have a 1900 sq ft home paid off i have $90 K to put down on a rental or 2 buy a new larger home 4 me & rent out mine-long term what is best

Asked by Maria, El Paso County, TX Thu Feb 9, 2012

i"m 51 i would prefer not to move but a newer larger home would be nice and with all the incentives & mortgages at an all time low it is intoxicating, however just buying a rental at a lessor cost and renting it out right away sounds easier-we have one of the largest areas for rental as we have an influx of soldiers and no housing units available. i'm looking at this as an investment since i'm relatively young.

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Sally Grenier’s answer
Sally Grenier, Agent, Boulder, CO
Thu Feb 9, 2012
I applaud you for wanting to invest in real estate. Over the long term it's proven to be a great choice and having someone else pay for it?! Even better! However, I can't tell you if you should stay in current place or buy something new for yourself. That's a very personal decision. You should weigh the pro's and con's of each. Talk to a lender and find out what's involved because you'd be considered an investor, and there are different requirements. I would also talk to a CPA, tax attorney or financial advisor and get advice from them. Good luck!
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