Purchasing first house before 21 and creating MRR

[ZZZ]

Hi everyone, a little about me first: My name is Zane & turned 19 in October 2019. I have 770 credit score, I think the main challenge for me in purchasing a home will be proving my income, but even that I don't think will be too difficult. (Edit, I need to show 2 years self-employed history, will be a challenge... need to wait a year before I'm able to do anything because of this.)
Putting this in the RANT prefix because I'm really in the planning stages right now

My idea/ goal I'm likely to execute is this:
Purchase a ~$350,000 5bd 4ba house here in Las Vegas for 3% down. (~$11,000)
Rent out 4 of the 5 rooms, similar houses including all utilities is about $700 - $800 a month.
The house is pretty nice, 3000 sqft & with utilities included & some basic ikea furniture & washer/dryer I don't think I'd have any problem getting $800 a month for a room.
The monthly payment would only be around $2000 per month max, meaning if I can keep 3 of the 5 bedrooms rented I would be making $400 a month. Rent the 4th room out and it's $1200 a month

I've seen the other threads about buying 3-4 unit housing and I think it's pretty much the same with a house. I checked and didn't really see any appealing units for sale, they are look really ghetto in the trashy parts of Vegas for similar $ amounts. So a 5bd house would be better in my opinion but I'm open to any suggestions.

I know it's been done before many times and I think I know most the risks & liabilities of having bad roommates, not having everything in writing, etc etc. I'm pretty handy, able to fix or repair most things, change out locks myself, etc.. What else am I missing Goal is to purchase sometime in the next year, maybe Jan 2021 at the latest. Is the market going to collapse again, should I wait, not wait, ....

Thanks for reading my thoughts (rant) and planning, I'd like to hear from anyone who has done similar or has advice for me!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Envision]

Ximduni,

O vjopl vjisi esi e duaqmi vjopht vu muul gus. Vji gostv cioph vjev zua tjuamf sap zuas xustv deti tdipesou epemztot. Dep zua duwis vji qeznipvt og zua dep’v gomm vji suunt us qiuqmi miewi.

zua’si huoph vu piif 2 ziest ug opduni vu hiv ep gje muep tu xusl up vjev. O vjopl xjip O tvesvif O huv eqqsuwif gus 200l upmz neloph 30l/zs. Cav vji neop vjoph vjev jimqif ni tu nadj xet vji mipfis xet ecmi vu eff vji iyotvoph opduni gsun vji uvjis apov (faqmiy) vu iptasi O duamf hiv eqqsuwif.

Huuf madl!

 

[ZZZ]

Nefi vji vjsief qacmod tuupis vjep O niepv cz qsittoph ipvis, xjuuqt

zua’si huoph vu piif 2 ziest ug opduni vu hiv ep gje muep tu xusl up vjev. O vjopl xjip O tvesvif O huv eqqsuwif gus 200l upmz neloph 30l/zs.

O fofp'v lpux O piifif vu tjux 2 ziest ug opduni. O fu jewi 2018, 2019, epf vjot xomm ci 2020 ug duasti cav puv tasi og O'wi nefi ipuahj vu hiv eqqsuwif gus e meshi muep. Nezci nz qesipvt us csuvjis dep jimq tunijux, cav O'f moli vu fu vjot ipvosimz opfiqipfipv ug vjin og quttocmi. Us O dep qav ov ugg e zies O haitt... puv ofiem cav og vjev't xjev jet vu ci fupi vjip xjev nusi dep O fu! Vjepl zua Ipwotoup:vjanctaq:

O xuamf ci ecmi vu duwis vji qeznipvt ettanoph O jef 0 suunnevit us vjiz fup'v qez

ifov: O xetp'v vjoploph ecuav e GJE muep xjodj ot 3.5% fuxp. Dupwipvoupem nusvhehi, 3% fuxp, epf O'n geosmz dupgofipv nz dsifov tdusi ot johj ipuahj vu hiv e mux opvisitv sevi. O'mm tvomm piif vu tjux 2 ziest ug timg-inqmuznipv jotvusz juxiwis