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Income Properties

July 6th, 2013 at 09:22 am

I think that every small child dreams of one day having their own home. No matter what it is i.e mobile home, apartment etc.

But for me, as a small child I remember dreaming about my dream home. It was a gorgeous two-story stand-alone home with lots of bedrooms and bathrooms. As I got older I realized what my dream home actually was and I still hold that dream to that day.

Folks, my dream home is a duplex!

(I think this comes from the fact that even as a small child I knew you had to pay for a house and I didn't want to pay for it if someone else could. I don't know HOW I made the connection, I just knew I wanted to live there for free!)

But I want my home to look like a single family home from the front. (through research I've actually found the plans for it online).

But I've actually expanded on it as I've gotten older. As a child my dream job was real estate (yes I know that this means I was undoubtedly a weird child in some respects...)

But it wasn't the owning of homes that I really wanted. What I really wanted to do as a child was buy a house and make it "pretty" again. And have the opportunity to let someone live in it (interpret this to keeping it and renting it)

In other words -- RENOVATION!

Again, as I have gotten older this hasn't changed.

But I've also looked at it at different points of views:

Should I buy a house/condo an renovate it and rent it out
Should I buy a move-in ready house/condo and rent it out
Should I buy several houses/condos and rent it out
Should I buy a duplex/multi-plex and rent it out
Should build a duplex/multi-plex and rent it out


These questions are so hard for me to answer over time.

I've already decided that I would either:

purchase several move-in ready condos/a duplex/a multi-plex and rent all out (if I'm still living with my parents)

or

build a duplex/multi-plex and rent it out.


I've found plans for the duplex and multiplex that I'd want to build. I'd just need to see what the cost of construction is and the best area to build it in.

I already know that if I built the multi-plex then I'd hire a property manager to take care of it and probably the same if I go for the duplex depending on the amount of rent I'd get. A property manager instantly eats into your profits but I believe it's worth it if you have multiple properties in the same area.

So this is a goal for myself. A home that pays for itself. Even with the headaches that it can come with, I still believe that the pros outweigh the cons.

I'm not looking for a quick turn-around on these properties. I want to keep them for at least 10 years if not more. This is also part of my retirement plan because after the military I want to keep working. And real estate is a job that is ageless. Someone is always buying, selling or building. And since I've always loved construction and like building I figure it's definitely a good fit for me.

3 Responses to “Income Properties”

  1. Joan.of.the.Arch Says:

    Very interesting. I don't think I've ever noted kids who dreamed of houses & renovations and rentals....An area I visited on the south Georgia coast seemed to have a lot of rentals owned by military. I figured they'd bought a house, then got transferred and could not sell. But there also seemed to be a lot of retired military, so maybe they really liked the area and wanted to hold on to the houses until they could live there permanently....For me, being a landlord would not fit with my personality--not enough guts.

  2. snafu Says:

    There is a huge gap between dreams/wishes and reality. Being a landlord requires a remarkable skill set. Having a manager on site doesn't give you an easy ride either, when things go wrong it's your responsibility and your money on the line. The mortgage and taxes get paid whether tenant skipped, sewer backed up, or some unheard of incident happened.

    Since it's long been an area of interest, it might be a terrific idea to take the realtor course, qualify for licensing and work with a successful, experienced agent as an assistent while you develop a clientele.

  3. Sian Says:

    yes, I've wanted to take a realty course for a long time now. just haven't had time to do it. i'd prefer a property manager so that the tenants would have someone to go to first (first line of defense lol). then i'd take care of things on the business end. I've already had plenty of experience in customer service since I did that for over 10 years. I figured if I build it or buy one that is new then I wouldn't have to worry about maintenance for at least a few years and can save up money for the repairs and such.

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