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Any Property Management recs in Seattle area? :(
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Yes, take from the home you own and purchase a new one and do that and then save, the goal should be to own the home outright so the money you get stays with you and your tenant pays the taxes on the home and you simultaneously. Then you buy more homes until you sell that first one and reap the benefits and continue until you buy and rent your first condo if that's the goal!!!
Do you know how many boomers lost their real estate empires in 2008? Because they collateralized their properties against each other, and once some pain hit the whole house of cards fell. If you want to do it smart, you need individual non recourse loans that are not collateralized to any other property.
Dec was a
I’d only own properties that you can afford to pay the monthly carrying costs on from your non-rental income. That way if you lose a tenant you aren’t scrambling to sell bc you can’t pay the costs.