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Updated over 13 years ago on . Most recent reply

User Stats

6
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0
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Lee Melvin
0
Votes |
6
Posts

Looking for opinions.

Lee Melvin
Posted

I just graduated college and im planning on live and work abroad for the nxt 5-6 years.

I would like to purchase a small condo/apartment within the nxt 2 years (sooner the better) to rent out while im overseas.

I will be making around 2,000 a month with no rent.

Where im from decent - good condos/apartments cost around 60 - 90K.

I have good credit. I dont know much about buying a first time property and how much I need to put down and what price range I should aim for. Not really looking to make profit on rental but if I can that be great. Mainly just looking to build equity and investment options for me.

Any advice and suggestions will be much appreciated!

Most Popular Reply

User Stats

126
Posts
55
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Ryan ODonnell
  • Flipper/Rehabber
  • Westchester, IL
55
Votes |
126
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Ryan ODonnell
  • Flipper/Rehabber
  • Westchester, IL
Replied

You really need to do your research on the area, comps (from the mls, last 3-6 mos.), and what resources you have and are willing to use to do this.
Why would you say you're not looking to make profit on rental? If the numbers don't show cash flow every month, you are not doing a good deal.
Real estate is a dangerous place to "dabble" right now because you can very easily end up in a bad situation. Be confident in what you want, do your research, and yes, you want profit every month. Equity alone (and forget about appreciation!) doesn't necessarily make it a good investment decision.

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