hi every one,
i sold my own home to buy rental properties. is that a wise discussion .
would any of you do the same ?
Johnny, out of curiosity what is the plan? Did you already have some properties on the line? Where are you currently living? Hopefully you are not paying rent now.... I guess it would depend on those questions if I would do it. If my primary residence had increased in value a ton and it was just me (no wife or family) and I had my eye on a multi family unit then sure.
Originally posted by @Jeremiah Perry :
If my primary residence had increased in value a ton and it was just me (no wife or family) and I had my eye on a multi family unit then sure.
It might be a very good idea, better if you live in one of the units.
I live in San Jose California.
property value went up alto. so in the binning I wanted to upgrade from a condo to a SFM. once I sold my condo, I realized that I could not afford any 700k homes in the area.
So my dilemma began, should I buy a home to live in while the prices are high or should I buy investments the mean time and wait till the prices drop and buy my own home .
any help from you guys will be greatly apreisated
PS: I do have a family and I want to make the best dissension for us all
That depends where you want to buy those rentals, and what sort of investment you're after (appreciation vs. cash flow). It is super hard to find cash flowing properties in the bay area, but it's possible if you look at the right places. If it were me I'd look for a small multi e.g. duplex-fourplex and run a purchase scenario on it, and go to open houses that looks appealing to you. You'll find very soon what's the best move taking everything into consideration.
I have learned alot time ago there is no "right" or wrong way in this business. The key is to work with what works for you. We have never followed the normal and done very well. So if selling your personal works for you than go for it!
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