Question
I am 24 and have a degree with no loans. Smart idea to look into buying a beach condo and renting until retire?
I feel like since I have no loans and all of my friends do that I could really use this time to take advantage of something. Real estate is down and I could look into getting it cheap. My wife and I would live there for a couple years to get ahead and then hope to rent it out after. It would be in a location that would be suitable for a retirement place for us but could also enjoy throughout our lives. Would this be a good investment to look into? Or is it too risky this early in our lives. I feel as though making money off of one condo would lead to another and so on but I may be getting way ahead of myself. Any suggestions? I feel like making the first step is the hardest.
2 months ago - -6 answers
Best Answer
Chosen by Asker
If you have steady income, good credit, and a down payment - definitely consider it. Work with a realtor to be sure you choose a property that will be a solid investment. Often overbuilt areas don't increase in value much. You also want to be sure you'll maintain a beach view if that's what you purchase (can other condos be built that would obstruct the view?). Definitely research it because you could have a good opportunity to enjoy the beach lifestyle for years to come.
by rashiracer
2 months ago
Asker's Rating: 
Other Answers
Too risky and time consuming. You are betting your life style on tenants. Not the way to go. Better off getting your life in order, emergency savings with at least one year of living expenses, the house down payment saved, retirement funding.
by sassy25- 2 months ago