Tuesday, April 04, 2017

future plans or................................

I am looking into a $100,000 property in Arkansas.  a sort of investment property. old stucco house 2 bedroom 2 bath on just over 1/2 acre.  including a huge old brick chicken house/ barn in the back, which could be used for multiple things.   my ex T would rent it or cllege students since it's right up the street from our alma mater.

anyway, I'd have to take half my stock funds out to pay for the down payment (stocks down now to 33K since GNW (no dividend) never went back up, if only I'd sold my 3000 shares back when it was $15 etc.. BOOOO!)  .. anyway, so I'm going to see what sort of expenses I'm looking at it and then either yay or nay! ha

my friends in AR have all seen it and say it's perfect for etc etc.  and of course I've always wanted to sort of retire and move back up to my old college town, however such a prospect of buying income property was not on my radar at all this Spring, I'm busy enough with work and my yard.

I'm going to pursue information on what the loan would look like and just go from there.  the property has another 1 bedroom 1 bath house right next to it that could be sold together but it's 70k. i could probably get both for less but myeah.....

I'm fine if someone else buys it before I get the gumption to, but I like the idea of investing in something solid like property in a college town versus just stocks sitting there
feel free to offer your 2 ceants! ;)

3 comments:

Rex said...

On one level, it seems great
on another level
HAVE YOU GONE MAD?
LOL
If you are renting to college students, or really almost anyone, you will have to hire a local caretaker or management company. You don't want to be driving to Arkansas every time theres a pipe dripping or late night party. You cannot impose on your friends to "keep an eye out," even if they are willing...
IMO
It could be a great adventure...

Anonymous said...

Have done that but in the same town, using a property management company to look after it.
It has been a good investment. What you need to do is to work out the finances per month: the rent to be received as against the outgoings - mortgage payments, property tax, property company fee, monthly sum to meet future repair expenses (which are inevitable). If the property is attractive, rent to faculty or staff but not to students. A long term renter is best.

DJ said...

Can you tell me more about investing in general and how to get into it? I'm 25 working full time and I'd love to learn more!