Decision Confirmed: University of South Florida (2 Viewers)

[fantasycurse42]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not. ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Beat me to it.

 

[Bucky86]

Do it em!

 

[sbonomo]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

What a $30k house in St. Petersburg looks like.

I dunno...A little paint, a little spackle, some TLC (to include, but not limited to, fingerblasting)

oh, i definitely see boy wonder in this pad!

 

[Eminence]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

 

[Peyton Marino]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

lol, no.

 

[xulf]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

That's an auction starting price, not the actual price.

No question, you're going to make it.

 

[sbonomo]

Hey are you going to flex your new accounting skill or not? I am starting to believe that you have not really earned your associates yet (see post above)

 

[Eminence]

Hey are you going to flex your new accounting skill or not? I am starting to believe that you have not really earned your associates yet (see post above)

I'm getting to you. Just got off work, taking a dump.

 

[ClownCausedChaos2]

That place just screams "Check the crawlspace".

 

[sbonomo]

Hey are you going to flex your new accounting skill or not? I am starting to believe that you have not really earned your associates yet (see post above)

I'm getting to you. Just got off work, taking a dump.

not at all, i have always thought you were an idiot.

 

[Rayderr]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

That's an auction starting price, not the actual price.

No question, you're going to make it.

And usually auctions require you to have cash on hand. I know what you're thinking "No problem bro, I'll have the money from my mortgage." Um, no. Any mortgage you get is going to be subject to an inspection and appraisal of the property. If they don't think it's worth what you're trying to borrow, you won't get the money.

 

[jon_mx]

It looks like it was a good crack house in its hay day. Of course the seller and seller's agent have no knowledge of its crack house history. The great thing is once you discover it was a crack house, you will not longer be able to sell it, but then you can just walk away from it and file bankruptcy, which should have a positive impact on your current credit score. Of course bankruptcy will not cause your student loan debt to go away.

 

[Eminence]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not.

ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Answer:

Monthly payments would be $212.90 a month equaling $5,109.60 over a two-year span.

$4,435.91 would go towards interest.

$673.69 would go towards principal.

Compare that to paying $600 a rent over two-years ($14,400) or room & board ($18,000) and it still might be the smartest solution.

If we were to switch it over to a 15-year mortgage, the numbers look much better. Payments would be $287.63 a month equaling $6,903.12 over a two-year span.

$4,310.29 would go towards interest.

$2,592.83 would go towards principle.

In either scenario, if I picked up a roommate who paid $300 a month the mortgage would pay itself and the property would be an income property. I am now curious as to what kind of house I could get for $40,000.

 

[jon_mx]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

That's an auction starting price, not the actual price.

No question, you're going to make it.

And usually auctions require you to have cash on hand. I know what you're thinking "No problem bro, I'll have the money from my mortgage." Um, no. Any mortgage you get is going to be subject to an inspection and appraisal of the property. If they don't think it's worth what you're trying to borrow, you won't get the money.

And plus once you win an auction, there is also the 10 percent auction fee which you will also have to have cash to pay for. But what is another $3K to $4K for Em?

 

[Rayderr]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not.

ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Answer:

Monthly payments would be $212.90 a month equaling $5,109.60 over a two-year span.

$4,435.91 would go towards interest.

$673.69 would go towards principal.

Compare that to paying $600 a rent over two-years ($14,400) or room & board ($18,000) and it still might be the smartest solution.

PITI. Learn it, love it, live it. If you're not familiar with what PITI is, it's Principal, Interest, Taxes, Insurance. You're not including those last 2 things in your decision to choose buying over renting. And of course there's the biggest thing when buying vs. renting. When something goes wrong, you have to pay to fix it. No landlord to fix it for you for free.

 

[Eminence]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

 

[jon_mx]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not.

ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Answer:

Monthly payments would be $212.90 a month equaling $5,109.60 over a two-year span.

$4,435.91 would go towards interest.

$673.69 would go towards principal.

Compare that to paying $600 a rent over two-years ($14,400) or room & board ($18,000) and it still might be the smartest solution.

If we were to switch it over to a 15-year mortgage, the numbers look much better. Payments would be $287.63 a month equaling $6,903.12 over a two-year span.

$4,310.29 would go towards interest.

$2,592.83 would go towards principle.

In either scenario, if I picked up a roommate who paid $300 a month the mortgage would pay itself and the property would be an income property. I am now curious as to what kind of house I could get for $40,000.

