Short and sweet … Josh is still on the ‘there IS such a thing as a free lunch’ gravy train. My parents had to push me out the door when I was 27
Josh asked me if he needed to post, since he was still living the good life … I left it up to him, but now I can see that I’m glad he did choose to post: I’m wondering why Josh’s folks have 100% equity in their little rental condo?
Deal or no deal??
I have some ideas brewing … what about you? What advice do you have for Josh?
I currently do not own my own home, nor due I pay rent, so the option of using stored wealth from property and using it to invest elsewhere is not currently an option. My plans for the near future does not involve owning or renting, but it’s likely I will soon be managing a rental property for my family. The property is a one bedroom co-op which is paid off, the maintenance is about $650 per month and we expect to rent it out for around $1,100.
I definitely plan to take Scotts’ advice and spend ample time and recourses locating the best possible tenant. This extra time spent in the beginning will hopefully pay off later. I’m looking forward to taking part in this project because it will expose me to a new form investing (real estate), even though it doesn’t spark my interest as much as stocks do.
If you have any advice, please don’t hesitate to leave a comment.