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I plan to invest into real estate for the long run, can i get some advice?

I want to buy houses and rent them to tenants, I havent bought any yet but I want to know if I should buy my first house and live in it and rent out other properties or should I put my first place up for rent?

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What happened to mining for gold in your last question

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Ay gurl im tryna get rich
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dross1958
they probably got sore arms
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Haha
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Great time to buy but s long time to make any real return on your money. Get ready to hold it for at least 10 years. And at that rate you would be better off just having it in the bank. With all the costs, interest and taxes you would be paying.

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Yea i plan on doing it for the long run. I just dont know if i should own my personal home before i have others homes to rent out
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Just remember what you are paying ea month in mortgage payments, interest, insurance and taxes. My home was $245k. I pay $2100 a month. May taxes are $5800 a year.

So ea year I spend over $$22,000 a year just on the home. This dies not include up keep/ maintenance. So in 20 years how much money do you think you will make in profit? After you figured how much you paid ea month?
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dross1958
You are getting off cheap. Our combined taxes and insurance on our primary home are almost $ 20,000 per year.
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You should try to make the rentals really nice, using high end materials, and have there be no real problems with the units....and you should be right on top of it if they call (should try to have long term, happy tenants)....and you should try to make the rentals yourself....and hire as few people as possible. Sorry this sounds a little general but this is what i see the pros do.

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Ok cool thank you
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Yes, and I hope you do it....That's more than a lot of people do....
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We own rental property, it's not all fun and games. My advice is if you don't own your own home yet, look into a duplex or triplex. You can live in one unit and rent the others. We were told to buy a triplex, because if you have an empty unit at least some costs are still covered by the other tenants. It's true you don't make money off it until the mortgage is paid off, we just about break even on ours after everything is paid...it's not an instant moneymaker!!

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Ok but did you have some extra money along the way to paying everything off?
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