where would you move to

**disneysteve** · 01-12-2008, 04:03 AM

Well, if I could move anywhere, it would be the Kissimmee, FL area to be near Disney World, but I wouldn't advise buying rental property in that area because the market is super-saturated with rentals. So I guess that doesn't help you much.

**cschin4** · 01-12-2008, 04:30 AM

I am thinking about buying couple houses for investment and collect the rent

You say this as if it is a given that you will make money, not lose money on your investment and that this is a good financial plan. If you have never done any renting of real estate, you need to proceed carefully.

**disneysteve** · 01-12-2008, 04:40 AM

Originally posted by cschin4 View Post

You say this as if it is a given that you will make money, not lose money on your investment and that this is a good financial plan. If you have never done any renting of real estate, you need to proceed carefully.

I have to agree. Also, if you are going to purchase rental property, I highly advise doing it close to home. Managing property from a distance is much more difficult and costly.

If you have no real estate experience, you want to start small until you learn the ins and outs and get some experience.

If you want to put the inheritance money to work generating income, there are many better/safer/easier ways to go than becoming a landlord.

**Diolla** · 01-12-2008, 06:10 AM

Originally posted by okaythen View Post

Ok I am on my way to inherit some money, I probably can just get a part time job and live off the inheritance, since the real estate is pretty cheap now I am thinking about buying couple houses for investment and collect the rent. Where would you move to if you can move anywhere in the states? What state/city/town and why? I am thinking about TX/Dallas area or FL, those states' living expense is pretty inexpensive I heard, any other states? thanks

I have never heard that either of those places has a low COL

If that was my plan I would look into the midwest/central areas Iowa, Nebraska (Lincoln is nice), Kansas (which is where I live)

If you want warmer climates some low col southerm states might be Tennesee, Arkansas, or Alabama.

I would subscribe or read the paper including the rental classifieds in any area you were considering and contact the Chamber of Commerce for a full package on it and visit a few times before making any long term committment to an area.

Just my .02

**LuxLiving** · 01-12-2008, 06:17 AM

What do you want to DO in your retirement?

Waterski, hike the mountains, capture the prairie dog on film, fish, museum hop, travel?

I'd say you have lots more introspective work to do than asking us!

What is it that you want in your life? Then go find the place that has lots of that available.

Think real estate sounds good? I'd invest in the market rather than being a landlord. Looks like there will be a fire sale soon on RE, so you might get lucky. OR NOT! Buyer beware.

First would be do that introspection thing.

Second thing would be to go to a fee based financial planner.

Third thing would be do LOTS OF RESEARCH and contemplation before you bite on any one plan!

**Scanner** · 01-12-2008, 07:09 AM

I recently threw my name into the ring for a position in the Poconos in Pennsylvania.

We could sell our house here and own our house outright there with a half acre of land to boot (instead of 80 x 100 lot). And probably lower taxes. And the college is part of "Tuition Exchange" which is a network of colleges that your kids can go to tuition-free (conditions apply). The school districts seemed good there too. . .average of 515 on the SAT's for verbal and math.

However, as with everything. . .I imagine pay scales are lower there, reflective of the lower COL.

Still. . .I'd take it, to be able to retire my mortgage at 39 y.o., have healthcare and at least 3 college tuitions partially paid for.

As you can see, where I live ideally depends on practical matters more and less with the "romantic" notion of living in an area.

**PrincessPerky** · 01-12-2008, 08:00 AM

If I could live anywhere I would live by family...

**cschin4** · 01-12-2008, 10:45 AM

If you can live off the money, then I would just bank it and go live where I wanted to, regardless of the local market.

**Ima saver** · 01-12-2008, 11:38 AM

I would never buy rental properties. I made that mistake. The phone rang all the time, come fix this and come fix that. Then they would move out and leave a mess. I sold for less than I had in the property and lost money.
i lived in florida for over 30 years and hated it. If I could live anywhere it would be the mountains of N. Georgia (where I live) or the mountains of North carolina or Tennessee.

**Hypersion** · 01-12-2008, 12:11 PM

That's how Donald Thump made his money.

**mom-from-missouri** · 01-12-2008, 12:22 PM

before you move, check out the medical dr and insurance situations. We had an uncle who moved to FL for his retirement and just moved back mainly because of the cost of medical care was 3 times as high has it is here. He could not change insurance because it was part of his retirement package.

**Daylily** · 01-12-2008, 04:01 PM

If you are set on rental properties, I'd consider a place with a major university.

**okaythen** · 01-13-2008, 03:21 AM

Originally posted by disneysteve View Post

I have to agree. Also, if you are going to purchase rental property, I highly advise doing it close to home. Managing property from a distance is much more difficult and costly.

If you have no real estate experience, you want to start small until you learn the ins and outs and get some experience.

If you want to put the inheritance money to work generating income, there are many better/safer/easier ways to go than becoming a landlord.

like what ways?

yes I am pretty new to RE, but the market is pretty cheap now and I always heard that invest in RE has some good returns. Maybe if you use all you money in RE then that would be a bad idea, but use part of it in rental and invest in others it might be a good idea.

Anyways thanks a lot to each one of you, those are some good advices, I will proceed with caution!

**cschin4** · 01-13-2008, 04:16 AM

I just don't buy into the notion that rental properties are a money maker.
I have investigated our local markets and it would be Very Easy to LOSE money quickly. A renter could do thousands of $$ in damage in short order. And, at the rent prices, those who really can afford monthly rent are going to buy a home. So, more often than not you are going to deal with people who have poor credit, really cannot afford it and so forth. I think you would be further ahead to put your money in a CD.
Rental properties can be profitable but I think that is in the long term. I think you would be better off to flip properties instead. Not, that I am for that, but I can see where you can control your costs better and get in and then out.

where would you move to