You do realize you have to pay property taxes every year also.. And then you have to pay 6% realtor fee to sell the house, about $2400. Then you have loan closing costs, another $2K. Then the home will take many months to sell, so include a few extra months of interest. And if you took a job out of town, you may have to fly back for closing, so a plane ticket. And we have not even begin to consider maintenance costs, repair costs. And you will have to buy and dispose of all the furnature. And buy a lawn mower to mow the yard. And utility costs will all be yours. oh yeah, and insurance costs............yeah, you have really thought this through.

 

[Eminence]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not.

ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Answer:

Monthly payments would be $212.90 a month equaling $5,109.60 over a two-year span.

$4,435.91 would go towards interest.

$673.69 would go towards principal.

Compare that to paying $600 a rent over two-years ($14,400) or room & board ($18,000) and it still might be the smartest solution.

If we were to switch it over to a 15-year mortgage, the numbers look much better. Payments would be $287.63 a month equaling $6,903.12 over a two-year span.

$4,310.29 would go towards interest.

$2,592.83 would go towards principle.

In either scenario, if I picked up a roommate who paid $300 a month the mortgage would pay itself and the property would be an income property. I am now curious as to what kind of house I could get for $40,000.

You do realize you have to pay property taxes every year also.. And then you have to pay 6% realtor fee to sell the house, about $2400. Then you have loan closing costs, another $2K. Then the home will take many months to sell, so include a few extra months of interest. And if you took a job out of town, you may have to fly back for closing, so a plane ticket. And we have not even begin to consider maintenance costs, repair costs. And you will have to buy and dispose of all the furnature. And buy a lawn mower to mow the yard. And utility costs will all be yours. oh yeah, and insurance costs............yeah, you have really thought this through.

My assumption is that over 2-years it would be cheaper than paying $14,000 to rent an apartment or $18,000 to live on campus. Maybe I'm wrong but if I am, I would assume it would be by a slim margin. I know taxes in Florida are moronic cheap and the less my property is worth, the less insurance would be.

Not to mention, if I end up finding a roommate / keeping the property after I graduate the move could end up being a complete slam dunk.

 

[northern exposure]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

There is really only one thing you need for that house....a wrecking ball.

 

[Rayderr]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

considering you aren't even guaranteed a job down there, #1 is your best option. #2 maybe once you do have a guaranteed job and are making enough money. General rule of thumb is to not spend more that 1/3 of your income on rent. If you're paying for school yourself, I'd strongly suggest paying even less. Rent an apartment with roommate(s).

Finally in your own words, you have 2 years before you have to buckle down and be an adult. If that's you're outlook, then you are seriously not ready to be a homeowner.

 

[jon_mx]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

You need to find a roomate and rent an apartment for about $600, splitting the costs. You are completely clueless about buying a house. Do not buy a house unti you have a job and want to settle in an area for several years.

 

[Cliff Clavin]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

Live with your parents. With the amount of cash you'll save, should you ever actually find a chick that'll let you finger blast her, you can get a hotel room.

 

[jon_mx]

Hopefully, one of the 115 schools in Florida with accounting degrees is closer to where your parents live where you can commute.

• There are 115 colleges and universities with accounting degree programs in Florida.
  
• 22 schools offer a master’s or advanced degree in accounting.
  
• Highest graduation rate*: College of Business and Technology-Kendall 96%[SIZE=.7em]1[/SIZE]
  
• Highest transfer-out rate*: Barry University 52%[SIZE=.7em]1[/SIZE]
  
• Highest net price per year*: Florida Career College-Miami $36,058[SIZE=.7em]1[/SIZE]
  
• Lowest net price per year*: Indian River State College $1,440[SIZE=.7em]1[/SIZE]
  
• Annual undergraduate tuition range for accounting programs in Florida*: $5,232-$36,188[SIZE=.7em]2[/SIZE]
  
• 2 Schools in the Businessweek’s Top Business Undergraduate Programs in 2013: University of Florida (37), University of Miami (70)
  
• 6 Schools in the Kiplinger’s Best Values in Public Colleges in 2013: University of Florida (3), New College of Florida (7), Florida State University (26), University of Central Florida (42), University of South Florida (57), University of North Florida (64)
  

 

[timschochet]

You can't party at your parents house.

