question for those of you not interested in apartment life

[ollie2003]

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Hi,

I am planning on buying a 2 bedroom condo for medical school. for those of you who would potentially want to live somewhere other than an apartment building....

how much per month would you be willing to spend (or wouldn't you) to rent a room in a condo? (i will be in ann arbor where the estimated rent is 600/month.

how far would you live away from the medical school to have this sort of place?

I'm just wondering how easily i can find a roomate to rent out my extra room.
thanks!

 

[Lorae]

Are you saying that you're going to be getting hundreds of thousands of dollars in loans for school *plus* a mortgage??
Or do you have special circumstances?

I would also like to buy a condo for school because I'm sick of paying rent - but I doubt any bank would give me enough $$ to do it.

In answer to your question I would only move in with a roomate if the rent was significantly cheaper than doing it on my own (say $400 inclusive of everything except food). But that's just me - personally I *hate* living with someone and would rather pay the higher rent to live alone.

🙂

 

[ollie2003]

well, to answer your question about getting a mortgage on top of my student loans...

I have talked with a few people who have bought a condo for medical school and really it doesn't seem that far fetched to me. I have been working for two years and have some money saved up to cover a down payment. Since you are allowed 600/month to pay for rent based on a school budget paying off a mortgage can be done with that money and with a roomate's rent.

then, hopefully, at the end of medical school i can sell the place for a profit, or at least break even. in the end i think it will save me money on my loans since simply renting (with borrowed money in the first place) will leave me with ~28,000 dollars to pay back. so unless i lose that much on selling my place i should come out ahead.

 

[woolie]

I'm thinking of buying too. The equity is usually great and then you also get the interest and taxes to write off on your taxes. You could just break even on the selling but then you'd also get the taxes back in your pocket. Because it's the first few years of your mortgage, this means that almost your entire mortgage payment will be tax deductable. $600 a month comes to $7200 give or take with the principal payments.

What I've done so far is use the tax return $$ to fund my IRA. So far it's worked out ok.

 

[Harps]

Originally posted by Lorae
Are you saying that you're going to be getting hundreds of thousands of dollars in loans for school *plus* a mortgage??

Actually, I overheard at my Yale interview that some students were thinking of buying houses in New Haven and then selling them for-profit after graduation...seems like to me. But then again, I come from a very very middle class family and these kids were from MIT w/ physician parents.
Also, I am Punjabi...business doesn't run in my veins..

-Harps

 

[Kashue]

Originally posted by Harps
Actually, I overheard at my Yale interview that some students were thinking of buying houses in New Haven and then selling them for-profit after graduation...seems like to me. But then again, I come from a very very middle class family and these kids were from MIT w/ physician parents.
Also, I am Punjabi...business doesn't run in my veins..

-Harps

Heh, War-mongering is tho 😉. Isn't the majority of the Indian and Pakistan army punjabi?

 

[Harps]

Originally posted by Kashue
Heh, War-mongering is tho 😉. Isn't the majority of the Indian and Pakistan army punjabi?

Man, what I can do about that? Like they Sikh is a Saint/Soldier. Funny, my grandfather was in the British Army. But my family has been farming in Punjab for hundreds of years. So, technically we're farmers. I keep that whole
army side on the DL....don't spread it around here. I am pacifist.😉

-Harps

 

[Kashue]

Originally posted by Harps
Man, what I can do about that? Like they Sikh is a Saint/Soldier. Funny, my grandfather was in the British Army. But my family has been farming in Punjab for hundreds of years. So, technically we're farmers. I keep that whole
army side on the DL....don't spread it around here. I am pacifist.😉

-Harps

I'm punjabi too and most of my family are gov't officials lol 😉.

 

[citygirl]

To the OP, I own a house (along with my husband). We have owned for a while, but we bought some land and built a new place before I started school. If you can afford to buy it makes much more sense than throwing money away on rent.

If you are a ways from the school you might need to rent to a nonstudent. Personally, I like living away from the campus. I think it is very stressful to have the university looming out my front window. When I'm away from school I want to be AWAY.

 

[Megalofyia]

If your buying a condo, to who ever would be living with you, wouldn't it be like being in an apt with you? From my perspective if I'm going to be sharing living quarters with someone it's going to be in a real house in a neighborhood right next to the school. This, however, is just my preference.

 

[velouria]

we own a house now and would like to buy again when we move for school.

for those of you buying or thinking about it (who don't have tons of $$$ lying around), how will you get approved for a mortgage without any income???

thanks for any advice!