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HLS
ParticipantSuggestion:
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.ParticipantJust one risk of owning vacation rentals that was probably never mentioned when sold as an investment.
It certainly cannot be a good thing for property owners and will probably lead to a few foreclosures for the “wannabe Donald Trumps” who became landlords on a shoestring.
GREED can be a terrible thing…just sayin’
ParticipantJust one risk of owning vacation rentals that was probably never mentioned when sold as an investment.
It certainly cannot be a good thing for property owners and will probably lead to a few foreclosures for the “wannabe Donald Trumps” who became landlords on a shoestring.
GREED can be a terrible thing…just sayin’
ParticipantJust one risk of owning vacation rentals that was probably never mentioned when sold as an investment.
It certainly cannot be a good thing for property owners and will probably lead to a few foreclosures for the “wannabe Donald Trumps” who became landlords on a shoestring.
GREED can be a terrible thing…just sayin’
ParticipantJust one risk of owning vacation rentals that was probably never mentioned when sold as an investment.
It certainly cannot be a good thing for property owners and will probably lead to a few foreclosures for the “wannabe Donald Trumps” who became landlords on a shoestring.
GREED can be a terrible thing…just sayin’
ParticipantJust one risk of owning vacation rentals that was probably never mentioned when sold as an investment.
It certainly cannot be a good thing for property owners and will probably lead to a few foreclosures for the “wannabe Donald Trumps” who became landlords on a shoestring.
GREED can be a terrible thing…just sayin’
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
ParticipantConcho..
Your post made me LOL. Anyone who wants to buy a condo without substantial income and reserves to hold “forever” *IS* a “wannabe Don Trump” in my book.In Vegas lingo, rental condos are suckers bets
and there appear to be no shortage of suckers interested in buying them.Perhaps we need a good old fashioned depression to wake people up and stop playing Monopoly with OPM.
The mindset of millions of people that playing landlord (on a shoestring) is a road to riches is part of the problem, it is not part of the solution.
It’s definitely not as easy to get rental financing today so that is a tiny step in the right direction. It is more difficult to get financing on new construction condos. Until the association is turned over to homeowners and the developer is no longer in control, it can be complicated as well as projects that are not 100% built out.
I can only imagine what the association dues and condition of many complexes will be 30 years from now and it’s not something that I would want to be involved in.
ParticipantConcho..
Your post made me LOL. Anyone who wants to buy a condo without substantial income and reserves to hold “forever” *IS* a “wannabe Don Trump” in my book.In Vegas lingo, rental condos are suckers bets
and there appear to be no shortage of suckers interested in buying them.Perhaps we need a good old fashioned depression to wake people up and stop playing Monopoly with OPM.
The mindset of millions of people that playing landlord (on a shoestring) is a road to riches is part of the problem, it is not part of the solution.
It’s definitely not as easy to get rental financing today so that is a tiny step in the right direction. It is more difficult to get financing on new construction condos. Until the association is turned over to homeowners and the developer is no longer in control, it can be complicated as well as projects that are not 100% built out.
I can only imagine what the association dues and condition of many complexes will be 30 years from now and it’s not something that I would want to be involved in.
ParticipantConcho..
Your post made me LOL. Anyone who wants to buy a condo without substantial income and reserves to hold “forever” *IS* a “wannabe Don Trump” in my book.In Vegas lingo, rental condos are suckers bets
and there appear to be no shortage of suckers interested in buying them.Perhaps we need a good old fashioned depression to wake people up and stop playing Monopoly with OPM.
The mindset of millions of people that playing landlord (on a shoestring) is a road to riches is part of the problem, it is not part of the solution.
It’s definitely not as easy to get rental financing today so that is a tiny step in the right direction. It is more difficult to get financing on new construction condos. Until the association is turned over to homeowners and the developer is no longer in control, it can be complicated as well as projects that are not 100% built out.
I can only imagine what the association dues and condition of many complexes will be 30 years from now and it’s not something that I would want to be involved in.
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