I know there are probably already topics that touch on this but was wondering if anyone , NYC, San Fran, Boston or anywhere else has used some of the proceeds from bonuses and overall just a high salary to invest in real estate and act as a landlord?
I am genuinely interested in doing so as i need to put some bonus money to work before i spend it on things that will continue to chip away years from life ie excessive amounts of Scotch.
Honestly given the hours I work as an analyst though I feel like it will be challenging to be a landlord given that I am currently renting, and my apartment has constant maintenance issues and I am only there for 5 hours a day to sleep
WNS
How much money do you have to put down?
Enough for a 25% down payment on an out of state investment property maybe 2 depending on the out of state city i choose. Ultimately i just want to know if people A. as early as analyst / associate have considered it or B. can pull it off with the hours
Alright, I'm not sure what enough means but if you're strapped for time I'd look into a NNN property with a long term lease like a Walgreens or McDonalds. Probably run you about 3-5mm but could give you a solid 10-15 year window of zero responsibilities.
If enough means like $100k, I'd skip it for now. You're going to end up with a SFR or Duplex and realistically speaking, probably be on the phone with your PM weekly because low income renters tend to break a lot of stuff. Also, economies of scale are your friend. You'll be looking at a PM fee of like 10% of gross income in this price range.
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