Just dreaming...Where would you buy an income property

[rethcir]

Chelsea might be worth a flyer. With the silver line going in, it may become a frontier for gentrifiers. Then again that has been very slow along the blue line. I agree with the sentiment that Revere could be a good rental income opportunity as well.

[chicagoliz]

Originally Posted by massnative71

How does that work exactly? Could one not classify it as investment property if they stay over 2 weeks? Sounds pretty stringent to me, I'm just beginning to look into this...

I can't say exactly how it works -- I have not investigated it personally. I have met people who had investment properties - one, for example, had 2 places in the Outer Banks because he wanted to stay for 4 weeks, and could only spend two weeks personally, otherwise the property did not meet the tax classifications as investment properties. It would change into a secondary residence that was taxed differently.

This very well could have changed since I last talked about it with anyone, as I've not been in a position to buy investment property, so I haven't researched it. If you're seriously looking into it, you'd need to talk with a tax attorney or accountant.

I just know that when I've fantasized about owning investment property, I've realized I've got two separate fantasies - one for income and a vacation place where I could visit occasionally, and another one revolving around how I could go there whenever I wanted, and it was reasonable for me to do that. But the latter might mean that the property wouldn't really be an income generating property - just a long term investment for eventually selling at a profit or leaving to my heirs as a decent asset.

[sarahmccoy]

Lowell

[alidmc]

A 2BR with parking in Back Bay, SE, or Beacon Hill or a vacation home in Midcoast Maine.

[sal1181]

A multi family in Somerville/Cambridge area.