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re: Advice with buying a starter home

Posted on 11/14/13 at 10:36 am to
Posted by jp90
Member since Oct 2009
1298 posts
Posted on 11/14/13 at 10:36 am to
Found a property that is still fairly small and within the said price range, but has a guesthouse behind it (small kitchen,living,bed,bath). With that being said...

I've always wanted to get into real estate and was considering setting up an LLC at some point. Start to rent out the guest house as well as a room in the main house and just keep it as a rental property once I move out. Eventually grow with a couple other properties.

I know it sounds pretty ambitious and isn't an easy undertaking in the least.

I'm sure there are ppl here who have done something like this. What are the biggest challenges/ liabilities?
Posted by bobaftt1212
Hills of TN
Member since Mar 2013
1317 posts
Posted on 11/15/13 at 7:56 am to
I wouldn't think its too ambitious. I was your age when we purchased our first house. We keep our houses when we move and rent the old houses out. It may take a long while but by the time we are retired I would like to have 5-10 houses that are providing us with a good income through retirement.
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