Not sure if this question has already been asked and answered but- I’m interested in investing in rental real estate however, I’m torn between becoming a renter or paying a mortgage note. I live in New York where renting in some areas costs more than a mortgage note. I planned on getting an inexpensive condo or coop in an area outride of where i live but I’m not sure how this will affect my goal of getting into rental property investing.
Can someone advise on which would be the best route to take if I want to get started in rental property investing?
My advice to you is to rent for your current housing. You want to rent where you live and own where you rent, as Grant Cardone said.
If you haven't already, I would begin putting money aside every month and begin investing it with a smaller investment company. You can invest your sitting money, while continuing to grow that investment until you have enough to purchase your own rental property.
I would be happy to assist you if you have any questions!
Thank you so much for your advice.
Are there any small investment companies you can suggest?
Here's my take on it-
A huge part of it is where you live and the costs to buy in that location. You mention that, but ultimately you want to weigh out what the true costs of buying a house/condo for yourself will be. Especially with condos, watch out for the condo fees.
Hope that helps.
Thank you @Ali Bonne. Your blog was extremely helpful
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