Comments on: Should I buy a rental property or put more money down on my primary residence? http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/ Mon, 03 May 2010 08:40:34 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: my2cents http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/comment-page-1/#comment-268 my2cents Tue, 02 Feb 2010 13:52:12 +0000 http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/#comment-268 I recommend you keep a small mortgage on your primary residence for the deductions. See an accountant for your other questions. It sounds like you have the right idea, though. Good luck.. I recommend you keep a small mortgage on your primary residence for the deductions. See an accountant for your other questions. It sounds like you have the right thought, though. Excellent luck..

]]> By: Twitter Bird http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/comment-page-1/#comment-267 Twitter Bird Tue, 02 Feb 2010 13:23:43 +0000 http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/#comment-267 Read a couple of books on land-lording before you do it. Some people are not cut out for it. Make sure if you are buying a home to rent that you are in an area that is desirable for renting (if there is a college or large corporation that relocates people in the immediate area). Mortgages on investment property can be up to 2% higher interest than primary residences. Spend 30K on new home 20% down + closing costs. Keep the other $120K fairly liquid for a while in the even of unemployment unless you have a very very healthy Emergency Fund already. Read a couple of books on land-lording before you do it. Some people are not cut out for it. Make sure if you are buying a home to rent that you are in an area that is desirable for renting (if there is a institution or large corporation that relocates people in the immediate area). Mortgages on investment property can be up to 2% higher appeal than primary residences.
Spend 30K on new home 20% down + closing costs. Keep the other $120K honestly liquid for a even as in the even of unemployment unless you have a very very healthy Emergency Fund already.

]]> By: Charlie D http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/comment-page-1/#comment-266 Charlie D Tue, 02 Feb 2010 12:29:01 +0000 http://www.ramsey-rentals.com/should-i-buy-a-rental-property-or-put-more-money-down-on-my-primary-residence/#comment-266 Best recommendations are: (1) Do your homework about owning rental property - its not for everyone. Some people love it and others hate it. (2) Decide what your long-term goals are, if its to retire soon, then maybe you want to start getting comfortable and buy your primary home, if you intend on working for about another 20 years, then maybe rental property is surely the way to go (3) Speak with your financial planner, current rental property owners, this will help give you some more expert perspective. Best of luck to you! :) Best recommendations are:

(1) Do your homework about owning leasing property – its not for all. Some people like it and others despise it.

(2) Choose what your long-term goals are, if its to retire soon, then maybe you want to start getting comfortable and buy your primary home, if you intend on working for about another 20 years, then maybe leasing property is surely the way to go

(3) Speak with your financial planner, current leasing property owners, this will help give you some more adept perspective.

Best of luck to you! :)

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