How much down for investment property 2017 you buy a house or a car? With a daily BPA audited paid circulation of over 93,068 as of June 2017, and an online audience of 5.
3 million uniques every month, it is your go to source for information on the region. Next post: Should You Invest in the Stock Market Now? Previous post: How Much Money Should We Spend on Kid’s Birthday? The easiest way to start investing in rental property The easiest way to start investing in rental property is to convert your old home into one. This is a great natural progression because many of us purchased a starter home when we were young. Once we start a family, we’ll need a little more space so we’ll upgrade to a bigger home.
Most people would sell their old home and use the money for the down payment on the new home. How we got started In 2000, we purchased a moderate single family home near my old employer for a convenient commute. We lived there for 7 years, but decided to move to a smaller condo in downtown, Portland. RB40 was working in Portland and it took her 90 minutes to commute every day.
It was easier for me to drive to the suburbs than for her to take the light rail to work. When we moved, we decided to rent out our old home instead of selling it. Our main motivation was to build wealth through passive income and property appreciation. At that time, I was just starting to figure out that passive income is better than active income. At first, we got a property manager because I wasn’t comfortable being a landlord. This worked well for a couple of years until the property management company consolidated and stop servicing our area.
By that time, we had a stable tenant and I decided to try being more hands on. This was fine because we had a good long term tenant and the house was in good shape. However, we decided to sell in 2014 when they moved out. The tenants were paying down the mortgage for us from 2007 to 2014, that’s half of the time we owned it. If we kept the place, eventually it would have been paid off and we’d have a nice monthly passive income. Why start with your old home?