I currently rent, and I am thinking of making an offer on the landlord's property.
This has been a paid vanity by TS1.
It depends on where you plan to buy property. Here in SC , great investment and a hedge against inflation.
In NYC, maybe not.
Bill Gates is buying land and we are headed to massive inflation, so land is probably a decent investment.
I wouldn’t own rental properties as landlords will not be allowed to evict.
I would consider location in any decision. I have always thought real estate is the single best investment for the long term but even with that stated it has its drawbacks. Overall though, I say go for it...especially with the current low interest rates which I feel will go up drastically in the future.
I recommend you look into Tenancy In Common.
https://andysirkin.com/tenancy-in-common-tic/
You could buy only what you know you need from your landlord, such as 1 unit of a 4plex, for 1/4 the price of the whole building plus fees and markup.
Cheapest way to buy real estate. And your landlord could keep all the common areas if he were to sell the 3 other units in the same way, thereby kinda having control of the property in small but meaningful ways.
“However, with property getting snatched up sight-unseen by those fleeing the cities for way more than it’s worth, supply will dry up fast.”
I guess I’m not the only one that’s noticed that. We’re looking outside of the Blue metropolis of Charlotte, and you’re right. Reasonably priced, nice properties way out...especially with some land...are going fast. Of course, low rates also contribute to it.
Location location location
I bought a house on a prime street that was a bit neglected.
Worked on the basement & attic a lot
Improved the yard
Can’t lose money on this one
I’m not a skilled handyman. Just motivated
It is a seller’s market right now. If you’re in the market to buy, you’ve got a lot of competition.
what state are you in?
Now it's: Go South Young Man.
If you rent it out you can write the depreciation off your taxes which will help when Biden chokes us with new taxes.
You need to talk to a CPA about this.
Buying is always better than renting.
The fact that places are “flying off the shelf” says it’s a seller’s market. We live in a condo community on the MS Gulf Coast (Gulfport side of the Biloxi Gulfport line and 300 yards from the beach) and places that were going for $240K a year ago, and not moving, have been scooped up for $280K, often sight unseen, over the last 6 months. And word has gotten out that our HOA is probably one of the worst in the area.
Maybe the investors know something we don’t.
You will own nothing. And you will be happy.
Wait until forbearance season ends. The election is over and the natural cycle should begin soon.
it’s from October but it is eye-opening
Also, go to wolfstreet.com Here is an excellent article: https://wolfstreet.com/2020/12/22/housing-market-goes-crazy-everyone-sees-it-can-last-and-then-the-first-dip-appears/
First rule for Robert Kiyosaki, in real estate” I won’t buy in Communist countries such as New York, California and Minnesota!”
I don’t think you can go wrong owning real estate unless you pay way too much. Even then time will bail you out.
Depends where you are. We are trying to sell our house in Illinois, and it’s definitely a buyer’s market. Because more people are leaving than moving in, houses are priced below their market value. Our home’s assessed market value is $150,000, but we’ll be lucky to get $110,000 out of it. I just saw a nice house, for example, that was purchased in 2010 for $200,000 now priced at $160,000. That’s the case all over our community. Our house is in a nice residential neighborhood, and it’s had only 7 showings in 4 months. As our realtor told us, “It’s not a good market here right now if you’re selling.”
The easy way is to buy good REITs.
If you use it as a rental...all sorts of issues arrive.
When you want to sell you can only purchase another like building..1031 exchange
If you want to cash out there is state and federal taxes
And the amortization tax,
That is you pay a tax on the total amount that you have amortized over time,