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Old 08-14-2017, 04:00 PM
 
Location: Central Mexico and Central Florida
7,099 posts, read 3,459,108 times
Reputation: 10163

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Quote:
Originally Posted by bobspez View Post
I visited Lake Chapala when I vacationed in Guadalajara back in 1970. We had a picnic at the top of the waterfall and I edged out on my stomach to the edge of a large flat boulder and looked out over the edge of the waterfall. It was a beautiful spot, like the grand canyon covered in lush foliage. I had read that over the years the lake had become an ecological disaster due to pollution. Has the lake recovered?
In the past decade, the Lake has been improved thanks to federal and state agreements. The levels of fertilizer from upstream farming operations has been reduced. There is also an agreement about the use of the water and it now requires dams to be opened earlier each growing season to ensure the lake level.

Locally there is a very active kayaking club. We were kayakers from 2008 thru 2012 and expect to buy a kayak soon (we are in process of renovating our new home and not much time for recreation at the moment!). The waterfalls are running strong right now, thanks to the rainy season.

Here's a link to a blog about the Tepalo Falls...it's a hike we've taken a few times every summer. Maybe it will bring back memories for you.
Jim & Carole's Mexico Adventure: Ajijic's back yard: Tepalo Waterfall hike
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Old 08-14-2017, 04:41 PM
 
Location: NNV
1,518 posts, read 972,148 times
Reputation: 3096
Quote:
Originally Posted by dmills View Post
Did anyone buy their retirement home initially as a 2nd home? We are contemplating buying ours (pre-retirement) in a resort-like community, and using it as a second/weekend home, until we retire in a couple years. Then we would sell our primary home, and move into the 2nd home as our primary residence (or possibly snowbird). The new place is half the value, and about a quarter the size of our current home.

Did anyone else do this? How do you feel about the decision in hindsight? Our primary home is paid off, and we can definitely afford To do this, although we'd probably need to take out a mortgage to avoid raiding retirement savings. Our main "cause for pause" is going back into debt.

What have others done, and would you do things differently if you had it to do over?
Kind of. I had a rental property in the Coachella Valley. Made a few bucks on it. The tenants originally wanted to buy it, but after a few years of living there, health issues forced them to abandon their plan. They moved away, so I decided it was time to sell and buy our retirement home. Found a home in Nevada. It is now being rented. The plan is to rent the house for a couple of years using the 1031 exchange rules, eventually to sell the primary residence then move to Nevada. We did take a mortgage to buy the house, but the rent more than covers the mortgage, property taxes, insurance and HOA fees.

Buying a second home without renting it out would have been too expensive for us. What you are suggesting is a bit of a luxury and quite a commitment. I'd make sure I'd REALLY want to live there in retirement.

Last edited by Vic Romano; 08-14-2017 at 04:49 PM..
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Old 08-14-2017, 07:14 PM
 
2,049 posts, read 862,636 times
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Thanks for the links. The memories have come flooding back. The falls I was at was very large. Maybe El Salto. At the time it was fed by a large stream, maybe 25 feet across. We got there by car, I don't recall hiking or climbing to it. I had met three school teachers on vacation from Chihuahua at a coffee cafe in Guadalajara one evening and they had met two local men from Guadalajara (I think I was told that they worked for the government) at the Hilton Hotel the night before, and they invited me to join their group for a few days (probably to to accompany the third girl). They treated me like a guest. I gained some major points with them as I crawled out on about a 10-15 ft. flat boulder that jutted over the edge of the falls to have a look. The girls were screaming at me to stop. We had spent the afternoon eating fruit and drinking beers at the edge of the stream so it seemed like a good idea at the time. The falls was really high up, seemed like a hundred fifty to a couple of hundred feet looking over the edge. The next night we drove in a couple of cars out of town to go to a restaurant for dinner and drinks. The restaurant had been empty when we arrived and the staff put a couple of long tables together and filled the table with food and liquor. Outside after dinner the men asked me to make the 4 by standing on one leg and crossing my calf across my knee to make a number 4 (I passed the drunk test). Driving through canyons at night back to Guadalajara the men shot their 45 automatics in the air "to let the bandits know they were armed". The hot shells ejected in the back seat and two girls in the back seat with me squealed. the next day the men worked during the day and I hung out with the girls, visiting the cathdral, the university and some of the local sights and treating the girls to dinner. It seemed like they would break out into song spontaneously while we walked around arm in arm. I felt like I was in a musical. At the end of the week I said goodbye, and having spent most of my money took a 48 hour bus ride to Mexicali, then walked across the border and took a Greyhound in Calexico back to LA. (The 36 hour train ride coming to Guadalajara was about $20, but the bus was only $12.) The night before I left I had Montezuma's revenge and spent the night shivering under a blanket. When I first got to Mexico I drank the water and bought lemonade from a stand, figuring I was contaminated so I didn't have to worry about the water any more. It had taken the week to catch up with me (maybe because of the beer and liquor I was consuming). Near the bus station I stopped at a pharmacy and explained my problem and the pharmacist gave me some white powder which I mixed and drank in a glass of water. I didn't eat anything on the ride home, slept a lot and probably ran a fever, but the powder had worked and I had no problems. I remember to this day a very vivid dream I had on the bus of an old man in buckskin fringe leathers shooting an ancient rifle out of the window of the bus at some cows. It was the greatest vacation adventure of my whole life.
Quote:
Originally Posted by dothetwist View Post
In the past decade, the Lake has been improved thanks to federal and state agreements. The levels of fertilizer from upstream farming operations has been reduced. There is also an agreement about the use of the water and it now requires dams to be opened earlier each growing season to ensure the lake level.

