how to buy a house right out of high school

Within a few years, the aerospace sector, independent school districts, city hall, and the Alamo Community Colleges had developed a program that would, they hoped, encourage teenagers to consider a career in the aerospace industry, and accelerate their path to becoming certified mechanics.
A former chairman of the Alamo Academies, he is exploring a model that would allow students to take career-focused college courses while in high school.
And schools on the city’s wealthy North Side, which are focused on getting students into a four-year college, are less likely to embrace the Alamo Academies than schools in poorer areas.
Students who are accepted into the competitive Aerospace Academy spend their junior and senior years of high school taking courses that count toward both a high school and a community-college degree, at no charge.
San Antonio now has four such academies, which train students to work in aerospace, manufacturing, health care, and information technology.
“They basically earn a $6,000 to $9,000 scholarship before they graduate from high school,” says Gene Bowman, executive director of the Alamo Academies.
The Alamo Academies are sized to the workforce needs of participating companies, not the number of students who could benefit from vocational training.
But Academy graduates leave high school with half the credits they need for an associate’s degree, with solid work experience, and—if they’re lucky—a job offer from a major corporation.
Getting kids to pass academic tests and make it into a four-year college remains a priority for schools here, but the success of the Alamo Academies is turning heads.
Alamo Academy students James Stevens and Jacob Trevino at the facility where they're training to be aircraft structural mechanics.

Also I’ve been hearing that you need a credit score well into the 700s, cash reserves (which could include investments, retirement accounts, 401ks, etc.) and a low debt load.
My graduate school employer (I’m in the sciences, so it’s a funded position) had programs to help people get good loans with low down payments (basically, they’d chip in cash, plus provide some guarantee of your income) if you were buying in one of a large number of “transitional” neighborhoods near the university that they were trying to help bring up.
My husband and I have excellent credit score, making only $71K with student loan debt of $25K.
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Alina Dizik researches and writes about job search strategy, career management, hiring trends and workplace issues for Follow @CareerBuilder on Twitter.
I believe in working hard to generate multiple streams of income and often discuss ways to make money online to achieve financial freedom.
I believe we’re increasingly moving towards a time where more people work multiple jobs and make a living in a number of different ways – increasingly moving away from the era where a man works for a single company for an entire career.
In my previous article entitled, “My Four-Pronged Strategy Towards Financial Prosperity”, I discussed as one of the four components of my overall financial picture.
Real estate is a great way to combine your residence with a potential return on your money.
If I lived in the Midwest, I'm sure I would have bought a house a long time ago.
Even though everything worked out great for us, I’m not sure if I would have bought a house so young.
My dad bought his first house at 21 so my family didn't think I was too young, but I think some of my friends did.
Murdered! What the? I know this is not what your post is about, and I admire that you bought a house at age 20, but I want to know more about this avoiding being murdered business.
Holy cow, that's pretty terrifying! We were on our early 20's when we bought our house, married for a year.
I've written about it a bit but hope to more in the future just so people are aware of the potential costs involved once you do purchase a house.
I sold that house made a bigger profit and moved here to Canada and then bought this house with the Mrs.
My husband and I were 23 when we bought our house after only renting an apartment for a year.
I'm glad that we waited until we were about to be married to buy our first house.
I am often asked how I bought a house so young and what I learned from it.
I don't think your crazy because if I did then I would be too! I bought my house while I was still in University and working as well.
I sold that for a nice profit then bought another house a few years later, just bigger and better.
Most people think we are crazy and either think the house is something dumpy, that someone in my family pays for it, or that I’m lying (yes I’ve been told that).
Buying a house in your 20s leads people to believe that it's tiny, a fixer-upper or that it's in the family.
We bought our house with the thinking that I would get a job straight out of college (I graduated with my undergraduate degrees around 7 months later, still at the age of 20).
My sister-in-law and her BF just bought a house in april, they're only 22 (she's graduated university and working FT though).
I'm only in my 30's and the house is pretty much paid in full.. ok well we have the cash and will be paid in the new year.
20 years old is impressive! I was 23 when I bought my house, all on my own.
