arent very smart... dreamskinner August 9 2009, 17:42:44 UTC

"smart", "intelligence", and "knowledgeable" are all relative, and based on the fields of application. I know science, and the works of the physical realm. The abstract and fabrication of the human mind that development unneeded finances and economical devices, on the other hand, I'm only learning to comprehend. And by you feeding me this information, you give me more to learn. So, in the long run, thanks for feeding my mind.