Buy a condo and rent or buy to live in?
By stratz
@stratz (100)
Canada
February 18, 2007 2:38pm CST
Hey I need some Advice. I am looking into buying a condo and renting it out. Do you think it is a good idea. I still live at home and figure that I would be bale to buy a 1 bedroom and rent it out and have the renter pay most if not all of the mortgage. Then I would be able to still travel since the renter would be paying down my mortgage and I would be increasing my assets while I am away. Any thoughts on this plan?
1 person likes this
1 response
@cjkicks (156)
• United States
18 Feb 07
Only one that I would caution you about. Being a landlord!!!! The 2:30am call because the toilet is stopped up. Having to fix everything they break. Most renters do not take care of places because it isn't theirs. If they are late on their rent you still have to make the mortgage payment on time. Most states it takes at least 60 days to legally evict someone. You are still responsible for the property. I can tell you this from experience do not do it. It is the biggest headache you will ever have.
@stratz (100)
• Canada
18 Feb 07
Yeah that is true about the hassles, but if i get a condo there would be less hassles I think. less problems to worry about. But if I get a rental management company to take care of collecting and everything then I should be OK right? I hope to get a mortgage that would be less then 900 a month. I just think that this is a good idea to create an asset for my self.
@cjkicks (156)
• United States
18 Feb 07
it is always a good idea to have an asset and a rental management would be the only way I would go. You will just have to up the rent enough to cover the amount of the management and any repairs that need to be done. If you do it that way your headaches will not be as big.
