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[dlow206 5,906]

For those of you that have a 2nd home in a warm location, what do you do with it while you are not living there? Rent it out/Air Bnb, etc?

[Chip Strokes 3,203]

40 minutes ago, dlow206 said:

For those of you that have a 2nd home in a warm location, what do you do with it while you are not living there? Rent it out/Air Bnb, etc?

none of the above. i avoid short-term rentals like the plague for a bunch of reasons. 

1. you’re gonna have to use a management company which will eat into your margins pretty heavily

2. people who rent short term vacation properties don’t give two craps about your property.  they treat it like a flop house and clean up after themselves just well enough to get their security deposit back. 

for reference - i’m a landlord in my day job. i own commercial real estate in New York, and a few residential properties in Florida. i’ve tried short term a few times and i’ve regretted it each time.  i’d stay really far away from short term rentals. 

[Rickp 21,458]

We purchased a Condo years ago in Surfside Beach in MB. It was the plan to rent it and use it ourselves occasionally and we had a local mgt co take care of it, right.
The short term golfers trashed it a more than a few times.
So we went with a yearly lease w people that had to live there not sublet that didn’t go well either. If they don’t own it they don’t care about it.
Finally sold it as we were too many years from retirement. We really liked that area.



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[Chip Strokes 3,203]

18 minutes ago, Rickp said:

The short term golfers trashed it a more than a few times.
So we went with a yearly lease w people that had to live there not sublet that didn’t go well either. If they don’t own it they don’t care about it.



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all of my residential tenants are in one year leases. ideally i rent to families, but i have a few college students as well. in those cases, their parents have to sign on the lease. 

that’s a big part of the reason i’m down in florida monthly in a normal year. i like to check in with tenants before anything big comes up  

either way, my realtor heavily vets any potential tenants before they get passed along to me. 

[Rickp 21,458]

all of my residential tenants are in one year leases. ideally i rent to families, but i have a few college students as well. in those cases, their parents have to sign on the lease. 
that’s a big part of the reason i’m down in florida monthly in a normal year. i like to check in with tenants before anything big comes up  
either way, my realtor heavily vets any potential tenants before they get passed along to me. 

I’m sure things have changed since the 90’s. Back then it was a lot looser.
I had to sign lease when my daughters were in college. Worked out OK.


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[Chip Strokes 3,203]

6 minutes ago, Rickp said:

I’m sure things have changed since the 90’s. Back then it was a lot looser.
I had to sign lease when my daughters were in college. Worked out OK.


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so far it’s working out great. i own condos by FAU in Boca Raton. one of them is rented by 3 guys and another by 3 girls. 

places are still in great shape 2 years later and the rent is always on tome. 

[Manimal26 532]

1 hour ago, Chip Strokes said:

none of the above. i avoid short-term rentals like the plague for a bunch of reasons. 

1. you’re gonna have to use a management company which will eat into your margins pretty heavily

2. people who rent short term vacation properties don’t give two craps about your property.  they treat it like a flop house and clean up after themselves just well enough to get their security deposit back. 

for reference - i’m a landlord in my day job. i own commercial real estate in New York, and a few residential properties in Florida. i’ve tried short term a few times and i’ve regretted it each time.  i’d stay really far away from short term rentals. 

 Did a bang bros episode happen in one of your Florida houses???

[Chip Strokes 3,203]

1 minute ago, Manimal26 said:

 Did a bang bros episode happen in one of your Florida houses???

not yet. i do extensive research a few times a week to make sure

[Rickp 21,458]

 Did a bang bros episode happen in one of your Florida houses???

I didn’t see that coming


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[Manimal26 532]

24 minutes ago, Rickp said:

I didn’t see that coming


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You never do...

[Chip Strokes 3,203]

28 minutes ago, Rickp said:

I didn’t see that coming


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that means you didn’t watch until the end 

[Rickp 21,458]

that means you didn’t watch until the end 

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[dlow206 5,906]

My wife wants to get a second place somewhere, in a warm area. Normally I am a cheapskate (hard to believe right), and I would say its not a good idea. But have her illness at the beginning of the year and all that has happened this year, I have learned that you only live once and if you can make it work financially without causing a financial burden, then its ok.

[yungkory 9,929]

9 hours ago, Chip Strokes said:

not yet. i do extensive research a few times a week to make sure

 

8 hours ago, Manimal26 said:

You never do...

 

8 hours ago, Chip Strokes said:

that means you didn’t watch until the end 

My stomach hurts from laughing, that was good stuff

[ejgaudette 1,182]

9 hours ago, dlow206 said:

My wife wants to get a second place somewhere, in a warm area. Normally I am a cheapskate (hard to believe right), and I would say its not a good idea. But have her illness at the beginning of the year and all that has happened this year, I have learned that you only live once and if you can make it work financially without causing a financial burden, then its ok.

Feeling similarly lately. Wife and I have been working on getting debt free. We are almost down to our last loans, besides the house, but it's been nice for us to enjoy things a bit too. Balance is they key. Now if only my kids would be old enough for school, daycare is crazy expensive.

[Shapotomous 1,689]

2 hours ago, ejgaudette said:

Feeling similarly lately. Wife and I have been working on getting debt free. We are almost down to our last loans, besides the house, but it's been nice for us to enjoy things a bit too. Balance is they key. Now if only my kids would be old enough for school, daycare is crazy expensive.

Then the daycare expense gets replaced by something else they are doing....I never wanted to know the $$ being spent on dance center & clinics & performances & pointe & tap & lyrical shoe & costume & photography costs but I know it was WAY more than I ever cost my parents on baseball & golf gear growing up!  It did result in a partial scholarship but I'm pretty sure the tuition cost would have been cheaper overall!!  

[Rickp 21,458]

Just got the text, my Buddy wife tested positive C19. He’s one of the Tuesday group. They stay in good shape and younger than me, 66yo so hope she doesn’t get too sick.


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Just got the text, my Buddy wife tested positive C19. He’s one of the Tuesday group. They stay in good shape and younger than me, 66yo so hope she doesn’t get too sick.


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[ejgaudette 1,182]

6 hours ago, Shapotomous said:

Then the daycare expense gets replaced by something else they are doing....I never wanted to know the $$ being spent on dance center & clinics & performances & pointe & tap & lyrical shoe & costume & photography costs but I know it was WAY more than I ever cost my parents on baseball & golf gear growing up!  It did result in a partial scholarship but I'm pretty sure the tuition cost would have been cheaper overall!!  

Right I grew up playing hockey and I have no idea how it was afforded, it was very expensive and still is. Though my son is a bit interested and it's gonna be hard to say no if he wants to play.

[Golfspy_CG2 25,568]

6 hours ago, Rickp said:

Just got the text, my Buddy wife tested positive C19. He’s one of the Tuesday group. They stay in good shape and younger than me, 66yo so hope she doesn’t get too sick.


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Just got the text, my Buddy wife tested positive C19. He’s one of the Tuesday group. They stay in good shape and younger than me, 66yo so hope she doesn’t get too sick.


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Sorry to hear Rick.  Hope you stay safe and she recovers fully. 

[tommc23 9,726]

57 minutes ago, ejgaudette said:

Right I grew up playing hockey and I have no idea how it was afforded, it was very expensive and still is. Though my son is a bit interested and it's gonna be hard to say no if he wants to play.

I wish my parents would have been able to afford competitive hockey for me as a kid but they couldn't so I just played open hockey still expensive but not as bad as a league