$300K house to rent out for future investment. Where? (RE market, investments, mortgage)

[Pianist718]

Hi all ...

I am looking to "invest" in buying a 2 bedroom house somewhere in north east to rent out for now and someday maybe live in when I am old or something. What area would I look in? what state, city?

looking for decent neighborhood, low taxes.

thank you

[Electrician4you]

So little info. Do you like desert, woods, mountains, prairie, middle of nowhere, middle of a city, cold, hot, humid, dry, little town USA big town USA.

[timberline742]

Almost always a poor investment for a rental

[Lovehound]

Where is easy to answer. It's where you want to live if you want to turn a rental into a primary residence.

Oops, you didn't give any parameters about where you want to retire to. Northeast covers a lot of area, perhaps thousands of RE markets.

And sadly, I know only the Southwest. Good luck!

[Eastcoasting]

A rowhouse in South Philadelphia.

Almost all other Northeastern cities are overtaxed (property) or over your budget for a stable neighborhood.

There are areas of DC you might take a gamble on but NY, Boston, Providence, etc...aren't going to work.

I'm feeling generous today, here you go:

818 Dickinson Street, Philadelphia PA For Sale - Trulia

[Pianist718]

Sorry guys for not giving enough info. I am only 32 yrs old, so I have no idea where I'd want to live. All I know is I have the money that's collecting dust and other than my other investments such as 401k, IRA, taxable account, etc I want to actually own land/property that I will thank myself for buying now instead of 20-30 years from now.

I want it close to NYC as that's where I live now. Reason why I don't want to buy anything in NYC is .... very expensive.

Reason for not wanting to buy in the middle of nowhere is because I want to be able to rent it for some period of time if I wanted to.

[Eastcoasting]

Do you own a car?

[Pianist718]

yes i do

[MrRational]

Originally Posted by Pianist718

$300K house to rent out for future investment.
I am looking to "invest"

Do you have the $300,000 mentioned? Now? In cash?

Find a stable block in a stable working class area.
Buy 5 or 6 neighboring properties for up to $250,000.
Hold back $50,000.

Oh yeah and learn all about property repair/maintenance...
and human nature.

After a year or so... with proven income record and some repairs completed...
get as much mortgage on each as you can. Ideally it will be you entire outlay.

Rinse and Repeat.

[Eastcoasting]

Originally Posted by Pianist718

yes i do

I see.

Where are you living with this car?