Updated about 4 years ago on . Most recent reply
The situation I am in
Hello all, first time poster here I’ve been reading everything possible and doing as much research as I can, I have a semi-unique situation where I live where I work and get paid decently. But my daughter is now a year and a half old and I’ve been thinking about the future more than my wife likes. Realistically I can’t do my physically demanding job forever and I need to make some investments so I can slow down in the next 10 years and retire in hopefully 15. To be clear I am looking for buy and hold property for the long haul, I am not expecting to start real estate investing and quit my job tomorrow. I want to get into multifamily rentals but my market in Westchester NY is pretty tough, I’ve also looked about two hours in each direction with very little luck. After this long winded post I would have to say why I am here is really advice on how to proceed with my investing start. Thank you to anyone who responds!
Most Popular Reply
#3 Managing Your Property Contributor
While you may want to do multifamily, what about starting with a single family with a legal suite or a duplex? In some areas, the numbers don't always work. I'm assuming you've talk to a bank about how much you can borrow. Sometimes starting small helps you get a feel for it.
I also have my rentals as part of my retirement plan, but the only way I will make enough from the rentals is if the mortgages are paid off as the mortgage represents a large amount of the rent. Even with scaling, your dollar amount at the end of the month with a mortgage isn't a lot. The benefits are of course your tenant is paying down your mortgage and if you are in an area where housing prices are on the rise, you have appreciation as well.