- Joined
- Jul 2, 2007
- Messages
- 5,294
What do any forum rental property owners think about the idea of retiring in one's mid 50's and buying a few properties to rent and using the rental income to bring total income to near-parity with current pre-retirement salary? Rental income would be supplementing defined benefits plan distribution that is "fixed income" but gets cost of living adjustments and pays monthly until I go ten toes up some day. Health coverage for retirees our organization is only $50/mo, so that's covered. Would need about $25,000/yr tacked onto pension distribution to match current salary. Have 457b that can also provide money but I'm 54 and want to leave that alone until at least 59 1/2 on account of the tax penalty thing.
Already own one property that can be rented out once my son and his wife move out, small 1050 sq ft 2 br 2 bath condominium built in 2009 in a condo community with fiscally healthy condo assoc ($130/mo fee). Guessing it could rent for $900 - $1000/mo in local market but that's a raw estimate. The HOA fee takes care of all outside maintenance and repair such as roof, guttering, drainage, front landscape area (1 story bldg, 4 units per bldg). Prop taxes on it are $1500/yr. Paid $75K for it in 2015, no mortgage, clear deed. Thinking holding on to it and renting might be better than selling. Believe the municipal zoning allows rentals but need to check.
Guess I'm asking how much hassle it is vs. the income it provides.
Would be looking to buy a few additional small condo type units, built recent that have healthy condo assoc so you don't get hit with exterior repair and maintenance.
This all may be non-workable, or it might work out okay. Just thought I'd bounce it off any forum landlords.
Already own one property that can be rented out once my son and his wife move out, small 1050 sq ft 2 br 2 bath condominium built in 2009 in a condo community with fiscally healthy condo assoc ($130/mo fee). Guessing it could rent for $900 - $1000/mo in local market but that's a raw estimate. The HOA fee takes care of all outside maintenance and repair such as roof, guttering, drainage, front landscape area (1 story bldg, 4 units per bldg). Prop taxes on it are $1500/yr. Paid $75K for it in 2015, no mortgage, clear deed. Thinking holding on to it and renting might be better than selling. Believe the municipal zoning allows rentals but need to check.
Guess I'm asking how much hassle it is vs. the income it provides.
Would be looking to buy a few additional small condo type units, built recent that have healthy condo assoc so you don't get hit with exterior repair and maintenance.
This all may be non-workable, or it might work out okay. Just thought I'd bounce it off any forum landlords.