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
I mean, do you have 25% down in cash? Investment properties have different rules. You don’t just get a normal mortgage for that
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.
I’d actually do the opposite. Pay back loans before investing else the loans/interest will keep growing.
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?