Being the type of person who hates to punch in and out of work, I have always wanted to start .
The field that I am interested in is real estate. A plan of mine for a few years now .
has been to purchase a home, and after some renovation, use it as a rental property. Once the first .
property has a steady income, I will repeat the process over and over until I have mutliple homes in my .
name, that I will sell when I am ready to retire. From the time of purchase of each property, any .
money that I spend in the renovation process will be tax deductible. I will consider myself a property .
manager, and the owner of my own business. .
.
Until recently, I planned on keeping this future business local. I had hoped to be the person .
who would drive to the locations of these homes to do the renovations and repairs myself. While sitting .
in diversity class at Cabrini College I enhanced this idea. I played with the thought of combining rental .
properties with a sort of time sharing. What I mean is, I would like to purchase properties in other .
countries as well. By doing this, I would not be able to manage the properties outside of the United .
States. This gives me the option of either sending someone from the US or hiring someone in that .
foreign country to manage the property for me. .
An example of this idea, would be purchasing a duplex over in Ireland. Just like in the US this .
would be one property that I could let a handyman stay in one half of the duplex for free, as long as he .
did all the work on the entire house. This would include any repairs that the other tenant who was .
paying rent would need. The income that is being produced in the form of rent, will pay the mortgage .
over time. By continuring to do this multiple times in Ireland and here in the US, I could eventually set .
up a timeshare for Americans that want to travel to Ireland, and the Irish that want to travel here as .
well. .
There are some pros and cons associated with having a local/national manage my business for .