Quote:
Originally Posted by kieran
Congrats!
I actually just signed a contact for our first property purchase as well. Buying a rental property at the beach that we should be able to rent out fo make some good passive income.
Won't be ready to go for this season, but hopefully we can get it renovated and such prior to the next summer season.
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I know a couple of people doing this. They seem to be enjoying it and are doing quite well with things.
I used to watch that Income Property show on HGTV back in the day, where people would renovate a basement or unused wing of their house and rent it out and have a nice income rolling in. That same guy, Scott something-or-other, is now doing a new show where he tackles the same with summer homes...fixes country/small-town/lakehouses up so the owners can have summer rental income properties. I like stuff like that, hearing about the smart way to spend money to get the most bang for the buck and appeal to renters (either seasonal/weekend, or full-time monthly). I've sometimes caught myself thinking about this...