I wish I had ability you have to buy property for rentals but banks would never consider it unless I lived in building too like duplex! But Im not there yet either no down money closing costs or anything!

Me personally I would never do that. Why? I would always be ultimately responsible for repairs, upkeep, taxes, insurance and many other things, which I would also have on my primary residence.

The hard part with rentals is finding good people to rent to. I live in apartment complex and have watched the apartment next to me go through three tenants in less then a year and everyone has destroyed the place. Yes, the landlord gets his deposit money to help fix things back up but if he is making any money from it, it's not much considering all the stress involved with it...

I often thought about buying "beat-up" homes - fixer-uppers. I'm a good DIY person and my thought was to purchase these places and fix them up and resell them for a profit. I've known a few people who have had great success at this.

One couple, both of them good DIY people bought an old church for $25,000... they tore it out and remodeled it all into a home. They sold it for $150,000... deducting their expenses they still made over $50,000 in profits for a years work.

All rental properties , like all investments, carry risks. Self management of properties increase stress by many folds. If possible use a management company to deal with renters, rent payments etc,
Of course there will be mgmt fees. If a mortgage is involved, the stress can level can double whenever tenants leave and rent for mortgage payments disappear.
In the long haul, real estate will always appreciate and rentals will work out right for those with patience, perseverance and faith.
Good luck and all the best in your rental investments!

So...you have credit card debt. Why would you purchase more debt to get out of debt? Why not use the money you are intending to spend on this purchase for your credit card debt? Rental property is uncertain and not always a guarantee of future income but it can be income producing after the first five years or so. There are many variables to consider.

Good luck with whatever you decide upon.

Bess

Good point mybestself,

Based on my research and advice, buying a property is something that I will put off for now until I'm ready financial.

Thank you all for your sound advice!

Bright Shinning Light