I am 25 years old.
I currently rent a 3 bedroom home for 850 per month. I rent out the other 2 rooms, one for 350 and the other for 400. There is 100 left to pay out of my pocket and I get the master bedroom.
I want to continue to do this, but with my own home. I have no immediate plans for starting a family any time in the near future, and I am pretty satisfied with the place I live in (Savannah, GA).
I do realize that I should not tie myself down to a place I may end up leaving in pursuit of a better career path. But I figure that if in five years I decided to move I could simply sell or continue to rent out the house.
Homes are just so low in price nowadays…
My problem is that I have not much credit history. I have only one source of credit: a secured credit card from Wells Fargo that I’ve only been using for 10 months. I have never had any other cards or loans or anything.
I figure that I could probably get a mortgage loan by signing together with my girlfriend (who lives 4 hours away) and with the help of a co-signer (I already know who that would be) that I would qualify… She would like to make an investment as well and she has better credit history than I do (she has had several credit cards for a few years now).
Does this sound too difficult to do? Too unwise? We wouldn’t be doing it for our relationship’s sake, but for investment purposes. We are both mature responsible adults and would continue payments even if we were to brake up. We’ve discussed it already.
What are your thoughts fellow people of Yahoo!?