I think I have a good deal....?

Question

Does this sound like a solid plan or not? What else do I have to consider?

I want to eventually travel and move around alot (touring musician). I have this dream of being in a band and singing. So I don't know how the "owning property / taking care of it" thing is gonna work. It usually doesn't for musicians.

I also want to make a decent amount of money. I am about to graduate from college. I cant wait to move out but I'm apprehensive about renting because I dont want to throw money out the window ( althought its not so much about the money). My parents were poor and spent thier entire lives renting ( Sad, and our land lord lived right above us)!

anyway, i was thinking of getting an apartment like how my landlord had and renting out parts of it. Like a three "home" apartment and living in one ( which would mean I rent out two "homes"). After awhile I would be able to go on tour and the other two tenents would pay rent and support my property.

Answer 1

Yes , that is how some people become landlords .

WOW , graduating college and you already have enough cash for an investment tri-plex ,
And without an inheritance !

You had a really good run in college !

>

Answer 2

True enough they would however having rented in the past I think you should remember to take into account that anything that breaks there you are responsible to fix.

Make sure that you set up a decent lease making your tenants responsible for minor repairs while you will pay reasonable fees. Check references carefully or you may come home to a nightmare rather than a peaceful kingdom.
Renting isn't all its cracked up to be in some cases.
Good luck with your travels.

Answer 3

you will still have to hire someone to take care of the property and tend to your tenants while you're away. it would work, but you'll still have obligations to your other tenants.

Answer 4

Do it. If you can swing the payment and taxes, you're golden.