Profile picture for rosariobaez

First time buyers...

.Residential Income, is a good idea.?  please help us with pros vs conts.. thanks
  • October 08 2013 - Oxnard
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Answers (12)

I love investment property but only if you are already in a home yourself. In other words, I don't think it's wise for you to be in an apartment while you own income property. Get a place for yourself first...then look into investments.
  • December 13 2013
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  • November 19 2013
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Build the equity.  The key is good tenants.
  • October 29 2013
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Buying property can be a solid investment.  The best advice is to find a great, local Realtor with a strong track record of working with buyers.  Then, be honest about your situation and goals. 

If you are looking solely for an investment property, it may be best to consider two or more properties.  It could yield in a better return on investment. 
  • October 29 2013
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Home buying is a wonderful and secure investment, provided you are secure in your income and are fairly certain you will remain put, if you are early in life. If you are looking to invest, be very certain your real estate agent is reputable, as it is speculative. 
  • October 29 2013
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Profile picture for Baird Team
For most people buying a home early on in life is a better idea that renting for years.  Historically over time values on property will increase helping the homeowner build up equity.  There is also tax benefits to owning a home.  The interest on the homes mortgage is in most cases tax deductible which will reduce the owners annual income tax burden.  Some states even have "Homestead Exemptions" which reduce the amount of the property tax on "primary residences".  There are lots of factors to consider but you know for a fact that if you rent you will not build equity, if you buy you have a strong likelihood to build equity.  I say Buy!!!
  • October 29 2013
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Profile picture for rosariobaez
Thank you Chris Boyles .
  • October 09 2013
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Profile picture for Chris Boyles
If you are talking about gaining equity in your home as residential income, then yes it is always better to buy if it is in a good area.  When renting, you are gaining no equity or credit for paying someone else's mortgage.  When you purchase a home in a good area that fits your budget, the home should increase in value along with the principal payments you are making on the home.  When you go to move, you could sale the property and cash out the equity you have built up after fees are taken out or you could rent the property as a cash flow producing property, if the numbers work.  if this is something you are thinking about doing, you need to make sure and get some market reports on what the homes are renting for in your area that are comparable to the property you are interested in buying to make sure the monthly cost is a couple hundred dollars less than what your monthly payment is with taxes, insurance, HOA, and any other monthly expenses the home has. 
  • October 09 2013
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[Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • October 09 2013
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Profile picture for CallTheSisters
Wetdawgs:  Too funny.  "Flesh Out" - have not heard anyone use that in years.
  • October 09 2013
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Please clarify and be more specific with your question.  We are not sure what information you are seeking.
  • October 09 2013
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Profile picture for wetdawgs
You may get more meaningful responses if you took the time to flesh out your question(s).    Click on "post reply" to add more.
  • October 08 2013
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