Quote: (09-14-2013 02:21 PM)Samseau Wrote:
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Why not get a shitty/basic little condo around 40 to 50K? Preferably a 2 bedroom, and at least 1.5 baths.
What shithole city has such places to buy?
Exactly, in the city I bought in, the cheapest condos were in the $80-100K range, located in ghetto areas and the tenants tend to be drug addicts, welfare bums and refugees from third world shit holes. Who wants to live in a place where your car is going to get broke into all the time or you risk getting jumped by hood rats every time you walk out your door? Myself, I want to live in a place where I can have girls over or friends and they think I have a nice place, something I can take pride in I guess and live comfortably. I'm glad that I bought a rather expensive condo, the rent is fairly high so I don't have to deal with riff raff tenants simply because they can't afford the high rent.
King Solomon, what are your thoughts on income to debt ratios? I was told by several people that you want to keep your mortgage under 3 times what your annual income is, mine came in at around 2.5 but now I'm thinking of buying another condo and that would put up to around 5 times my annual income. Also, why the big rush to get the condos paid off ASAP? My mortgage is for 25 years and if I keep it rented out the entire time, the tenant pays it off for me, I can use my money to buy another property, invest elsewhere or blow it on things like travel.
Ideally I'd like to have 2-3 properties paid off by the time I'm 55, that gives me 25 years to do so, I'm thinking 2 condos (which tenants will pay off) and one small house which I'd likely pay off myself, all of these properties would be in the same city and likely cost $250-325K.
Is anyone on here currently doing something similar?