I am thinking of investing in a 1 bedroom condo to rent out in the Peoria area for the next 5-10 years. I may not always live here - good idea?

Asked by Eric, 61615 Wed Aug 4, 2010

Additional details: I am currently a homeowner and would like to create some passive income over time. My concerns are being a landlord from a distance since I'm not sure when I'll move out of the Peoria area. I want to keep it simple (1 bedroom condo) to maximize my tenant possibilities and minimize upkeep costs. Am I crazy to do this? I've always heard/read that buying small properties and renting them out is a fairly financially sound idea.

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Eric, , 61615
Wed Aug 4, 2010
Ok .. I shouldn't have said 5-10 years. I'd be keeping the property for as long as I could and that it makes financial sense. Could be many more years than 5-10..
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