 |
08-25-2010, 08:41 AM
|
#1
|
|
Dryer sheet wannabe
Join Date: Aug 2010
Posts: 18
|
Third home
Currently thinking of purchasing a rental property in northern Nevada. Housing very cheap out there. Can pickup in decent areas in the 80-90k range. Rental rates are good to so house would cash flow after taxes/expenses, etc.
About me:
Married 40, two kids, combined income 190k
Primary residence mortgage 430k, value around 730k
Rental property #1, mortgage 240k, value around 450k
401k,iras,roths total around 500k
Kids eductation IRA and 529s around 80k
Cash on hand about 200k
No debt other than the two mortgages above.
Was thinking of making purchase of said property above for cash or use
partial HELOC at which is at 3.75 fixed. We've always wanted to retire
somewhere in the reno/sparks/carson city area. Would it be a good
idea to purchase the property with the intent to rent it out and possibly
in 10-12 years have it as a retirement home for us and a very cheap price
now?
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
08-25-2010, 08:50 AM
|
#2
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
|
Renting to people you don't know from a distance can be problematic. You really need someone nearby who can check on the property.
__________________
Duck bjorn.
|
|
|
|
|
08-25-2010, 08:55 AM
|
#3
|
|
Dryer sheet wannabe
Join Date: Aug 2010
Posts: 18
|
Definetly agree with that. We have a referral property mgmt company already that we would be using.
|
|
|
|
|
08-25-2010, 11:58 AM
|
#4
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
 Quote:
Originally Posted by onebigdummy
Currently thinking of purchasing a rental property in northern Nevada. Housing very cheap out there. Can pickup in decent areas in the 80-90k range. Rental rates are good to so house would cash flow after taxes/expenses, etc.
|
Is this is Reno/Sparks or out toward Fallon? If in Reno, is it somewhere reasonably safe?
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
|
|
08-25-2010, 12:01 PM
|
#5
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
|
I think you'd be better off focusing on paying down your existing mortages.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
|
|
|
|
|
08-25-2010, 12:18 PM
|
#6
|
|
Dryer sheet wannabe
Join Date: Aug 2010
Posts: 18
|
Quote:
Originally Posted by haha
Is this is Reno/Sparks or out toward Fallon? If in Reno, is it somewhere reasonably safe?
Ha
|
Yes, it's reno/sparks. I have some contacts that leave in the area so they
are pointing me in the nicer/safer areas.
|
|
|
|
|
08-25-2010, 03:56 PM
|
#7
|
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Thousand Oaks
Posts: 1,111
|
My one observation would be you already have a lot tied up in real estate when compared to your other holdings. Personally, i would be hesitant to increase that ratio.
|
|
|
|
|
08-25-2010, 04:06 PM
|
#8
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
|
Quote:
Originally Posted by onebigdummy
Yes, it's reno/sparks. I have some contacts that leave in the area so they
are pointing me in the nicer/safer areas.
|
Thanks.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
