IsabellaLinton wrote:
You can have my house for a cool million, and likely rent it for $4K / month.
Work needed: New windows.
Everything else is maintained.
Not worth it. $1M mortgage = $4800-4900/mo pmt + property taxes etc. Also, one would have to have a minimum $200k down payment. An 800k mortgage would be $3900/mo. Still not worth it as a revenue property since whoever bought it would be upside down on it every month. Definitely not an example of a home worth buying from a purely investment point of view UNLESS someone wasn’t banking on cash flow and only speculating that it will appreciate significantly in price - $1.5, 2M etc.
Whereas the low dough slumlord option of buying an $80k house that’s rented out for $900/mo, even the entire amount mortgaged is only $380/mo. So from day one you’re on the black $520/mo, which allows for maintenance/repairs and a bit of positive cash flow ROI.
If over the years I were to buy 5-6 of these I could have $2500-3k/mo coming in on top of employment and other investment income, which on the scale of my wealth and wants is quite a lot of money for other goals and eventual retirement. Sure, Some people I know make tens of thousands of dollars/month and would never piss around with 5-6 properties to make a couple grand a month, but I’m nowhere near being levelled up to their scale of income tax brackets And don’t have a super high dollar lifestyle nor expectations. If I made some moves that yielded an extra 2.5-3k/month ~forever, I’d be pretty ecstatic about it as it’d be enough money To Me to free my time to pursue other things and not have the basic financial pressures of how I was going to pay for food/clothing/shelter/medicine etc.
Other folks seem to have figured out how to generate FAR more wealth & have an abundance of funds to buy six figure toys and vacation around the world whenever they feel like. Ok cool, more power to ‘em I guess.. but if I can get myself up a level or three from where I’m at I’ll be quite content.
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No
for supporting trump. Because doing so is deplorable.