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I'd pick Philly (obviously), buy 4 renovated Row-Homes for around $125,000 each, in middle-class neighborhoods and rent each of them out for $1,200 per Month. Probably Germantown, Mount Airy, West Philly and South Philly. With that $4,800 additional income each Month I'd rent an amazing apartment in Center City. I'd be set!
That area on Quince is amazing, only issue is many are really tight Trinitys and basically no closet space and maybe one tiny bathroom but are a step back 200 years ago and really like 3 blocks from uber vibrant areas all with a really quiet street
I'm sorry but I thought this was a joke. That's desirable on the East Coast?
I have 500,000? A few condos on the Westside and maybe one Downtown for fun. I prefer the architecture and location much more. Just my two cents.
The homes listed are definitely on the higher-end side, so I'm not exactly sure why it'd be considered a "joke." What you cannot tell in those listings, also, is that those homes are directly in the downtown area -- giving you a seemingly endless supply of shopping, restaurants and entertainment establishments.
I suppose architecture and location desirability are in the eye of the beholder. Many -- myself included -- would love to live in a renovated, historic brick rowhome in a vibrant city neighborhood, and that's certainly reflected in the demand/pricing in cities up-and-down the East Coast.
I'd buy one house in a lower cost city, rent it out to somebody, and continue to rent in any city I please to go to. It's one reason I have been able to live in multiple cities, home ownership (i.e. owning my "own" home)/ kids, things like that don't really interest me. The thought of staying in a home for a length of a mortgage actually is scary for me.
The home market in many of these cities is too much risk/reward, better to buy then sell/rent in more stable markets.
Quote:
Originally Posted by 2e1m5a
I'd pick Philly (obviously), buy 4 renovated Row-Homes for around $125,000 each, in middle-class neighborhoods and rent each of them out for $1,200 per Month. Probably Germantown, Mount Airy, West Philly and South Philly. With that $4,800 additional income each Month I'd rent an amazing apartment in Center City. I'd be set!
Yeah, something like that is a better strategy, but you obviously thought it out more. There is no reason to necessarily live in the house you own, especially if it is investment purposes type stuff. I've never understood why you need to live in the house you actually own, especially if you have a positive cash flow. And especially if you had a 500k lump sump, it would actually be kind of dumb to put that much down. Better to put just put a bit of it down and pay down a mortgage(s) at how cheap it is to borrow additional money right now if you have good credit and not broke. You can get mortgage for around 3% total right now, so if you stand to make more than 3% off that investment, dumb to just pay it off, it would be better to have a good secure debt at that low of an interest rate.
I'm sorry but I thought this was a joke. That's desirable on the East Coast?
I have 500,000? A few condos on the Westside and maybe one Downtown for fun. I prefer the architecture and location much more. Just my two cents.
That's desirable in rowhome cities where space is tight. BTW, your two cents suck. Next time keep your dumb opinions to yourself.
Quote:
Originally Posted by kidphilly
That area on Quince is amazing, only issue is many are really tight Trinitys and basically no closet space and maybe one tiny bathroom but are a step back 200 years ago and really like 3 blocks from uber vibrant areas all with a really quiet street
Oh, I know, but its still so damn cute. I love little streets like that even if the homes are tiny. And if I'm living there I wouldn't even need parking. If I'm going out somewhere I'll use a zipcar.
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