Since the payments were so low, we used 2011 to make a huge dent (only $23,000 left) and we bought our new house at age 29.
The house is in both your and your partner's name? You two are/aren't married? I see nothing wrong with buying a house when you're 20, the more terrifying thing here is buying a house with someone you're not married to.
We bought our house when we were 24/25 so I don't think 20 is too bad.
We bought our house about a year ago.
The person who rented the house after us ended up being murdered by the psychopath (our old landlord was W’s cousin, and he told us this).
Seriously though, that's great you were able to buy a house so young.
Ok, so I plan on going to community college when i graduate high school.
I'm still going to be living in the same city that I've grown up in since the community college is located there, but I just want my own place.
I think it's a good idea just make sure ur room mates and yourself are responsible and trustworthy also hard working to pay bills on time.
Yes, it is possible to get your own place right after high school and sharing everything with friends is a good way to afford a rental home.
We would likely want to move into the house before we begin work, will this be a problem even if we have letters confirming employment? If so, I’ve read about having a relative co-signing on the mortgage.
We went to Mexico, Glacier National Park, and short weekend trips once or twice a year, and that was IT! We moved out of state and bought a house we thought was in better shape than it was.
My husband and I bought a house a year after we married (two years after he graduated college).
It’s a great time for a first time home buyer to buy a house so it’s a smart move.
Do your laundry in a laundromat in the area you might buy a house.
We spent the next six years pouring all our time and money into the house.
anyways – if you bought something now that was more of a "starter home", that you knew you’d plan to stay in for 5-7 years, then move on, it could be great practice for your 2nd, and hopefully longer term, home.
I was disappointed as first as I felt our life was in limbo but the area we had seriously considered buying a home in ended up being not what I thought it was.
My now husband and I were both living at our parents’ homes when we were younger and decided we were ready to live together but we both were not willing to go broke at such a young age so we chose an apartment in a slightly less popular (aka shady) area of town but our rent was so low that we were able to live together in the mean time while also saving up for a down payment on a house.
I lived with my parents for almost two years when I graduated from college and the entire time I was in a relationship with someone who lived and hour and a half away (we’re now happily living together and are going on 10 years strong!).
I guess in qzak78’s eyes, I’ll be old (even though my driver’s license says 24) by saying oh my goodness, stay, save, do research on where you might want to live, 30 minutes is really not that long to drive (I’m in Atlanta and it routinely takes about that long to get pretty much anywhere), I too just got a big girl job a few months ago but I’m still laying low and saving dough (oh gosh what an awful pun, I’m sorry) because there’s no need to rush.
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That’s because people who buy real estate while they’re in debt and without adequate savings are at a much higher risk of losing the property when they face financial difficulties such as illness or job loss.
The truth is, people who truly cannot afford a home should not buy real estate—even if rent is the same amount as a monthly mortgage payment.
Dave has built a network of real estate Endorsed Local Providers who can answer your questions and walk you through the entire process.
All three of us contributed an equal share to the down payment (I believe it was $4500 each), and each of us contributed an equal monthly share to the "house account" to pay the mortgage and other house related costs.
When Jill wanted out, we said "what do you think the buy out price should be" and she named a figure, and we negotiated to pay part of it by allowing her to live in the house "rent free" for a period of time while they were house hunting, and then we paid the balance with a home equity loan.
(FWIW, "cheap" here in Pittsburgh can be very cheap indeed.) The goal is for all of us to put money and work into the house, and for all of us to get a share of the profit if we sell it.
Also, we had to reject an otherwise decent motgage offer because the guy at the bank got all "nudge nudge wink wink — hey buddy you’re bying a house with two women, eh?" at my boyfriend and basically made an ass of himself.
I grown up poor than poor and lived in a crowded rented row house with a single mom that was a linen factory worker and worked at night at Walmart…no car…public transportation.. With four daughters.. Guess what we all worked hard and now have our own single houses…and professionals plus we paid our own loans for college..I have friends that still live on the same block I grown up at making excuses..and its plain and simple…you didn’t have the drive to do better so your repeating the cycle.
I moved out the house I shared w/ my family… not a different state, but a different county.. no help and I'm pretty bawlin right now living in a pretty nice sized house right now with my friends.. up until I move again in another month.. that will be to a different state…again, no help from my parents w/ that one either.
