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does it make sense to buy a rental property while you are renting?
2010 Oct 13, 6:32am 15,409 views 25 comments
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24
toothfairy
@
2010 Dec 6, 1:18am
toothfairy
@
2010 Dec 6, 1:18am
No actually they're trying to rent it for something like $800 it's a brand new townhouse
in Scottsdale.
Can't find a tenant because there are too many investors coming in trying to rent out properties.
25
LoLopezG
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2010 Dec 6, 6:54am
that sounds decent... we rented a condo for about that much (but included some utilities)
looking at a few townhouses in scottsdale for purchase (same hoa for all 3)funny thing is the prices
63k
39k
159k
all for 3 bd 1 ba and the most expensive one isn't even an end unit. all look to be in good shape.
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ok, hear me out...
I am in SF Bay Area. Not buying any time soon. But I have been watching other areas like Sacramento, Arizona, pheonix getting hammered. I can pick up a decent rental property in these areas with a hefty down (40-60%) and be cash flow positive by renting them out
The thing is:
- I am not sure about this 'long distance landlord' thing will work out
- I will still be paying rent for my current place
- I'd be using the down payment I have been saving up for my own place to buy the property.
what other factors I should consider? Any one done this?
thanks a lot