[USER]

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!

[Corey]

You’ll likely find that you need to put down 20% for a rental property.

If you can find 5% down for a rental property let me know what lender you use.

I’m a landlord in MN. If you want to be connected to any local MN groups let me know. I’m not soliciting anything as I am not an agent or anything. Just a landlord for this purpose.

[Dennis]

1k/mo rent in WA seems pretty good to me.

[Author]

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