Well, it's not entirely crazy. I get emails from a local real estate forum when homes in my stated price range come into the MRIS. They started before I bought my home and I let them continue because, well, I have real estate mogul aspirations. ;)
A couple properties in today's email really caught my eye. They are nearby (my ideal location), relatively cheap (one is a foreclosure) and while one I'd drool just over the idea of moving in there, the purpose for buying them would be to rent them out. The mortgages would be less than what going market rate would be for rent.
It's so tempting to buy the foreclosure. The foreclosure process, if anything like the short sale process I went through for my current home, will take a few months which would let me bank some funds and search for tenants.
The crazy part is that I really don't have any extra money in my budget these days. I am not sure how I would buy the property, much less make the mortgage payments if I can't find renters in time/pick really sucky renters.
It's totally going to happen though. My plan is to buy a second property by the end of the year.
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