Best approach for growing rental income..
Hi BP member. Hope you all are doing great. I am a bit confused about my future realestate strategy and could get other prespectives ...
Current scenario – Own 10 properties . Goal is to reach a certain amount ($XX) of monthly income after all bills are paid. I do have a job and am investing in properties in my spare time. I don’t get involved in the maintenance aspect, its contracted out to General Contractors
I prefer to not take loans or mortgages on properties but this will also take me that much longer to get to the desired income I am looking to get from rentals.
- 1.What is the best approach for me, should I focus on Condos, multi-unit bldgs or single family homes? I did consider a building with 8+ units, but I think there will be too much headache.
- 2.I have also noticed that in some areas the property value gain in apartment units is lot less than apartment units in downtown areas, however the rental return is same. The properties are atleast 30% cheaper. These apartments units are located in suburbs where there are mainly single family home, should I buy more of these properties or just stick with apartments that are located in the city and downtown area ( Busy areas).
Thanks for your inout
Z