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Retirement Discussions / FIRE Wannabees
|Subject: Re: A Strategy for Retiring Early||Date: 8/7/2003 8:38 PM|
|Author: mazske||Number: 182 of 5089|
Great post, FMO.
I really like the idea of owning rental property as I did rent one house I owned a few years ago and didn't have any major problems.
However, the problem I would have in the above scenerio would be coming up with a 20% downpayment. The majority of my money is in IRA's and a 457 plan and it's untouchable to me. I do have a little bit in a taxable account that I could use for investment purchases, but not enough for a property like this.
I see houses for sale in my area in the range of 50-60K. I don't know rental prices and this is where I need to do my homework, but I'm guessing something like this would rent for $400/month.
If that guess was true, would a 2 minute thought on this lead you to say this would work or would you say stay away from houses that can be bought for 50K.
I would still have to come up with the downpayment though and there lies the main problem. That initial downpayment and then e