gathermewool
Site Donor 2023
I'll start by saying that I know it's not as easy as buying another condo in my complex and taking on a tenant. We have lot of research to do before we even consider it.
With that being said, we bought the condo were in as a cheap starter home. It was turn-key, but has a lot of room for sweat equity input. That is, unless we buy a "forever" home in 4-5 years and rent this condo out, in which case I don't think upgrading the kitchen and bathroom would really help.
But, that's besides the point of this thread. The condo next door is for sale for less than what we paid for ours. Even if some work was needed, we could easily afford to put 20% down and take on the second mortgage. Things would be tight, but we could even afford both mortgages without having a tenant, and probably even pinch pennies and still be ok if my wife lost her job or if I was on disability for a little while. What I mean to say, is that we could afford to hold out for some nice company man or woman, or even a nice couple to rent, and not be forced to rent as quickly as possible, to whomever possible.
So, with all of that out of the way, what do you think about purchasing a condo in the same complex and have tenants live right next door? It makes good financial sense, but might end up being a nightmare
With that being said, we bought the condo were in as a cheap starter home. It was turn-key, but has a lot of room for sweat equity input. That is, unless we buy a "forever" home in 4-5 years and rent this condo out, in which case I don't think upgrading the kitchen and bathroom would really help.
But, that's besides the point of this thread. The condo next door is for sale for less than what we paid for ours. Even if some work was needed, we could easily afford to put 20% down and take on the second mortgage. Things would be tight, but we could even afford both mortgages without having a tenant, and probably even pinch pennies and still be ok if my wife lost her job or if I was on disability for a little while. What I mean to say, is that we could afford to hold out for some nice company man or woman, or even a nice couple to rent, and not be forced to rent as quickly as possible, to whomever possible.
So, with all of that out of the way, what do you think about purchasing a condo in the same complex and have tenants live right next door? It makes good financial sense, but might end up being a nightmare