Hi everyone,
So I'm buying my first property which I believe is a good deal for a 2 bed 1 bath home in a small village. My plan is simple. Move in, put a little into fixing it up/making it look nice, and then renting it out either to long term tenants or a bnb for hunters, snowmobilers, tourists, etc.
I feel like this is a comfortable stepping stone for me getting into real estate investing and building equity
But, part of me is also looking at the cities as the lack of socializing and dating has been weighing on me... Though part of that is also because of covid, but I digress...
At first I was all over mobile homes, until I saw the lot fees and heard some anecdotes of people that had issues with mobile homes in this particular city. Then I started looking at condos. Some looked okay and the association fees were significantly better than the mobile home lot fees, but I felt like paying over $100,000 for a condo didn't feel right. Even when considering renting it out and doing my best to "work the numbers." The returns never seemed to be great and I didn't really want to share space with my tenants.
Lately, I've been thinking about multifamily units (mostly duplexes.) And part of me is considering inquiring about foreclosures. I see this strategy as the ideal approach as I could temporary live in one unit and then rent out the other unit until I buy another property and rent out both units.
Am I on the right path of thinking or am I missing some vital information?
I know some people might suggest to just go rent in the city and rent out the rural property ASAP. But, there's part of me that is still looks at paying rent as burning money. Perhaps, I have some frugal disposition or perhaps this is a common debate amongst real estate investors.
What do you think? (Regarding the proposed debate above.)
Thanks!
So I'm buying my first property which I believe is a good deal for a 2 bed 1 bath home in a small village. My plan is simple. Move in, put a little into fixing it up/making it look nice, and then renting it out either to long term tenants or a bnb for hunters, snowmobilers, tourists, etc.
I feel like this is a comfortable stepping stone for me getting into real estate investing and building equity
But, part of me is also looking at the cities as the lack of socializing and dating has been weighing on me... Though part of that is also because of covid, but I digress...
At first I was all over mobile homes, until I saw the lot fees and heard some anecdotes of people that had issues with mobile homes in this particular city. Then I started looking at condos. Some looked okay and the association fees were significantly better than the mobile home lot fees, but I felt like paying over $100,000 for a condo didn't feel right. Even when considering renting it out and doing my best to "work the numbers." The returns never seemed to be great and I didn't really want to share space with my tenants.
Lately, I've been thinking about multifamily units (mostly duplexes.) And part of me is considering inquiring about foreclosures. I see this strategy as the ideal approach as I could temporary live in one unit and then rent out the other unit until I buy another property and rent out both units.
Am I on the right path of thinking or am I missing some vital information?
I know some people might suggest to just go rent in the city and rent out the rural property ASAP. But, there's part of me that is still looks at paying rent as burning money. Perhaps, I have some frugal disposition or perhaps this is a common debate amongst real estate investors.
What do you think? (Regarding the proposed debate above.)
Thanks!
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