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Old 12-17-2015, 03:26 PM
 
Location: Cole neighborhood, Denver, CO
1,123 posts, read 3,111,930 times
Reputation: 1254

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Never sell real estate until you retire.
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Old 12-17-2015, 04:08 PM
 
Location: In The Thin Air
12,566 posts, read 10,620,001 times
Reputation: 9247
Quote:
Originally Posted by dude_reino View Post
Never sell real estate until you retire.
Explanation?
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Old 12-18-2015, 09:39 AM
 
Location: Cole neighborhood, Denver, CO
1,123 posts, read 3,111,930 times
Reputation: 1254
Quote:
Originally Posted by Timmyy View Post
Explanation?
It is both an income-earning and appreciating asset. The only surefire way to become wealthy (aside from striking gold with an innovative business) is to acquire as much real estate as possible.
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Old 12-18-2015, 09:56 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,710 posts, read 29,829,274 times
Reputation: 33301
Quote:
Originally Posted by dude_reino View Post
Never sell real estate until you retire.
So, if you bought real estate in Detroit in 1980 and retired in 2010, you would be ahead?
Buffalo? Cleveland? Gary? Rockport?
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Old 12-19-2015, 07:06 PM
 
6 posts, read 6,369 times
Reputation: 22
Hi there,
I have a friend who did almost the same thing, she has held her duplex for less than a year & wants to sell it. Problem is, she has no appreciation & paid a decent price for it. She has a tenant in place so only needs to find one more, which should be easy since its 1400 sq ft. Her other prob is she hired a management co. that is taking 8% of the rent (I am surprised they are even doing it for one unit) ... & she refuses to fire the management yet is complaining about no money. go figure ... I am a RE investor. I would advise you to rent for a short term, its hard to find landlords who will rent for short term, & you can charge more, but if there's one thing you need to do it's study up on your competition! Look on Zillow, trulia, MLS, Craigs, etc to see their photos & descriptions. Put some time into crafting a great listing! it's fun! Then you absolutely MUST be extremely careful who you allow to rent ... there are lots of scammers out there ... good luck ... you might try contacting a management co. to get their input. you dont have to hire them.
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Old 12-29-2015, 09:28 PM
 
214 posts, read 260,318 times
Reputation: 380
Quote:
Originally Posted by dude_reino View Post
It is both an income-earning and appreciating asset. The only surefire way to become wealthy (aside from striking gold with an innovative business) is to acquire as much real estate as possible.
Some HOAs don't alow you to rent your home/condo.
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Old 12-30-2015, 09:40 AM
 
930 posts, read 700,571 times
Reputation: 1040
Make sure that you are able to rent it. I know some mortgage institutions require that you live in a place for at least 12 months prior to renting. Your mortgage is based on the fact that you will be residing there. If it was going to be a rental property from the get-go, usually more money is required by your lender for your down payment.
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Old 12-30-2015, 09:42 AM
 
930 posts, read 700,571 times
Reputation: 1040
Quote:
Originally Posted by davebarnes View Post
So, if you bought real estate in Detroit in 1980 and retired in 2010, you would be ahead?
Buffalo? Cleveland? Gary? Rockport?
In Detroit? Probably.

A) Real estate is cheap.
B) The rental market is better than the purchasing market since many residents can't afford to buy a home. They still need a place to live.
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Old 12-30-2015, 10:32 AM
 
Location: Denver
77 posts, read 127,457 times
Reputation: 60
Guaranteed things will heat up big time again in the spring. The small raise in the prime lending rate will do little to slow our market at the moment. I bet you end up turning a little profit on that place if you put it up for sale in the spring. Just my 2 cents.
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Old 12-30-2015, 03:24 PM
 
Location: Cole neighborhood, Denver, CO
1,123 posts, read 3,111,930 times
Reputation: 1254
Quote:
Originally Posted by Mr. Analyst View Post
Make sure that you are able to rent it. I know some mortgage institutions require that you live in a place for at least 12 months prior to renting. Your mortgage is based on the fact that you will be residing there. If it was going to be a rental property from the get-go, usually more money is required by your lender for your down payment.
As long as you keep paying on time, your mortgage lender does not check in periodically to see if you live there.

HOAs can be a different story. Many buildings try to maintain FHA status, which requires a certain percentage of owner-occupied units. It is a big deal so HOAs try to control their ratio of rented units.
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