Can You Buy A House At 16
I am 16 years old and want to buy usability?
You are too young to enter into a legal contract or I think that will change when you turn 18.
You said you asked your parents, but you did not tell us what your parents answered. This is a red flag for me.
According to internet and television claims, getting a mortgage is almost impossible at the moment. To make sure it's easy, there are criminals who want to mortgage their prey from their debt and then lose.
If you do not have credit, you are not eligible for a loan, leave the mortgage.
Tip: Plan to build good credit.
Tip: Find a reliable advisor and invest in stocks and bonds.
Hint: The tenant is responsible for all necessary repairs to the property. Things usually break down and need to be repaired, which can cost more than your weekly payment.
Hint: View properties in your area. Go to the online mortgage calculator and calculate the monthly property payments when you pay 100% of the cost and finance. Use an interest rate of 6.25% because you have no credibility and you know you can't get a good interest rate. Use 30 years as your mortgage term.
Opinion: You may lose your job and you may not have any income to pay the monthly mortgage.
Note: Your basic idea seems reasonable, but someone (like your parents) should be willing to sign a contract with you so that you are only responsible for loans due to lack of credit and age, which Prevents you from signing the agreement.
Remember that after college you will no longer be able to work for a job that now earns you $ 250 a week. If you continue with your current work schedule, you will not perform well in school.
Unfortunately, even if you make 5 5 million a month, at age 16 you can't buy the product freely because you can't legally sign a contract. Your parents may (theoretically) buy the trust you gave them when you turned 18, but that is very unlikely.
Even if you can, apart from one cabin, 250 uses a week is not enough to survive, in which case you may find it difficult to rent.
If you really want to buy a house for rent, plan to save for the next two years, make your own money and see where you are 18 years old.
Well, you should be 18 years old, healthy and well. I'm sorry but I'm relieved to see that a young man is interested in your journey. Do you have 1 year before going to college? Are you looking for a school, have you decided what you want to learn? Have you implemented your plan for life? Walk. It's okay to ask questions, but make sure you have a solid foundation to work with at least in the next 24 years and consider your options. Bring as many business and financial keys as you can. You can do great things in real estate or investing. Good From s to good to a. If the market crashes in the next 50 years, it will give you options. But when I know the stock market is working, I like to listen to Jim Kramer.
What I'm saying is that if you build a solid foundation with a good education, you will succeed in life, no matter what our economy.
Best of luck and thanks for asking!