One Real Estate Investment Plan: Never Sell
To start: Buy your first house and immediately start saving your next down payment. It will most likely take a few years to save it so this gives you time to enjoy your home and lay down some roots.
When you have your next down payment saved, buy your new home, but don’t sell your old house. Keep it for a rental. Most likely it will more than cover the monthly payments, so what you are really doing is letting the renters finish paying the house off for you. If there is excess money over the payments you can either apply it toward the principal and get it paid off faster or you can put the extra in the next down payment savings account.
If you buy into this plan, you will pick your first couple of homes with an eye toward rentability. Go for 2 baths if at all possible – you can get as much or more rent for a 2 bedroom, 2 bath than you can for a 3 bedroom, 1 bath. And there are less people to wear out the house. 3 bdrm, 2 bath is ideal though.
For other real estate investment ideas, click here.