 

[ClownCausedChaos2]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

Live with your parents. With the amount of cash you'll save, should you ever actually find a chick that'll let you finger blast her, you can get a hotel room.

You assume his parents won't move when he arrives.

 

[gianmarco]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

Is that microwave included? Yes, it really matters.

 

[Capella]

I'm glad you guys are coming around! See, I don't need a mansion. I just need something respectable to entertain the legions of barely legal poon that will be stumbling through my Jay Gatsby esque parties.

http://m.realtor.com/#details?listing_id=602132374&property_id=6969169826

Assuming no major structural damage, what's the shame in buying something like that; buying a pool table, waterbed, and firepit?

I could be King of St. Pete!

That's an auction starting price, not the actual price.

That's also not... how should I say this......the best neighborhood for a racist, klan card carrying hick.

 

[Bucky86]

Don't listen to them, em! Buy the house. Make sure you get a ping pong table for the living room (if it'll fit) so you can play beer pong with the ladies. College ####### in yo face!!! Woot woo!!!

 

[skol asylum]

You should probably find yourself a sugar mama and move in with her. Some old lonely divorcee who needs a little of that good lovin.

 

[squistion]

You should probably find yourself a sugar mama and move in with her. Some old lonely divorcee who needs a little of that good lovin.

You obviously have never seen any of Em's videos.

 

[fantasycurse42]

How is it possible that this house is smaller than my apartment?

Anyways, I'll bite even though this plot has crossed from shtick to fantasyland - SBonomo is spot on, I was gonna post the same thing. You should understand all of the costs associated with buying and maintaining. Even with the lowest rate 5/1 ARM, you're still not building equity and liable for everything.

#### it, buy the shack in the hood of Tampa, FL. This has potential.

 

[fantasycurse42]

Cash offer on this one, #### that mortgage bull####! http://www.zillow.com/homedetails/3065-20th-Ave-S-Saint-Petersburg-FL-33712/47189564_zpid/

 

[skol asylum]

Cash offer on this one, #### that mortgage bull####! http://www.zillow.com/homedetails/3065-20th-Ave-S-Saint-Petersburg-FL-33712/47189564_zpid/

This house is on fiiiiiiiyaaaaah. This house is on fiyah.

 

[Capella]

Cash offer on this one, #### that mortgage bull####! http://www.zillow.com/homedetails/3065-20th-Ave-S-Saint-Petersburg-FL-33712/47189564_zpid/

Picture 10 is my favorite.

 

[fantasycurse42]

Cash offer on this one, #### that mortgage bull####! http://www.zillow.com/homedetails/3065-20th-Ave-S-Saint-Petersburg-FL-33712/47189564_zpid/

Picture 10 is my favorite.

Picture 2 is the money shot for the realtor IMO.

 

[skol asylum]

ADDITIONAL FEATURES

Housing For Older Persons: A

Inside Utility

Last Change Type: Back On Market

Listing Type: Exclusive Right to Sell

Location: Sidewalk

Ownership: Fee Simple

Property Type: Residential

Roof: Shingle

Special Sale Provision: None

Status: Active

Special Listing Type: Not Applicable

Utilities: Public Utilities

Square Foot Source: Public Records

Appliances Included: None

HOA Common Assn: None

Dryer Hookup

Pool: None

Property Style: Single Family Home

Property Description: One Story

Unfurnished

Garage Carport: None

Other

Floor Covering: Other

Exterior Construction: Wood Frame

Last Status: Pending

Foundation: Crawlspace

Air Conditioning: No Air

Heating and Fuel: Open Flame/Wood Frame

Office Primary Board ID: Tampa

 

[GoBirds]

I think that house was on Cribs a few years back. No brainer, lock it up asap before someone else gets it.

 

[Frostillicus]

I really have three options right now.

1.) Live with my parents in Palm Bay and don't move to St. Petersburg / Fort Myers.

2.) Rent an apartment for $600 a month. $14,400 in expenses over 2-years. Combined with $20,000+ of student loan debt.

3.) Buy a rundown house for $30,000 - 40,000 and throw crazy ### parties. Potential to make my money if I choose to rent it out after graduation.

Seriously, what is my best move here? I expect to find a job making $40,000 a year with my Bachelors. But in the meantime I've got a solid 2-years of fun left in me before I have to buckle down and be an adult.

1 or 2. Probably 2 Not 3 dude.

