I seerenue74 wrote: ↑Thu Mar 14, 2019 8:07 amMy personal plan....Neus wrote: ↑Wed Mar 13, 2019 9:33 pmThank you for your insightrenue74 wrote: ↑Wed Mar 13, 2019 1:11 pmHere's the deal....nobody says it, but it needs to be said:
People are inherently dirty. Tenants even more so. If you buy a rental property, you ensure the systems are working properly (plumbing, HVAC, electrical)...and leave it alone. If you make it nice, it won't be nice in 5 years.
I live in an area where I can be $50K rental houses...but they look like $50K rental houses. But, gentrification is occurring and over the next 10 years, I would expect those rental houses would be $100K or more. Lack of inventory and these types of homes work well for first time home buyers in the south.
So my plans are to let it ride for rentals for 8 years or so....spend some time completely rehabbing them and then selling them to owner occupants.
Does that sound like investing? Not really...it's not. It's a business and it sucks up your time. For me...I love learning and doing building trades. But I don't love doing them for people who don't respect it...and that's what tenants do. (6 year landlord...give me another 8 and I'm cashing out)
Is there any particular reason for "8" years?
I'm 45. I plan to retire when I'm 55. Holding rental property for 8 years more years. Then slowly getting rid of tenants, fix & flip to sell off properties over 2 years....that get's me to 55. I have friends how have been in rentals for 10-20 years. Eventually you get tired of it and want out. When they try to sell their portfolio of homes (10-15 homes each), it has taken them about 2-3 years to fully liquidate all their properties.
Yes, totally in the same boat
Thank you for the explanation