Quote:
Originally Posted by Daddymac
So you want “THE BEST MONTHS” for yourself!! So no, it will not pay for itself. Remember you have 5000 other people looking to rent at the same time, “The off months”. Just something to think about, Don’t let people bull$hit you… If you don’t have the extra $$$$ to hold the house, Don’t do it…
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Yes, the main reason for the purchase is to have an alternative to paying rent as snowbirds, initially live there for at least 2 months, and increase that gradually over time, maybe eventually become near 100% residents if we love it as much as we expect to. We don't want to just pay rent and watch as prices appreciate every year. We can afford the full carrying costs without any rental income but it will make a dent in discretionary spending if I had to carry the full load of a 2nd home and not offset it with any rent, and otherwise keep it empty (which also seems like a waste). It is also cash that we are taking out of other investments so it would be nice to break even to help justify that decision, as well as to help cushion short term depreciation risk.