 

[Frostillicus]

Cash offer on this one, #### that mortgage bull####! http://www.zillow.com/homedetails/3065-20th-Ave-S-Saint-Petersburg-FL-33712/47189564_zpid/

This house is on fiiiiiiiyaaaaah. This house is on fiyah.

That description is just great "House has been on fire."

 

[Buckfast 1]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

What a $30k house in St. Petersburg looks like.

A clunker indeed.

 

[Buckfast 1]

Dude, rent an apartment or house with a roommate or two like basically every other person at college. You can still throw parties at a rental house/apartment, and you never have to worry about paying for damage beyond your one month rent of security deposit. Don't let your wild successes in the hemp market fool you into thinking that you are ready to become a real estate mogul. Any of those $30,000 houses are probably going to require more of an initial investment to convert it into a livable household than what two years worth of rent would cost. You are already overthinking college. Find an apartment to rent that will require to landlord to provide habitable living conditions and let the finger blasting begin!

 

[trogg78]

Instead of paying college tuition, you should just buy the college. Then you can go tuition free and sell it after you have your degree for huge profit.

 

[sbonomo]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

Here is a homework assignment for you, since you have an associated degree in Accounting and all. Run an amortization schedule based on a 15 or 30 year mortgage (bonus points if you can actually figure out how to do it in excel). After two years tell me how much interest you have paid and how much principal you have paid. Please then get back to the group on whether you think this is a good idea or not.

ETA: if you want me to help check your math assume a $40,000 purchase price with 20% down 7% interest over a 30 year mortgage.

Answer:

Monthly payments would be $212.90 a month equaling $5,109.60 over a two-year span.

$4,435.91 would go towards interest.

$673.69 would go towards principal.

Compare that to paying $600 a rent over two-years ($14,400) or room & board ($18,000) and it still might be the smartest solution.

If we were to switch it over to a 15-year mortgage, the numbers look much better. Payments would be $287.63 a month equaling $6,903.12 over a two-year span.

$4,310.29 would go towards interest.

$2,592.83 would go towards principle.

In either scenario, if I picked up a roommate who paid $300 a month the mortgage would pay itself and the property would be an income property. I am now curious as to what kind of house I could get for $40,000.

I am shocked he actually got the math right.....Not so shocked that he still doesn't get it.

 

[Nugget]

With renting you don't risk adding foreclosure to your resume before you get your first job. Many employers run a credit check during the hiring process.

How much are you budgeting for appliances? How many tools do you own? Are you ready to deal with plumbing and electrical issues?

How much time do you have to deal with this stuff while working full time and going to school?

 

[TheIronSheik]

You need to learn that paying rent at your age is not throwing money away.

 

[RUSF18]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

What a $30k house in St. Petersburg looks like.

When I hit this link, my browser tab only had room to fit "3119 Quee(and the first half of the)n" before being cut off, which would have been awesome for him.

 

[timschochet]

The government of Greece is seeking a new economic advisor...

 

[BroncoFreak_2K3]

Everyone's got jokes.

All I know is that room and board will cost about $9,000 at each institution and renting my own place will cost at least $8,000 a year.

I'd rather live in a rundown piece of crap for two years and take a loss recouping some of my money than to feed somebody rent for 2 years and see none of the money back. Bonus points if I can find a roommate to rent a room for what the mortgage is likely to cost me.

In St Petersburg, I can get a clunker near campus for about $30K. In Fort Myers, $30K will be lucky to get me a condo. I could grab something 30 minutes away from campus in Fort Myers at a decent price.

I have to figure out what the play is though. Fort Myers is transferring me in at a GPA that is about .4 than St Petersburg. St Petersburg is going to offer much cheaper real estate prices though.

What a $30k house in St. Petersburg looks like.

A clunker indeed.

Got Em written all over that dump....Lots of fingerbanging potential there, and hey, the dome is open in most rooms of that house...just like being in a ragtop with the top down...

 

[Bucky86]

So, where does this shtick go next? I'm guessing he knocks up a non-caucasian chick and tries to convince her to get an abortion. Unfortunately, she wants him to pay for it and he can't afford it.

 

[TheIronSheik]

So, where does this shtick go next? I'm guessing he knocks up a non-caucasian chick and tries to convince her to get an abortion. Unfortunately, she wants him to pay for it and he can't afford it.

I would seriously pay per view this reality show if it existed.