Moving out on a post-high school whim just for the sake of being cool or following hallowed dreams isn't worth the stress you'll put on your parents income, and on yourself.
There is a smaller town 20 minutes away where property is far less expensive – you can buy a two-bedroom freehold house for around £125,000, which fetches a monthly rental of about £680.
We asked experienced property investor Graham White, who has about 10 properties worth more than £1m collectively, how to do this – and how to avoid the mistakes that many first-timers make.
I work for a company that will pay 100% for tuition expenses if I were to pursue a degree, but at this point I have to ask myself what really will I learn over my practical real world on the job experience? Basically in my experience college does not equate into a higher paying job when it comes to the IT industry, and having worked with and for people who have degrees and are working in the IT field, the degree doesn’t hold much weight in an ever evolving field.
I have four kids, and while I’m homeschooling them, I’ll try very hard to help them identify what their skills and gifts are, and after high school, I’ll encourage them to get whatever further education is needed to pursue a career path that is a fit for them, be it trade school or apprenticeship or certifications or college.
So now that I know what I want to do, I’m on the pay-as-you-go plan for attending college, and wishing I had stayed in school and got my degree years ago instead.
How many kids with college educated parents don’t complete high school? College? Second, ON AVERAGE do college educated people make more than those that only complete a high school education? Yes.
Someone who went to college with no goal in mind and ended up with whatever degree was convenient and graduated to become ‘underemployed’ in a job they could have gotten without a degree is not going to do better in the long run than someone who thought out their career goals and chose a skilled trade or 2 year degree path and got a decent paying job doing something they wanted to.
On a different note – college can be beneficial in many aspects, but I’ve seen many people realize after completing their $100k degree, they can’t find a job in the field at all, or only a very low-wage position.
Steve Sailer has an interesting take on the whole thing – it is no longer legal to have IQ tests for jobs- hence the use of college degrees as a barrier to entry/filter…the problem has become just that – beginning with grade inflation in the sixties (give a kid a C, you send him to ‘Nam) and continuing with “If a ghetto kid flunks out, you’re denying him opportunity” …thus the degree has become worthless not to mention absurdly expensive – college costs have risen far above inflation while the worth of the degree is less and less – just like a devaluing currency.
Do I regret the decision? Certainly not – some comments missed the mark on the true benefits of a college education – the opportunity to live on your own without constant assistance (government, family, etc), the development of a great network of friends (some of my best friends from my college years I would have never met in a different setting), and the development of critical thinking skills.
Some people are truly gifted to do things that don’t require a college degree, and for them, a degree is something of a waste of time and money.
That said, I recommend college for people who can stay the course, and trade school for those who don’t want to go to college.
On average college degree holders make more than people with just a high school diploma.
I loved higher education so much that I made a career out of it, whereas my sister skipped college, went to a local computer school, and has worked her way up to a well-paying, high-responsibility managerial position.
Many people assume that if you don’t go to college and earn a degree, you’re destined for some miserable, failed life, earning minimum wage on a factory floor somewhere.
One of the biggest assumptions I read about in books and articles about financial planning for your children is the outright assumption that your child must attend a college or university of some sort after graduating from high school, so you’d better financially plan for it.
While I think it’s great that we point out that people who choose not to go to college still have legitimate career paths ahead of them, I’m positive that we should be encouraging our kids to go to college.
Yes, some people with HS degrees will make more, but the statistics show a college degree on average will open up higher pay, a longer healthier life, and often personal growth.
Unfortunately, some students aren’t emotionally ready for college right out of high school, can’t afford it until they’ve saved up some money, or aren’t likely to develop their true interests and skills in a traditional college environment.
I explained to him that I don’t expect my child to go to college unless she wants to and what if she wants to go to a trade school instead? He told me that money could then wait for a grandchild.
Studies find on average that people who graduate with an undergraduate college degree on average make more about $10,000 more per year than HS graduates alone.
