RE Buying for Passive Income Streams
So I have been reading and researching about this REI field and found this website and corresponding youtube channel, very helpful. But wanted to ask you guys a few questions:
1- I am in DC suburb area, since this area is expensive, for passive income(rental property) it's easier to rent out and rents are a lot higher, but prices are high too. Should I buy in DC area or move farther, where of course price is cheaper, but rents are low too? So it's more of a trade off?
2-For a beginner, should a rental property be within 2hrs drive of where I live or really doesn't matter?
3-If I can afford 15 years loan should be safest or it doesn't matter if I do 30 or 15 - fixed ones?
Thanks for all of your help and advice, I am sure I'll have some follow up questions. :)
Most Popular Reply
1. I would take your cash and invest it out of state in some rentals. Cash flow $250 a house for a $15k investment. Then rent a place to live in DC.
2. It doesn't matter. You will have a PM who will manage the whole property for you.
3. Longer the better, to reduce your monthly payments, which means more cash flow.
If you have follow up questions please connect with me and we can chat.