I just sold a home that I inherited that I owned out right in California. All taxes were paid, etc. Came in close to $2.0 M. As the costs of living are increasing in California, I want to move myself and my kids to a less materialistic state, a place where we can own land for our horses and dogs, etc.
But here’s a major caveat in this situation. I want to purchase a second home/condo/townhouse to rent out. So my question is, what cities or states are looking for homes for small families to rent (which would be my second home) that can be rented out. Any suggestions would be greatly appreciated!
Inherited liquid funds; where’s the best location to purchase two homes?
byu/Bitter-Hitter inRealEstate
Posted by Bitter-Hitter
3 Comments
Believe me, you do not want to be an absentee landlord. I do not know why you want to get into landlording, but if you do, do it locally, where you live.
If you’ve never been a landlord before, the best thing to do is to buy a rental property, that’s not a single family home, that’s in the same town that you live in.
Being able to see the property being able to understand the market is going to be key.
I’d absolutely buy in California. Or maybe New York City. Or the highest HCOL I could find.
The reason they’re HCOLs is because they store wealth. That’s why the entire world parks their money in those places.
If I were you, I’d buy in CA and never look back. The best part about CA is they have some of the nation’s lowest property taxes and some of the nation’s lowest insurance rates, so it’s a VERY good place to earn and keep wealth.