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Old 02-04-2019, 09:08 AM
 
145 posts, read 165,791 times
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I am about 20 or so years away from retirement, however, I am looking to possibly buy a 1 bedroom condo somewhere where I may retire later in life but for now have it make a bit of money by renting it out or at least pay for it self. Also prefer for this property to be under 40 min away from a major airport. I began thinking about Florida properties, something on the beach, which will be desirable on websites like HomeAway and AirBnB.

Very curious to get any sort of helpful advise from people that know much ,ore than I do on this topic.

My approximate budget for a condo ... under 300k.

Thank you.
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Old 02-04-2019, 09:16 AM
 
Location: Williamsburg, VA
2,398 posts, read 1,075,413 times
Reputation: 5806
I've known a few people who have gone this route. For some it worked out well. Some people I knew had problems, especially with storm damage and problems with tenants. Check the history of hurricanes. Also, before you count on an income from Air BNB be aware that many communities are now banning rental programs like that. So even if you buy a property with a successful rental history up to this year, it might not be rentable next year.
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Old 02-04-2019, 09:43 AM
 
Location: Williamsburg, VA
2,398 posts, read 1,075,413 times
Reputation: 5806
One other thing to think about for investment properties. If it's a good investment, why is the current owner selling it? There might be a good reason (failing health, for example). But find out, before you find out the hard way that the reason was it wasn't a good investment.
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Old 02-04-2019, 11:36 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,667 posts, read 3,677,972 times
Reputation: 6326
Often investment property and what you desire in your own residence aren’t always the same.
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Old 02-05-2019, 01:45 PM
 
7,495 posts, read 4,051,714 times
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I'm curious how AirBNB works if the owner/landlord isn't onsite 24/7. Who changes the sheets and towels between renters and otherwise oversees this operation?

That said, the only way I'd do this remotely is with a full-time property manager available (oceanfront condo complex, etc.).

Last edited by otterhere; 02-05-2019 at 02:07 PM..
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Old 02-05-2019, 09:44 PM
Status: "2019 Year of the first time home buyer" (set 16 days ago)
 
Location: Just south of Denver since 1989
10,760 posts, read 28,863,522 times
Reputation: 6946
Why don’t you consider buying something close by to rent out then cash out and buy something to retire to?
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Old Yesterday, 07:48 AM
 
7,495 posts, read 4,051,714 times
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Quote:
Originally Posted by 2bindenver View Post
Why donít you consider buying something close by to rent out then cash out and buy something to retire to?
Given that the OP is still 20 years away from retirement (!), that sounds like excellent advice.
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Old Today, 01:08 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,667 posts, read 3,677,972 times
Reputation: 6326
In 20 years the property may well be run down in need of major upgrading.
Op may also change their mind on where they want to retire.
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Old Today, 01:38 PM
46H
 
899 posts, read 518,989 times
Reputation: 1709
Quote:
Originally Posted by 2bindenver View Post
Why donít you consider buying something close by to rent out then cash out and buy something to retire to?
Quote:
Originally Posted by otterhere View Post
Given that the OP is still 20 years away from retirement (!), that sounds like excellent advice.
These times 10.

Do not buy where you think you might want to retire 20 years from now with the idea of renting it until you retire. Absentee ownership can be a disaster. Do something local if you want to try out the RE business.
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Old Today, 03:58 PM
 
Location: on the wind
5,337 posts, read 2,070,116 times
Reputation: 18639
You can come up with a lot of reasons for buyer's remorse over 20 years.
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