Rental property in California question - Posted by Sean

import · October 16, 2003, 1:06pm

Posted by George on October 17, 2003 at 09:13:57:

Move out to the inland empire. You can still get a pretty decent house for 200K.

import · October 16, 2003, 1:06pm

Posted by Sean on October 16, 2003 at 13:06:52:

I live in Southern California and am renting right now because I cant afford to buy the type of house that I want to be living in. In order to get in a decent house I am looking at 400k minimum here.

I am thinking about trying to buy a lower level condo just to rent out to try and start aquiring some assets and getting some tax breaks, meanwhile continuing to live in a house that I am renting from someone. I can get a condo for around 200k. I know the tax breaks arent as good on a rental property but I’m thinking this may be better than doing nothing.

Is this a bad move or should I just wait a few years and try and come up with the down payment for the house I want to live in?

Thanks for any advice, Sean