07-08-2019, 11:14 AM
$400k house was an example and on the highest end of the budget. Planned on doing around $300k house, with me putting 30 and the friend putting the other 30. The whole purpose of the friend was to have a higher percentage DP, as well as split the cost of repairs if they came up.
Didn't think of the liability of the tenants damaging the property. Assumed this could all be pretty airtight in a contract but I also know I don't want to spend my time in court or in a lawyers office paying each hour.
But yes I do plan on hanging my hat for a while, and while I hope the price goes up with a $300k house in the right emerging area, it wouldn't be the end of the world if it didn't.
Make a good point though that if I have the money to invest in this, maybe there are smarter investments that can give similar long term gains as well as monthly/quarterly returns. Goes back to running the numbers, maybe one of you already has or are you all speculating on the rental returns after tax deductions, repairs, interest, fees, etc.?
Didn't think of the liability of the tenants damaging the property. Assumed this could all be pretty airtight in a contract but I also know I don't want to spend my time in court or in a lawyers office paying each hour.
But yes I do plan on hanging my hat for a while, and while I hope the price goes up with a $300k house in the right emerging area, it wouldn't be the end of the world if it didn't.
Make a good point though that if I have the money to invest in this, maybe there are smarter investments that can give similar long term gains as well as monthly/quarterly returns. Goes back to running the numbers, maybe one of you already has or are you all speculating on the rental returns after tax deductions, repairs, interest, fees, etc.?
Current:
13' E92 M3 Comp | 05' Yahama R6 | 95' E36 M3
Past:
14' BMW 335xi GT | 06' Porsche Boxster S | 15' Jeep Grand Cherokee | 84' BMW 733i | 85' Honda Shadow VT700 | 06' Acura TL