update: some renters prefer simpler life in a condo.
I now feel condo is very popular for renters, with
However, investors are often better off with SFH or 2FH because
Total? 100k is a common figure, but Wallace said 10k is a common figure. Before deciding on a budget, (as Alona’s colleague Bob pointed out) it’s better to list specific items, then prioritize them like
Tim Yao said cost is much lower than XR’s experience.
— rental property renovation
It’s probably smart to buy a relatively old rental property, and pay lower tax, then invest 50k-100k to improve it, then rent out.
George Abdelmalak <gabdelmalak1@gmail.com>, a nice agent, is familiar with renovation, and told me renovation cost is at least 50-60k. Background — I told him that I want to buy a reasonably OK rental property and make it more comfortable more appealing for my tenants.
George also said extension to create 1 or 2 extra rooms cost 50k.
By far the best decision I made was … BridgeRetail. Remember at my age, cash-flow is more important than big profit.
In Bayonne, Small 2FH ~ 500k would be a reasonable choice.
99% of U.S. houses and most 2-3 BR condos are oversize but fairly acceptable.
I saw a Tudor style brick house for sale $540k, close to 100 Hillside Ave. 1825 sqft for a couple with a baby. 3 bed rooms, each big enough for a queen bed. There’s a big dining room + living room…. Completely unnecessary for me.
The “extra” space requires
Why not save the $200k (or whatever) and use it on
Q: given a backyard, what usages do I find valuable?
swimming? too small
basketball? no fun
Many of these usages require expensive set-up, not worth it if used lightly
My parents are not rich or wildly successful in the conventional sense (waterfront luxury, multiple properties, brank, …) but I always saw them as decent parents and role models.
Look at wife’s parents. I see them as decent parents too, even though they live in a village, without a car, not earning much throughout their career. By the convention standard, not really “successful”, but decent parents.
Barely middle-class parents, without top (academically) kids can be successful parents.
Parents with half my income and without top (academically) kids can be successful too.
My parents didn’t put me and my sister in top schools using ε¦εΊζΏ. I plan to do the same but why in my generation we view it as stigma? I call it peer pressure, but Alok felt it’s pressure from within.
Initially, I wanted a
π It turned out the tax + mtg + maintenance exceeded my estimate, so 600k is possibly too heavy.
π It turned out most of my peers go for top school districts, so I had to think very hard and accepted average school districts.
π It turned out Bayonne psf price is about half of other areas considered
π It turned out apartments are smaller, often better condition and more affordable than houses, but lower rental yield.
π It turned out renting is an easy way to get into some good schools, and long-term renting is fairly popular even among the middle class