Originally Posted by qdobajoe
renting out your own condo is a BAD deal...because I heard if something goes bad.....guess who will they be calling:-)
I am already in debt...just in school loans I owe uncle Sam about 25-29K!!!
when you rent out the condo, you hire someone to fix it/ things that break... and that is a tax write off. you hire someone to find renters with good credit and you get security deposits.
You can also hire a management company to control all rental issues, at about 20- 25% of the rent per month.
Also if you need a new faucet at your house, you buy it and say it was for the rental... more write off.
Lots of people wish they had a rental just for the write offs...
as on rentals you get to declare depreciation...
and after you rent it out and no longer need it, you sell it.
Maybe your just not financially savvy enough... and why sister in law is trying to help, so you will be set up long term.
you can buy a house below your means, pay it off in 10 years and live there another 10 saving all your income, thats what I did and I get to retire early now.
I would not want to be in the typical americans shoes and have to work until age 65 or longer.