It’s kind of a complicated question. I’ve never owned a house because I’ve never been sure up to this point that I would actually be staying where I’m currently living long enough to make it worthwhile. The next place I move to, though (for an MSW program) will be where I plan to live for at least several years. My question is, do I have any business buying a house within the next several years, or not?
Here’s the situation: I will be going to school full time or almost full time, and will be able to work only part time. I’ll probably be making about $3,000 a month at the most. I have to spend a lot of money on health insurance and medication. So I can’t do a large monthly payment. $800 is probably the most I would have any business spending on a mortgage payment. If I did this, I’d like to buy a duplex, live in one half, and rent out the other. One good thing is that I could do a large down payment if necessary (20% plus closing costs would be okay; I guess I could do up to $80,000 if I had to.) I don’t have dependents (unless you count the cat!) If I could get the kind of loan that has smaller payments for the first several years, that would be a big help, and my credit is good. Also, I’m looking seriously at the Portland and Seattle areas.
Does this situation sound feasible? Or should I plan to rent for awhile?
All advice appreciated!