I currently work a rotational job (2 weeks on 2 weeks off) and am looking to buy my first place, ideally to spend my days off at. I am considering an older apartment/condo 500-1000 sqft with 1-2 bedrooms. Price range 150-250k. Most places I have found in this price range are older on the outside and renovated on the inside.
I am considering either inside the loop in Houston (hometown where all of my family and friends are) or a ski town in Colorado (just spent two weeks in Steamboat and found a few older but decent spots there). Obviously going the ski town route I will get a lot less for the buck but could rent it out while I am away. In Houston I will get more for my buck and potentially a roommate if I go the 2 bedroom route.
I figure a mortgage on a place in this price range would be basically the same as a nice apartment, except I would be building equity and possibly generating some extra income from renting.
Anyone have any experience with older properties like I am looking at, things I might not be considering? Or owning a part time rental in Colorado? Would probably turn in to a full time rental when I move out of the field and in to the office (would either be Houston or Denver with my company- honestly a toss up where I will end up between the two). Do you see one being a better investment than the other?
Thanks.
I am considering either inside the loop in Houston (hometown where all of my family and friends are) or a ski town in Colorado (just spent two weeks in Steamboat and found a few older but decent spots there). Obviously going the ski town route I will get a lot less for the buck but could rent it out while I am away. In Houston I will get more for my buck and potentially a roommate if I go the 2 bedroom route.
I figure a mortgage on a place in this price range would be basically the same as a nice apartment, except I would be building equity and possibly generating some extra income from renting.
Anyone have any experience with older properties like I am looking at, things I might not be considering? Or owning a part time rental in Colorado? Would probably turn in to a full time rental when I move out of the field and in to the office (would either be Houston or Denver with my company- honestly a toss up where I will end up between the two). Do you see one being a better investment than the other?
Thanks.