Tell me if I’m wrong but....
Might be a little long winded but I don’t really know who else to ask and there seems to be a lot of knowledgeable individuals on here. Anyways, I’m looking for someone to tell me if my strategy is flawed, sound or could be done better.....
I am 30 years old, family of 5, six figure income living in a very affluent Southern California city where six figures doesn’t go far. I have a good job that offers a healthy pension and I make outside investments into 457 etc..... but I want to retire early and am planning on doing so with rental property.
I have one property already that is cash flowing which is great. I want to move my family down to Oceanside ca and buy a single family home. Oceanside offers some of the last affordable beach city property in so cal, the neighborhood seems like it’s gentrifying and I truly believe over the years you will see a huge increase in the home prices in that city. My wife does not want to move the kids down there until the neighborhood gets nicer. My question is would it be a bad move to purchase a home and rent it out while we wait for the neighborhood to improve? I am into these properties for the long haul. 20-30 years from now. Does it matter if I lose 100, 200 or 300 dollars a month on it when I know eventually it will Eventually be Paige off by renters and will be all positive cash flow down the road? The way I see it..... it’s no different than putting that money into the stock market or 401k or whatever’s. You tuck into away and hope to get a return down the roadblock. Any advice is appreciated.
Thanks!