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Old 03-19-2009, 08:36 PM
 
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I am thinking about buying a retirement home in Las Vegas. I am retired, but my wife is not ( another 3-5 years). We are thinking about buying now and renting it out until we are both ready to retire. I think that this might be a fairly good time to buy. What are the best places to buy a house, if you want to rent it out? I could be wrong, I have been wrong before, but before I make this plunge, I would certainly appreciate the comments from the members of this most helpful forum. So let's hear your comment/question.
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Old 03-19-2009, 09:18 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,491,985 times
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Quote:
Originally Posted by Fastrudy View Post
I am thinking about buying a retirement home in Las Vegas. I am retired, but my wife is not ( another 3-5 years). We are thinking about buying now and renting it out until we are both ready to retire. I think that this might be a fairly good time to buy. What are the best places to buy a house, if you want to rent it out? I could be wrong, I have been wrong before, but before I make this plunge, I would certainly appreciate the comments from the members of this most helpful forum. So let's hear your comment/question.

Do you wish to buy your retirement home now and rent it until you retire?

Or do you want a nice investment home that will pick up value to allow you to buy your retirment home when you are ready?

Nice retirement homesw go above $100 a SF. Sometimes above $150. Sensible investment properties are bought at $55 or $60 psf. Which is it you want?

You can buy a nice retirement home now and rent it for a few years. But it will cost you a couple of hundred per month. You can of course pay off half or so and get positive cash flow...but in fact you are paying the couple of hundred per month.

The rental thing is not filled with good news either. While the rental may be sound and provide income there is no guarantee that you will be able to sell it and move your money elsewhere in three or four years...or that you will in fact have a profit in the property. Rental properties classically appreciate less than owner occupied.

So decide why you are doing it before it happens...not afterwards.
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Old 03-20-2009, 03:22 PM
 
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be aware that homes that you buy today for retirement later will have a no rent clause.
this is new as far as I know. we cannot rent our property that we just bought as a second home.
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Old 03-20-2009, 03:27 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
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what? who is making the requirement, would be illegal.
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Old 03-20-2009, 03:34 PM
 
762 posts, read 1,347,063 times
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you may want to check into it. I know that investors who are buying as investment can rent out the property, but we cannot.
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Old 03-20-2009, 03:38 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
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is it the bank or the hoa?
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Old 03-20-2009, 03:58 PM
 
762 posts, read 1,347,063 times
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It is a rule from the bank who financed our itty bitty loan. Wells Fargo
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Old 03-20-2009, 03:59 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
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thats because your interest rate is based on owner occupied. but think about it.. how is the bank going to know if you rent it or not?
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Old 03-20-2009, 05:14 PM
 
762 posts, read 1,347,063 times
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you know, I think you are right! I wouldn't rent out this home. I will be living in it. But I will be buying more properties for investing
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Old 03-20-2009, 05:24 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
Reputation: 3883
you interest rate will be much higher on investment property.. just rent the one you have and buy another
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