[quote=bearishgurl][quote=ljinvestor]Since this is your first one I would recommend purchasing closer to home. Also, be patient and wait for a great deal. Don’t go in thinking that the place is you buy is going to go down the next few years. Find a deal that is 20% lower than comps now so you have some safety net.[/quote]
Good advice, ljinvestor. I kind of like the idea of having rental properties within five minutes of where one lives … even walking distance.
Patience, negotiation and fix-up know-how will get you a good rental investment in today’s market.[/quote]
Thanks lj…I wholeheartedly agree to doing my best to get the discount now rather than waiting for it. Theres always opportunities right you just have to work to find them
Thank you too BG. I’m looking to put those exact three traits into play here…well I might get a contractor friend to do the fix up part. I could do it, but not as good as he can and he’s looking for work anyways. I do wonder about walking distance…while I do think it would be nice I’d rather just be out of the picture. It might seem weird, but I like the idea of my renters more or less being employees in a way that help pay off my mortgage, provide a little cash flow in the meantime and take care of the place in exchange for a reasonable landlord. I really would prefer not to see them everyday when I’m walking the dog.
