Quote:
Originally Posted by usernametaken
Pay off your own house first - then when the bubble pops - you can thank me that you don't own more than the house is worth - you can also put that (albeit reduced) equity into an investment property then allowing you to participate in the ride up from the bottom (as opposed from the fall from the top - which is overdue)
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This is the best advice to follow actually.
Take care of number 1, then worry about making money and housing others.
I bought several investment properties before I left home and they were high maintenance but well worth it in the end. I've sold off 2/3rds of my portfolio over the last few years and am now funding the building of our family home.
Once that is paid off, I will be looking into re-entering the PI scene as it's something I enjoy doing.
Remember - get your advice from people in the know. Even if they tell you horror stories of bad tenants or financial loss (and this does happen more often than you think) there is still a lesson to be learnt.
Is it a good idea? Yes - but be prepared for hard work and sleepless nights!