I like the idea of creating streams of income, to reduce reliance on this crazy stock market. Obviously, pensions and annuities come to mind. So does real estate. I wonder if you kind people would share your views, and especially experience, with owning rental property.
My specific plan is to capitalize on the rapid growth of Liberty University, a Christian college where I live. I am considering building a "dorm" apartment with common living areas and 3-4 bedrooms, each with it's own full bath. I saw places like this online (but can't find a link at the moment).
If the rents cover the 15 year mortgage, I am basically creating a stream of income that will pay me $1600/mon in 15 years. That covers the majority of my living expenses.
Thanks in advance for any feedback.
My specific plan is to capitalize on the rapid growth of Liberty University, a Christian college where I live. I am considering building a "dorm" apartment with common living areas and 3-4 bedrooms, each with it's own full bath. I saw places like this online (but can't find a link at the moment).
If the rents cover the 15 year mortgage, I am basically creating a stream of income that will pay me $1600/mon in 15 years. That covers the majority of my living expenses.
Thanks in advance for any feedback.