First off, where do your expectations end? Do you push them to graduate high school but not even attempt college? But what if they aren’t ‘cut out’ for high school? What if they decided that their idea of entrepreneurship is selling drugs…out of you basement? Yoyu can say you won’t impose standards all you want but they can’t be avoided completely.
Bunny – Comment 45 – Go back to school, take some on-line courses; read up on something you find of interest, take a position as receptionist at a local college or other industry you find fascinating.
I found that the most valuable experiences I had in college (and grad school, for that matter), were the connections I made to other people–these have been INVALUABLE in terms of my career.
At one time perhaps college was necessary, but I have a college degree and when I hire a plumber, a mechanic or someone to fix my drip irrigation system, they make more per hour than I do as a professional with an advanced degree and many years of experience.
If you start with the job ads and realize you want to prepare to win one of these jobs, you can structure your college career to best be prepared through the right major, possibly graduate school, and internships/part-time jobs in your intended career.
If they decide at the age of 18 that they want to be a mechanic or follow some other calling that doesn’t require a college degree, you should still encourage them to continue on to university.
Unless you own your own business, if you want to be in management, at least other than sales management, you’ll need a college degree of some sort.
There are limitations on career progression without a college degree — most positions at the manager level and above are filled by college graduates — but one can still make good money at my company (some make six figures) without a college degree.
I’ve been a university professor for ten years, so I have a vested interest in getting kids into college (especially mine).
I’ve always told my children I don’t care if they’re cab drivers when they grow up, but a college education is important and should be sought whenever possible.
I believe I read where 1 in 6 college students get degrees in Biology and most don’t go on into medical school.
The message to my children is they are expected to continue their education after high school, be it a trade school, college, etc.
I feel my 5 years struggling through college (I have ADD and need to work PT to afford to live while taking 9-10 units max) has been a total waste of time.
For one child, the 529 might actually be for college; for another, it might be seed money for a business or tuition at a trade school or even a house down payment.
Odds are when your little kids are old enough for college, a B.A. will be what a high-school diploma is today for many jobs – a minimum requirement – while a master’s degree is what will unlock most higher-end doors.
 (w/Taxes & Insurance) 4.The Down Payment 5.The Loan -Assuming a Loan -Owner Financing 6.Qualifying for a loan 7.Understand Closing Costs Do the groundwork 8.Get your finances in order 9.Check Your Credit Report 9a.Repair bad credit 9b.Establish Credit if you don’t have any The Process 10.Find a Lender 11.Evaluate the bank’s offer 12.Decide whether to use an agent 13.Learn about the suburb penalty 14.Start looking at houses 15.Get the Disclosure 16.Make an offer / Sign a Contract 17.Have the House Inspected 18.Problems on the Inspection? 19.Renegotiate the terms 20.Appraisal & Insurance 21.Closing! After the purchase Avoding scams More about Mortgages How much loan can you get? 15- vs.
The bank will have the house appraised to make sure it’s worth what you’re paying for it.  (They don’t want to loan you $200,000 to buy a house that’s worth only $150,000.)  You might have to pay this up front, otherwise it will be added to your closing costs.  Besides paying for it up front if that’s required, you’re not involved in this step of the process.
So if you put it off, you are going to find out that you missed some fucked up hidden deadline, and now you either have to wait another semester to enter college or start late, after key classes have filled up, and/or pay some bullshit fees (the first of many, many unexpected fees they’ll stick you with, by the way).
Let’s face it — when you first start out, many of you are going to be as broke as a kicked dick, and sometimes it’s just better to let a bill lapse for a few days than for them to take money out of your account and overdraw you … or at the very least, leave you with six bucks to last the rest of the week.
Regular readers know that I write a lot about the habits you develop when spending your life as a poor person, but maybe the worst is that I entered the adult world knowing nothing about finances beyond "hand man money — man gives you beer." I didn’t have a bank account, so all of my money ended up in a cookie jar on top of my fridge, where any one of my drug addict friends could have easily fucked me blind.
Yes, there are the obvious examples of why you’d want to do your best: good placement test scores for college, honors look great on a resume, teachers only fuck smart students … but in my experience, it’s all about making sure you don’t train yourself to slack off before diving into a world that has a constant hard-on for squashing lazy, unprepared people.