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RE: Should We Buy a Rental Property?
It looks like a beautiful home with a lot of potential. If you don't pay cash the only ones that make money is the bank and the government. My guess is that by the time you renovate the home you will not make any money for 5-6 years. Older homes can be a real money pit. I would advise against it.
Good advice. I certainly agree that we wouldn't have any ROI until 7 years (at least that's what I calculated). My dad said the same thing about the money pit thing. Your both probably right. But those old homes seem to pull on your <3 strings.
I know I have bought a few. I have made a lot of money in real estate and lost some. The thing I always hated was the capital gains tax when I sold it.