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In the introduction, the author mentions that 1) he had a lot of problems selling his first home and 2) the story of his second home is so painful that he doesn
by lpolovets 15y ago
In the introduction, the author mentions that 1) he had a lot of problems selling his first home and 2) the story of his second home is so painful that he doesn't want to write about it. After reading that, it's hard not to take the rest of the article with a huge grain of salt. There are a few good points about home ownership requiring a lot of cash and limiting your mobility, but most of the points are very questionable: the tax deduction is NOT microscopic, maintenance does NOT have to be a huge issue (depending on the house), you will NOT spend all of your time working on the house (again, depending on the house), and so on.
Entrepreneurs, specifically, can do clever things with houses. For example, if you can afford the down payment, there are many places where you can buy a 4 bedroom house, rent out 2-3 of the bedrooms and have a net profit every month (especially with the current interest rates.)
- jarek 15y ago> rent out 2-3 of the bedrooms ... thus further limiting your options should you wish/need to liquidate your investment or just plain move...
- herval 15y agowhy so? In most countries I lived on, you can evict renters with at most 1 month of notice. Plus, some people actually prefer to buy estate which is already rented (specially with long-term contracts)
- justncase80 15y agoIf the business you want to be successful at is being a landlord then I think this is fine. Otherwise it's a time sink and not worth it.