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Thread: Buying an investment property!!!

  1. #1

    Default Buying an investment property!!!

    Hey,
    I've got a question I can use some help with; I am still doubtful of which is the more suitable option for my circumstance. I have a full-time job now and plan to get into real estate full-time later. The residential property I am living in is mortgage free. However, I am considering buying a condo that I would rent out momentarily and then move into once I sell my home in about seven to six years.
    I have a few savings, which is enough to settle the 20% down payment. Only will need to bankroll the rest of the purchase for the condo.
    As it's an investment property, I thought getting an investment property mortgage; I guess I can write off the interest on my tax return unheeding of whether I choose a HELOC or a mortgage.
    I'm pretty much delighted in hearing from those of you who might have had a similar situation, and what you had ended up settling.

  2. #2
    Registered User
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    I have been a landlord a number of times and would never do it again. Finding tenants is easy but finding good ones can be tough. I could tell you a lot of horror stories about my experiences. Typically mortgages are a little more difficult for a property you are not going to live in.
    Ray Badger, Turbo Technologies, Inc.
    www.TurboTurf.com www.IceControlSprayers.com

  3. #3
    David Wood
    The Business Exchange
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    Feb 2020
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    condos generally appreciate in value. But, if you're trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will.

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