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Should I rent a decent 1 bedroom apartment for $520 a month or try to buy a crappy house?

I live in east Texas. I can't afford more than $600 a month. I'm a 3rd year college student.

Public Comments

1. Buy a duplex and rent out the other half. You will be able to pay off the house faster and have more money to spend on upgrades and things.
2. Don't buy, you'll never be able to sell the damn thing after college... Just man up and pay rent for now..
3. I guess i would rent because you can't afford more than $600.00 per month. sorry.
4. If you are renting for $520 and are considering buying a house (not being able to afford more than $600) I would stay put and just rent. Home owners typically have more than just mortgage expenses to working about and its actually probably cheaper to live in an apartment rather than a home even if the rent and mortgage is about the same. More expenses come with a home.
5. If you are able to complete the purchase DO IT. Paying rent is always making someone else wealthier. You might as well wad up the money and well... If you don't want to stay in the home long term you can always hire a good property manager and rent it out. Investment properties are often great tax deductions as you can generally write off the expenses to manage it. Lastly -It is a good thought to try to buy but are you working full time? All mortgage loans now are full doc meaning you have to show the income with w2 and paystubs to get a loan. Just wondering about that..You may not qualify for a mortgage right now as a student. If so that is not a bad thing - Find a good lender who will tell you if you would be approved or not. Then ask them to cover what is needed so you can be in a position to buy when you are ready...They should tell you exactly what to do. For example - don't pay your rent in cash - Always pay with a check and ensure the checks are deposited by the landlord right away. If you can't produce a 12 month record of on time payments for rent, you would be denied any mortgage loan. This is just one small tip I give my clients who are preparing to buy a home.... Nothing worse than finding a home you like to be denied on a loan. You want to be approved before you start lookin at houses. Hope this helps.