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We haven't yet, but we will...end up full-time in the snowbird property on the gulf coast. And love it, ten of the last twelve months we've been in paradise. Love the lifestyle.
That's exactly,what we did, even from the same metro area. Only thing is we don't look at this as our last move but as a time to figure out just where we want to go. It got rid of one mortgage, got us out of the craziness of traffic, and gives us time. Problem here is we are 30 minutes from about anything, not exactly what I want as we got older.
All of my props are rural, all are in very different climates / activities, All are rented with a guesthome available for me, and positive cash flow Year-round. (Free living for me) RV spots at all locations for my guests. I grew up near Estes Park Colorado, and noted that vacation / second homes sit empty 80% of the time. I chose to put that equity to work in NNN commercial rentals and use the extra income to fund my vacations. I have friends who always have to run to the beach or mountains to maintain their 'vacation' property. Doesn't sound like a vacation to me! Property Management companies can reap 30 - 50% (or more) of your earnings!!!
I'm a little confused by your post, so you just rent RV spots or do you rent vacation homes as well? Regardless this has given me some ideas to think about. How do you get away with not using a property management company, do you just travel between them all the time?
Downsizing to a townhome and keeping our second home, which will only be a little more than an hour from the townhouse. Harsh winters are not something hubby can deal with (mountain property) so this way we have the best of both worlds. We could rent out the mountain house if we desired but we want to be able to pop in when the weather suits us. We have had the property for 22 years so it feels like "home."
The idea 22 years ago was to add on to the mountain house and retire there full time, but hubby didn't have health issues back then.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,722 posts, read 58,067,115 times
Reputation: 46190
Quote:
Originally Posted by Mattks
I'm a little confused by your post, so you just rent RV spots or do you rent vacation homes as well? Regardless this has given me some ideas to think about. How do you get away with not using a property management company, do you just travel between them all the time?
Manage myself, even when overseas for several months. (Robust terms and VERY selective on tenants some have stayed 10 yrs + and all love their places (We do some nice upgrade every yr) We have sold a few to tenants to help them get a start on ownership. If they are on-time all yr, and never bother me with simple repairs that they can do... they get 1/2 month rent rebate in Dec)
profile of Props
~100k investment in rural property with home and shop.
add ~2-3 RV spots and Guest qtrs (cottage or apartment in Shop)
1) rent main house ($1000 - $1500/ month)
2) I keep the Guest house for me to use (or to use for guests when I am not there)
3) RV spots are for me / tenant / friends and / or short term rentals ($300 / month)
4) Shop includes community kitchen / showers / bath / washing.
5) I keep a cheap diesel car (<$100) at each location (diesel is fine with sitting a yr or 2 and starting fine)
6) I equip each shop with hobby tools and projects
7) I volunteer / work for farmers nearby.
I fly between locations during optimal season (~4x/ yr at $89 per trip)
All are within 1 hr of International Airport.
Great food, activities, community, fun in each location. (Climate varies)
Someday I will downsize to 2 (after ~age 70...)
The others will be sold 'on-contract' at decent interest rate for my income. (5-6%)
eventually I will downsize to ZERO and 1031 the investments into NNN commercial rentals. I have a 93 yr old friend that has not been to his NNN properties in 20 yrs. They just keep cash flowing $8k/ month. (3 months in advance...) Japanese owned business,
Manage myself, even when overseas for several months. (Robust terms and VERY selective on tenants some have stayed 10 yrs + and all love their places (We do some nice upgrade every yr) We have sold a few to tenants to help them get a start on ownership. If they are on-time all yr, and never bother me with simple repairs that they can do... they get 1/2 month rent rebate in Dec)
profile of Props
~100k investment in rural property with home and shop.
add ~2-3 RV spots and Guest qtrs (cottage or apartment in Shop)
1) rent main house ($1000 - $1500/ month)
2) I keep the Guest house for me to use (or to use for guests when I am not there)
3) RV spots are for me / tenant / friends and / or short term rentals ($300 / month)
4) Shop includes community kitchen / showers / bath / washing.
5) I keep a cheap diesel car (<$100) at each location (diesel is fine with sitting a yr or 2 and starting fine)
6) I equip each shop with hobby tools and projects
7) I volunteer / work for farmers nearby.
I fly between locations during optimal season (~4x/ yr at $89 per trip)
All are within 1 hr of International Airport.
Great food, activities, community, fun in each location. (Climate varies)
Someday I will downsize to 2 (after ~age 70...)
The others will be sold 'on-contract' at decent interest rate for my income. (5-6%)
eventually I will downsize to ZERO and 1031 the investments into NNN commercial rentals. I have a 93 yr old friend that has not been to his NNN properties in 20 yrs. They just keep cash flowing $8k/ month. (3 months in advance...) Japanese owned business,
Thanks for the detailed reply! You have some good ideas going there! My wife really wants us to buy a place we can use as a retreat a few times a year, but my requirement is it has to make money or break even. I'd never thought about RV spots.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,722 posts, read 58,067,115 times
Reputation: 46190
RV sites. need to verify zoning. In WA I can only have tenant for less than 60 days.. No issue in TX (my location)
RV sites not a stable income (seasonal due to weather)
A fulltime rented guest house or rented main house = best bet, including a fulltime caretaker for property.
A vacation rental get higher rate, but less occupancy, so ends up being a 'wash' on income (paying a management company or VRBO). My Aunt does very well on her Gulf coast home VRBO (1 hr east of Panama City). She blocks out a few weeks for family and has a stable regular clientele. (after 6 yrs of owning). I don't like hurricanes, so I just stick with volcano and earthquake risk. I keep all properties on HIGH ground!
I made my move first and work out of my home. I'm twenty miles from a pleasant city of 9,000 that has everything I need. I go there for groceries and other supplies about every two weeks; the rest of the time I enjoy my peace and privacy with the nearest neighbor about 1/2 mile away. I buy as much as I can online. That's increasing and I have the same access to everything as people stuck in big cities.
I don't travel much because I already live in a world class vacation area; Yellowstone National Park is only a few minutes away. There are no weather emergencies where I live and no crime. I have a large library; I can shoot from my porch; I can ramble with my dog. It doesn't get any better than this.
There won't be any vermin at my door tonight; Halloween is just as private as every ther day.
I made my move first and work out of my home. I'm twenty miles from a pleasant city of 9,000 that has everything I need. I go there for groceries and other supplies about every two weeks; the rest of the time I enjoy my peace and privacy with the nearest neighbor about 1/2 mile away. I buy as much as I can online. That's increasing and I have the same access to everything as people stuck in big cities.
I don't travel much because I already live in a world class vacation area; Yellowstone National Park is only a few minutes away. There are no weather emergencies where I live and no crime. I have a large library; I can shoot from my porch; I can ramble with my dog. It doesn't get any better than this.
There won't be any vermin at my door tonight; Halloween is just as private as every ther day.
We sold our home outside of busy Washington D.C. and moved to our vacation/rental property we have owned for 30 years in Coastal Virginia. We really like the move and new lifestyle. Anyone else here do the same kind of thing? How did it work out for you?
As you know lots in the DC metro have. Others kept both homes others sold and ended up with two elsewhere. Many had planned for a lifestyle retirement so congrats to you and may you enjoy and prosper.
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