Locally there is a very active kayaking club. We were kayakers from 2008 thru 2012 and expect to buy a kayak soon (we are in process of renovating our new home and not much time for recreation at the moment!). The waterfalls are running strong right now, thanks to the rainy season.

Here's a link to a blog about the Tepalo Falls...it's a hike we've taken a few times every summer. Maybe it will bring back memories for you.
Jim & Carole's Mexico Adventure: Ajijic's back yard: Tepalo Waterfall hike

Last edited by bobspez; 08-14-2017 at 07:45 PM..
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Old 08-14-2017, 09:34 PM
 
Location: Tucson Arizona
3,883 posts, read 1,651,610 times
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We've been living in our "retirement home" for about 8 years. I'm bored, I want something new! Fortunately, my husband agrees. We're thinking California and maybe an RV.
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Old 08-15-2017, 07:36 AM
 
13,891 posts, read 7,395,585 times
Reputation: 25379
Quote:
Originally Posted by steiconi View Post
We've been living in our "retirement home" for about 8 years. I'm bored, I want something new! Fortunately, my husband agrees. We're thinking California and maybe an RV.
That's why I picked within striking distance of a major metro area. I can get to Boston in an hour and NYC in 3-ish hours. Both have good public transportation options so I don't have to drive.
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Old 08-15-2017, 07:37 AM
 
1,696 posts, read 611,572 times
Reputation: 1778
Quote:
Originally Posted by dmills View Post
Did anyone buy their retirement home initially as a 2nd home? We are contemplating buying ours (pre-retirement) in a resort-like community, and using it as a second/weekend home, until we retire in a couple years. Then we would sell our primary home, and move into the 2nd home as our primary residence (or possibly snowbird). The new place is half the value, and about a quarter the size of our current home.

Did anyone else do this? How do you feel about the decision in hindsight? Our primary home is paid off, and we can definitely afford To do this, although we'd probably need to take out a mortgage to avoid raiding retirement savings. Our main "cause for pause" is going back into debt.

What have others done, and would you do things differently if you had it to do over?
I have done that, but it involved small condos rather than houses (I am solo/widowed). I am happy with the decision. The worst case scenario is that you might find out you are not using the second place as much as you thought you would and it is costing you more than acceptable for something you are not using. In that case, you can rent out your second property until you are ready to sell your primary home and move into the second one. The other thing that might happen is that you find out you don't really like your second property. In that case, you can again rent it out, then sell it and buy something you like better, as a 1031 property exchange (to avoid paying tax on the sale of rental property). If you do that, you would have to rent out this last property for 2 years, but then you can move in.

Or, to put it maybe in simpler terms, let's say you live in A and buy B as the second home. The possibilities are the following:
- you enjoy both places and spend enough time in both places that it justifies having both of them; eventually, you sell your primary home, and live in the second one.
- you end up not using B, and decide to rent it out until you fully retire. Then you sell A and move into B.
- you decide you don't like B. You can rent it out for a few years, then sell property B and buy property C as a 1031 exchange. You rent out C for two years (to fulfill requrements of 1031 exchange), then sell A and move into C.

In my case, I did this because I like large cities, where property appreciation, however, is tremendous, and I realized that in any of these three scenarios I would end up paying far less for my retirement home than if I waited 25 years and downsized from one larger condo to a smaller one (where both condos are in expensive cities that are getting more expensive every day).
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Old 08-15-2017, 07:41 AM
 
Location: Forests of Maine
30,680 posts, read 49,443,611 times
Reputation: 19129
Before I retired, we owned an apartment complex in Ct that had a positive income. After I retired we moved into that Ct property, and it still maintained a positive cash flow. Then we refinanced it and used the cash to buy our Me retirement property. Our intent was to keep both properties, the Me property to live in ourselves and the Ct property to provide continued portfolio growth.

Little did we know that the 2008/09 recession would remove all of our tenants and cause us to go through bankruptcy.
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Old 08-15-2017, 11:18 AM
 
Location: New York
831 posts, read 653,672 times
Reputation: 1536
Quote:
. It was the greatest vacation adventure of my whole life.

Great story!! Reading it, I imagined your story in that 1970's off color film style. Wow.
Certainly a gentleman leaving much? of the story out!
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Old 08-15-2017, 12:10 PM
 
2,049 posts, read 862,636 times
Reputation: 5039
Thanks Grouse. Yes, I could easily write another page or two of stuff I left out, some of which would raise it to at least an R rating. But it was all good, and quite magical! Everyone I came in contact with were extraordinarily cheerful, polite, and honest. Of course I was a tourist, but I felt welcomed wherever I went. One young lady on the street grabbed my belt from behind and yanked me back out of the path of an oncoming speeding bus that routinely climbed the curb when making a right turn at that corner. She just smiled and walked on when the light turned green. The following year I was talking to a barber when I was getting a haircut and he was from Guadalajara. He told me up here people live to work, down there, people work to live, and they know how to live.

Quote:
Originally Posted by grouse789 View Post
Great story!! Reading it, I imagined your story in that 1970's off color film style. Wow.
Certainly a gentleman leaving much? of the story out!

Last edited by bobspez; 08-15-2017 at 12:56 PM..
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Old 08-15-2017, 12:49 PM
 
708 posts, read 502,095 times
Reputation: 1165
I agree with lots of the comments. Another thing to look at is the resale market of the second home. How hard is it to sell the home for a variety of reasons (don't like it, can't afford it, health or family reasons)? If easy to sell without lost of money then it makes you feel more comfortable. Florida and Arizona is somewhat easier because 10,000 baby boomers are retiring each day and a percentage of those will retire to one those states.
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