LogFAQs > #971981467

The issue is managing to save money while paying rent. If you can live with a family member for free or rent a place with three or four people, you can save up. Then once you have enough saved up, you can afford the down payment on a mortgage. I dont know what percentage it is, since Ive never bought a house, but I guarantee it would be six figures for a $500,000 house.

Going by what people in my area tell me, a mortgage isnt very much more expensive than rent. By that, I mean its roughly the average price to rent a house.

My brother and I are both in a situation where we can bankroll some money for a couple years and hopefully have enough for the down payment on a mortgage to share a house. Then we ask our parents to talk to their real estate guy and make sure we dont get screwed over. Then we pay a mortgage for several decades, but never have to worry about the landlord taking the property back for personal use again.

Backup plan: My parents downsize and make massive profit from their house, then buy a house for themselves and one for my brother and me. Then we pay them back, which would be less stressful than paying a bank. It would also help them keep some monthly income because theyre retired now.