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Old 12-02-2011, 02:08 PM
 
Location: Ashburn, VA
989 posts, read 2,464,740 times
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I look at housing like another investment opportunity. As long as the rent can cover the mortgage, I think it could be a very good prospect. It will ALWAYS have some value. Someone else is essentially paying it off for you. If you're concerned about the burden, stick $10,000 into an escrow acct to use for repairs on the rental. Townhouses don't cost as much to renovate as SFH's so you may be looking at $3000 for all new carpet and about the same to paint the whole house. I've been a landlord for over six years. It can get a bit stressful (like when we're looking for new tenants) but the management aspect doesn't really take much time.

I know you were talking in another thread about your mortgage almost doubling with the new home you're purchasing- what about selling and taking the equity for a larger downpayment on the new house?
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Old 12-02-2011, 03:20 PM
 
Location: Censorshipville...
2,672 posts, read 6,231,249 times
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Quote:
Originally Posted by vauser View Post
But, I get the feeling more people are inclined to selling and not maintaining multiple properties which begs the question: "what is everyone really investing on?" Stocks, 401K, IRA and that kind of stuff?

Seems a bit strange that real estate (other than the primary residence) doesn't seem to figure as one of the obvious means of savings for retirement or for investment, but I guess, it is what it is.
I have an IRA, a ROTH and a TSP account but I've since broken into real estate investment in 2009. I'm 31 and I figure I better have my ducks in a row before I retire 'cause I don't think SS will be around by the time I get around to retiring. I'm hoping to hold a few income producing properties by retirement age to supplement my future pension and retirement account distributions.

In this down economy stocks may not return too well, but rental rates have been going up. People have to live somewhere, might as well be in my rental
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