Real Estate Investing for the future (cash, fees, mortgage, markets)
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We are in our mid 40's in Upstate NY. We have been trying to look into buying a 'retirement" property in either Florida, North/South Carolina or Texas. No better time then now--with the prices. However, I do not know where to start...and I have a huge worry that we will buy something buy not be there to watch it and someone will take up residence there when we are not there...which will be 90% of the time..since we are still working-in New York to pay for the house we want...any advice? ideas? Experiences? What do you have to tell me? Please and Thank You!
If you aren't going to use it often or rent it out, no reason to buy now. Best idea is to buy now and rent it out before you get emotionally attached to the place. Renters can pay the mortgage and pay down some equity for you in most markets not on the water. If in 10-15 years you decide you don't like the area or the house, you can sell it and have some equity to use for another place.
being a long distance homeowner can be a real headache. we made the mistake of buying early in the game a 2nd home where we thought we may want to retire to. after owning it almost 4 years we realize its really not condusive to retiring there so we are thinking of selling it.
the other issues are WEATHER. we arent there every week and the bitter winters have us biting our knuckles. power outages,worrying about the heat,storms, etc all are so nerve wracking. in the middle of a blizzard our temperature monitor dialed us at 2am to tell us there was a temperature alarm condition.. it took a while to find out there was no power. now i have to worry if its not just a general outage but did our heat fail ,did a tree limb fall and take power out only by me.
all in all the expenses even if your not there never stop coming and we are finding once the novelty wore off it really sucks trying to own property you cant see in a heart beat to see whats going on.
even in florida with rentals ,do you know your tenants didnt abandon the place and squatters are there if the rent stops coming for a month or so.?
No RE expert, but here in SW FL, many people buy a home or condo, in a well run, financially stable community, and then rent it for the 'season', (Jan-March), or lease it on an annual basis.
From anecdotal info, it seems that seasonal rents tend to cover taxes, HOA fees and some of the mort, if you aren't a cash buyer. Annual leases tend to cover more/all of the cost, but that is simply from my friends' experiences.
There are 'mgmt companies' that do some oversight, renting, etc, but they take a cut.
Imo, the OP's initial question is way too broad, eg FL, NC/SC or TX, as there are literally thousands of 'communities' with varying levels of quality, features, etc. even in a few counties of SW FL, let alone 3 other very divergent states.
Not that it can't be done, but it would take term paper writing and pages of links to transfer the kind of info the OP seems to be looking for.
I also suggest the OP do some noodling on CityData various states' boards and the very informative regional sub-forums for info on areas they are interested in, to help focus the response posting.
It is doable, and maybe a good long term investment, but not for a person without good cash flow, good savings, and ability to work by remote. And, at least here in SW FL, any given community is only as good as that community's finances, (HOA & club-wise), and any given community having a low rate of current foreclosures, imo.
GL, mD
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