I am 39 and stuck renting (1k/mo in rent) in Wa state for the next 5 years until I move to MN. Would like to buy a house in my home state MN as a rental property for 215k, as I need to buy my retirement house and build equity.
I have no debt and 200k net worth not in a retirement acct.
I’m tired of losing 1k every month to rent and want to offset this with rental income (rental income research suggests going rent will cover expenses). I make 50k/yr after taxes with my job.
Should I put 15% down on mortgage loan or 20% to avoid PMI? Is LLC necessary to protect personal assets or is landlord liability insurance sufficient?
This would be my first rental but I work in property management as a career admin asst and plan to manage a rental property for 15 years or more. I can move into the rental home in 15 years or keep it as a rental and buy a second home. Already maxed on my IRA, 401k.
Any tips or advice?
Thanks!