Buy cheap little house for rental property?
How do you figure out whether this would be a little extra for retirement?
My scenario, I am living in a place I know I don't want to stay when I retire in 7 years (or maybe move from to a different job even sooner). So I am in an apt.
Down the road a small cheap house is for sale - not somewhere I'd want to live normally but I was thinking I could buy it, put in 10,000, live in it and when I move hire a property mgr and rent it out as a little extra for retirement.
Now I was just told that typically its not rent that's the benefit but tax write offs. I am single and currently don't have any.....I don't have retirement mapped, I may buy a place to live or RV full-time or a little of both - who knows what the future will hold.
My question is this place is 57,900, will tax write offs and/or rent be enough to give my retirement income a little boost? Or at that level, one small house minus property mgr fees, even worth it? How do I figure this?
It is close to an Air Force Base and a small college so theoretically there is a rental market - however there are also tons of rental properties, a new apt complex tgt students just opened with more under construction, and for houses especially now with people leaving and not being able to sell. I'm not sure its a nice enough house or school system for most military families even though its less than a mile from one gate. Maybe a single airman with a pet....
Anyway its the overall rental money picture as a good thing for retirement I'm trying to get a handle on right now.