Real estate investments - Airbnb/rental

Voya
FCjm36

Go to company page Voya

FCjm36
Jun 20, 2021 4 Comments

I was wondering if anyone in my shoes has property in LA/NYC that they rent out.

I’m 23 with NW 100k, I wanted to see if it would be financially irresponsible to buy a property with a mortgage and rent it out.

Currently living in NYC.

TC - 210K

Any advice would be appreciated.
#personalfinance #investments

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TOP 4 Comments
  • Redfin
    wfmW82

    Go to company page Redfin

    wfmW82
    At 23 years old I would be maxing out 401K and IRA. Those have 40+ years to grow. And then maxing out ESPP if your company has one. And then I would be doing the math on paying back school loans if you had any.
    Jun 20, 2021 2
    • I’d actually do the opposite. Pay back loans before investing else the loans/interest will keep growing.
      Jun 20, 2021
    • Redfin
      wfmW82

      Go to company page Redfin

      wfmW82
      I mean it all depends on your interest rate, amount of loans, TC. Are they federal or private? There is a good chance some debt will be erased with Biden. They’re making too much to write off anything for paying back interest. Why not reduce your taxable income as much as possible by maxing out your 401K?
      Jun 20, 2021
  • Affirm
    eureka!

    Go to company page Affirm

    eureka!
    I mean, do you have 25% down in cash? Investment properties have different rules. You don’t just get a normal mortgage for that
    Jun 20, 2021 0