I have some money saved that is not really generating nothing for me and my business is not doing that well with the pandemic I'm doing about 60% less than I used to... Is buying a house/apartment with the purpose of renting it long-term a good idea? What are some negatives? / I already have a house of my own which I own, already paid for it.
Jay
I think you should do it. If you are very careful with tenants..vet them well and ask for a double security deposit (refund 1/2 with the renewal of the lease in a year if the place has been kept well..you could even wind up making extra income.
Talk to an accountant to see how you can structure this before you start, but...yeah...people ALWAYS need a place to live.
A Hunch
I don't think real estate is a good investment.
It's not passive and it doesn't increase that well.
Just now we are back at 2006 prices = 14-15 years.