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Participant[quote=HLS]Suggestion:
Look out of state and get a good property manager for SFR or 2-4 unit properties.
The depreciation is much better than in CA and the cash flow can be too.
This method is not for everyybody, especially control freaks who want to drive by the property everyday, and be able to fix everything themselves.It is amazing what can be bought for less than $99,000 in many areas.
At $99K, 25% down P&I payment is just over $400 a month for a REAL house, no HOA.
Add taxes/ins/maint and mgmt fee.
MANY houses are much less.It’s easier to sleep at night if the property is vacant compared to $2K a month expenses.
I suppose it’s about the risk/reward potential.
There will ALWAYS be tenants to rent to at some price.[/quote]Hahaha you just described me to a tee, I am a control freak.
I just did some searches in a couple of out-of-state areas and I see what you’re talking about. It is a bit unnerving imaging what sort of tenants you’ll have paying $500/mo to live in BFE, but hey there are good people at all levels I guess. I can definitely see how 4 units would be a sweet spot, you can handle a couple of vacancies and still be allright. With a low enough mortgage and enough equity in the property it shouldn’t be too difficult to build up the reserves in case you have to mitigate a termite/roach/meth lab infestation. It’s still less scary than throwing your money into the Wall St. casino IMO.
Thanks for the tips, they make a lot of sense.
Participant[quote=HLS][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
Concho, I didn’t miss a word that you said. I have been a landlord for over 25 years and plan to be one forever. I am a huge believer in rental property. My comment wasn’t directed AT you.
I don’t believe in 401K’s and am not counting on Social Security. I don’t own any condos or deal with HOA’s and I own the dirt underneath my properties. Different strokes for different folks.
Explore the opportunities outside your backyard and make things happen. Don’t be stubborn and ignorant like many others with self imposed limiting factors. Enlarge your comfort zone.[/quote]
Cheers man, no offense taken. You and I have more in common than different, it sounds like. I have come to the realization that the 401K deal is a scam to relieve middle-class people of their excess wealth, and there is no way that SS will pay us anything 30 years from now. Hence the search for alternate sources of income which will adjust with inflation over time.
I will look in some more zip codes and at some different property types as I continue saving.
Participant[quote=HLS][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
Concho, I didn’t miss a word that you said. I have been a landlord for over 25 years and plan to be one forever. I am a huge believer in rental property. My comment wasn’t directed AT you.
I don’t believe in 401K’s and am not counting on Social Security. I don’t own any condos or deal with HOA’s and I own the dirt underneath my properties. Different strokes for different folks.
Explore the opportunities outside your backyard and make things happen. Don’t be stubborn and ignorant like many others with self imposed limiting factors. Enlarge your comfort zone.[/quote]
Cheers man, no offense taken. You and I have more in common than different, it sounds like. I have come to the realization that the 401K deal is a scam to relieve middle-class people of their excess wealth, and there is no way that SS will pay us anything 30 years from now. Hence the search for alternate sources of income which will adjust with inflation over time.
I will look in some more zip codes and at some different property types as I continue saving.
Participant[quote=HLS][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
Concho, I didn’t miss a word that you said. I have been a landlord for over 25 years and plan to be one forever. I am a huge believer in rental property. My comment wasn’t directed AT you.
I don’t believe in 401K’s and am not counting on Social Security. I don’t own any condos or deal with HOA’s and I own the dirt underneath my properties. Different strokes for different folks.
Explore the opportunities outside your backyard and make things happen. Don’t be stubborn and ignorant like many others with self imposed limiting factors. Enlarge your comfort zone.[/quote]
Cheers man, no offense taken. You and I have more in common than different, it sounds like. I have come to the realization that the 401K deal is a scam to relieve middle-class people of their excess wealth, and there is no way that SS will pay us anything 30 years from now. Hence the search for alternate sources of income which will adjust with inflation over time.
I will look in some more zip codes and at some different property types as I continue saving.
Participant[quote=HLS][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
Concho, I didn’t miss a word that you said. I have been a landlord for over 25 years and plan to be one forever. I am a huge believer in rental property. My comment wasn’t directed AT you.
I don’t believe in 401K’s and am not counting on Social Security. I don’t own any condos or deal with HOA’s and I own the dirt underneath my properties. Different strokes for different folks.
Explore the opportunities outside your backyard and make things happen. Don’t be stubborn and ignorant like many others with self imposed limiting factors. Enlarge your comfort zone.[/quote]
Cheers man, no offense taken. You and I have more in common than different, it sounds like. I have come to the realization that the 401K deal is a scam to relieve middle-class people of their excess wealth, and there is no way that SS will pay us anything 30 years from now. Hence the search for alternate sources of income which will adjust with inflation over time.
I will look in some more zip codes and at some different property types as I continue saving.
Participant[quote=HLS][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
Concho, I didn’t miss a word that you said. I have been a landlord for over 25 years and plan to be one forever. I am a huge believer in rental property. My comment wasn’t directed AT you.
I don’t believe in 401K’s and am not counting on Social Security. I don’t own any condos or deal with HOA’s and I own the dirt underneath my properties. Different strokes for different folks.
Explore the opportunities outside your backyard and make things happen. Don’t be stubborn and ignorant like many others with self imposed limiting factors. Enlarge your comfort zone.[/quote]
Cheers man, no offense taken. You and I have more in common than different, it sounds like. I have come to the realization that the 401K deal is a scam to relieve middle-class people of their excess wealth, and there is no way that SS will pay us anything 30 years from now. Hence the search for alternate sources of income which will adjust with inflation over time.
I will look in some more zip codes and at some different property types as I continue saving.
ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
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