07-08-2019, 04:36 PM
(This post was last modified: 07-08-2019, 04:42 PM by WRXtranceformed.)
Buying a condo in a desirable area and renting it out at some point in the future probably makes the most sense out of what has been suggested. The condo association is going to cover a lot of really expensive stuff (studs out) and you'll have less square footage to fix up. If you can afford it, a condo in like Arlington or that area would probably generate some income in a shorter period of time. But you're going to need a lot of cash to pay to play.
My brother will tell you though, most residential real estate "investments" net 1% or less over the life of the investment, which is dismal man. I don't care how many people try to convince you that owning a bunch of residential rentals will set you up for life, it's never that easy. Property taxes in many states are sky high on rental properties, not to mention all of the costs discussed above. Here in SC, rental property tax is like 3x what it is for your primary residence, so factor in a loss of about $5,000 - $7,000 a year (down here) on property taxes alone for a decent sized house. I'm just being honest, the only way people make what I would consider to be real money on residential rental properties is by running a trailer park. I'm not even kidding.
On the flip side, I know some rich residential realtors but the wealthiest people I've ever met are in commercial real estate investing. If you're going after it as a career, get your commercial license and go that route.
My brother will tell you though, most residential real estate "investments" net 1% or less over the life of the investment, which is dismal man. I don't care how many people try to convince you that owning a bunch of residential rentals will set you up for life, it's never that easy. Property taxes in many states are sky high on rental properties, not to mention all of the costs discussed above. Here in SC, rental property tax is like 3x what it is for your primary residence, so factor in a loss of about $5,000 - $7,000 a year (down here) on property taxes alone for a decent sized house. I'm just being honest, the only way people make what I would consider to be real money on residential rental properties is by running a trailer park. I'm not even kidding.
On the flip side, I know some rich residential realtors but the wealthiest people I've ever met are in commercial real estate investing. If you're going after it as a career, get your commercial license and go that route.
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks