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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by boston904
Please share where you get 6% interest on any investment
Closer than FL...
(inexpensive) 2nd homes on acreage...
I have 4 in Hill Country TX. (income tax free state, as are all my investments)
Bought for ~ $100k each.
rented for $1200 - $1600 / month (gross) = ~ 10+% net + equity gain and inflation protected.
Each has a FREE place for me to use as second home (cabin or shop with apartment, and / or RV sites) I fly back and forth for ~$100 each way (cheaper than fuel.. almost... my fuel is FREE... cooking oil, but much faster to FLY 2500 miles than to drive it!), I keep a $35 car at each site.
Renter cares for / mows / waters the landscape, feeds the pets and livestock.
Hill Country TX is NOT a perfect place to retreat, but suits me as an escape from the 280 days of overcast in PNW (Central TX can be cold in winter, but gets sunny days and usually 60f+ during most of winter). I have LOTS of hobbies there and in PNW and Colorado, Plan a place in NE TN, but I prefer Asia for WARM (Thailand for medical care since I am 'self-insured'). Flight to BKK cost ~ $700 RT but I save that much every 2 weeks while not paying $1700 / month Ins premiums. ($20k annual deductible anyway,,,)
I only get 7-8% NROI on my PNW properties, but equity gain potential is MUCH higher (I only buy props that are well below market price).
All excess properties will be sold on a 70% owner contract when I get too old to manage them, (and if interest rates exceed 6% (Likely))
Historically (for last 40 yrs) I have got 12% return on my rural rentals and additional 12% annual equity gain)
What information is missing? I'd be happy to answer it.
We don't want to waste too much - if any - time renting. We might do that one winter. Once we decide where.
Grass? We would hire a handyman. We know many people who do this. So maintaining two places is the least of our concerns. We want to LIKE our second home and the areas.
Thank for your comments.
It would not be wasted time or money if you find out something unanticipated about the place. you initially select. And considering you are quite undecided at this point with only the requirements of "<100k and sophisticated" there's a lot of variability...I'm assuming here, but if you only have $100k to spend you REALLY don't want to make a mistake!
What information is missing? I'd be happy to answer it.
We don't want to waste too much - if any - time renting. We might do that one winter. Once we decide where.
Grass? We would hire a handyman. We know many people who do this. So maintaining two places is the least of our concerns. We want to LIKE our second home and the areas.
Thank for your comments.
My only comment is that when you find a place in a desirable area for $100K, please let me know where.
No guarantees anywhere north of the Tampa to Melbourne FL line about winter; last year NC had a fairly miserable Jan-March (or at least I thought so). It wasn't as bad as the NE, but if you had come here to escape somewhere else you would have been disappointed. It was atypical, but I still would not consider NC a snowbird destination. Cataloochee ski area is near Asheville (actually a little south of Asheville) and as others have said, it is not at all close to the coast. If you want a US mainland beach that is warm in the winter that isn't FL then probably South Padre Island, TX is about as close as you will get but your budget would be low there. And it is not quite as warm. Plenty of 60s and a few 70s for highs in the winter there.
We live in northern Maine. I love the winters up here, snow and all! But I cannot stand the heat of summers too far south of here. We decided to get a little something to escpse the worst of winter.
We bought raw land in rural Tennessee, and had a small modular home delivered and placed on it. With the well, septic, slab, plus the land and modular home, it cost us about $125K. My wife has family in the area, and her brother went in on this deal with us. It's worked out well.
Everybody knows better than to ask me to go down there at this time of year. I could never stand the heat! But it's pleasant for me from about November until May. No coastal access, but we have that in Maine, and there is a really nice lake for fishing nearby, in Tennessee. Just an example of what we did.
Are you really a Maineah if you live half the year somewhere else?
The median home ownership length for snowbirds is about 5 years. I'm not saying it won't work for you but the typical experience is that people buy, do it for a few years, and decide it's not for them for one of a plethora of reasons. It could be financial where they didn't fully appreciate the costs of owning, operating, maintaining, and traveling to a second home 1000+ miles away. They might have problems integrating into their new community. Health issues. Family issues back at home.
I think most people would be better served doing a long-term rental for at least the first year.
Well what happens, happens. I can't predict the future, and we are not ready to move. We will have two children in college this Fall - but our nest is still not technically empty.
We like the idea of living in two places! We both enjoy change. And travel.
Will we eventually move for good? Right now I'd say no. But, hey, you never know.
In terms of "cold" weather in Miami or Orlando - that isn't the norm. Ohio winters are brutal from mid January through March.
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almost... my fuel is FREE..
. cooking oil, but much faster to FLY 2500 miles than to drive it!), I keep a $35 car at each site.
(Likely))
