Jerry W - I agree. It's hard for me to make any sense of rent.
James - I really like the 2-plex idea. Being half way around the world I've only searched online for properties and have not found a whole lot I can buy with cash.....being from Ohio....it's not quite like your Cleveland markets as far as I can tell. Once I get boots on the ground in FL maybe I'll find stuff that works.
Lynn - Thanks! Learning the market and area is important. In fact I've spent all my time looking at properties and numbers.....time to do some market research online....
Steve V - Forgive me for my ignorance......what is a CSI?
La Nae - Words of caution...I like it!
Everyone including myself seems to agree that some real market knowledge and experience will be very important. I understand that satisfying a personal living requirement and an investment requirement at the same time is tough......having tried to do this 3 times before with total failure, this time I'm choosing to live in an investment and buy a "home" later on.
Here is my issue with renting. I see it as a total waste of money. Yes it buys me time, and time could equal money. I don't plan on throwing down hard cash on day one. I've got about 2-3 months of temp living built into my move. Call me crazy but when buying real estate with cash I see it as a currency transfer. I just transformed this currency sitting there into a house, if I need it back later once I get more established I can get currency back via a refi or a sell or rent it. Every payment I make to a landlord is a small wealth transfer....me to landlord. I would rather transfer that wealth to another commodity....in this case real estate. I have zero debt right now, and keeping expenses as close to zero as possible will be key while I establish some income, another reason I was thinking cash for property, no rent/note payment.
Everyone that replies helps me look at this scenario from a different angle and think of things I haven't thought off, great stuff!
