Updated about 10 years ago on . Most recent reply
Looking for better info on Rentals
Hello everyone! I have been doing alot of research into this topic and I've found some valuable information so far. Basically I'm looking into getting into the whole rental property investment.
A little about my situation... I am an Overhead crane tech. I have a great mechanical/electrical background. I make approx 65k yearly. My company offers Roth 401k @ 1:1 up to 3% then .5:1 the next 2%. Totalling with my investment of 9%; Which i take full advantage of.
Basically housing in my market has plummeted in decent areas. Currently I am looking at houses. Both are around 60k. One has a new roof but built in 1909 (the house is actually in good shape just outdated). Rental for homes in the area median ed around 1000/mo. Houses at this price in these types of areas are listing more and more frequently
My question is.. is a property like this worth the investment? Should I stick with my 401k or bail on it and invest my money into rentals? And what loan should I typically go for in this situation?
Just a little side note - I've done alot of reading into the forums on such topics but it seems every situation is different. I am the type of person who is very leary on spending. I'm definetly a saver and I also take very HIGH pride in my credit.