Building a house while in college?

I am rooming with 3 other people for my sophmore year in college. I am kind of disappointed that my rent money isn't being spent on a house. Is it possible to partner up with 2 of my roommates and all take out a loan to finance a new house? Granted, we are already in debt from school and have some loans out already for it. But, we do work and could pay some of it off. I figured this would take place over next summer or maybe taking a year off(would use this year for planning). I understand the task at hand and the risks/rewards. How much would it cost to build in the Orlando, FL area for about ~2000sq. ft.? We would do all the work besides laying the concrete etc... we would do the interior mostly.

Possible or out of the question?

You have no idea what you're getting yourself into.

Building a house is very complicated and time consuming. I don't think many people could do this, and go to school, without failing at one or both.

You're a young man in college. It's ok to rent for a few years. Enjoy your flexibility for a while. Buying a home is NOT the right choice for everyone, every time.

Plus, it's unlikely you'd qualify for financing, since presumably you're in part-time jobs, you'd need a full 2-year work history, and then qualify off your average income during that time.

the house is good idea but it takes time think about your chances to get in time!

It is a HUGE mistake to purchase a house with people that you are not related to...especiallly in this instance.

Ask youself: Do you make enough money to carry the ENTIRE mortgage in the event both of your roommates bolt, and leave you stuck with everything?

Do you have it in your budget to file a lawsuit against your roommates in the event they just walk out (avg attorney fee is $250 an hour) to force the sale of the home and to secure your position of equity?

If the answer to either question is no, then you should hold off until one of you can. If any of you default on your share, then in order to protect your credit, you would be responsible for all of the bills.

Real Estate is not a liquid asset, it's not guaranteed to go up in value, and the mortgage isn't the only expense..you have taxes, repairs, maintenance, etc.

I would give anything, if my mortgage was my only household expense.