Morning Pages: October 24th, 2020
Due to the coronavirus pandemic, I've been locking myself down until I think it's safe to go out again. To alleviate fear and stress, my writer's group has put together a daily "morning pages" get-together on Zoom in order to touch base before starting the day. Here's some of my brief thoughts.
The King of Kings!
Hope this isn't blasphemy but this kitten is so cute
I'm thinking about buying an apartment. Not for my own personal use, but as an investment property. I'm not sure how my ideas for a profitable software venture is going to turn out, and I think it'd be nice to get some small amount of rental income (or have a mortgage that somebody else is paying for me).
The property would be pretty much next door to me. Like I think there's just a wall dividing that apartment and mine. I'd probably have to register a corporation, negotiate the price down to where the monthly mortgage payment is below the rent I would charge, make sure I have rental documents in order, and then put out a posting on apartments.com asking if anybody wants to rent. I think I might be able to ask my current landlords about this arrangement.
I think the nice thing about purchasing apartments for rent is that I'm not too afraid to get a mortgage in the first place. For a place I'd want to own outright, and that wouldn't create any income for me and would just suffer from depreciation, I'd want to buy in full and in cash, but if it's throwing off rental income that can cover a mortgage, then I only need to have a mortgage cheaper than the rental income (and probably not by all that much). That's great because the bank will help own the house (reducing my or my corporation's liability in case anything happens), and I can stretch my principal further, and get a car or maybe even a second rental property. I can start playing real-life Monopoly.
We'll see how it goes :smile: