Hello, BP!
I have been trolling BP for long enough. It's time to introduce myself. Here's my story:
I was a travel nurse in Hawaii in 1998 and happened to buy a condo because a friend was doing the same! Now wish I'd bought 10 of them! It's time to sell that beloved condo and buy something on the mainland via a 1031 exchange. I've been researching/reading and listening to blogs. I have a good realtor from Hawaii that is giving me a lot of info. He'd be a great mentor, but he's too far away. My first goal is to obtain enough rental properties to pay my current mortgage for me! The Vancouver/Portland market is pretty high right now, esp for rentals. The occupancy rate for rentals in Vancouver is 98%! My plan is to buy and hold as I have experience at that, but I haven't bought a property specifically for a rental property. I've got a small grasp on the basics and am ready to learn, learn, learn!
My realtor in Hawaii is suggesting I buy a condo (or 4) in Vegas. It's not on the MLS, it's being offered by the owner at 72,000. Rent is 750, expenses are $350. I have so many questions! Do I buy it outright? Put 20% down? 50%? I have a lot of equity from the Hawaii condo. Any help/suggestions/comments are appreciated! Thanks to all in advance!
Aloha,
Christine
