Rental property advice
Decided I posted this in the wrong forum (rental), will try this one
We are trying to decide whether or not to purchase a patio villa to diversify our investment portfolio. This would be strictly a rental and exchange property.
Don't think it would be smart to pay cash as we'd have to take stuff out of IRAs and pay ordinary income tax on that. Not sure it makes sense to do this with a mortgage, though.
I have been trying to project yearly expenses, knowing we can manage it ourselves, clean it ourselves, and do some maintenance. I'm coming up with about $9500-$10,000, not counting a mortgage. Am I estimating on the high side?
We rented out our CYV for 4 years before moving here, but always reserved 2 weeks in April for ourselves, so pretty sure we could rent that month out as well as Jan-March. Just not really sure what is reasonable to expect for the other 8 mos. I felt I got better as a landlord as I got more experience, but it's been over 2 yrs now since we rented it out and am not certain what the demand is any more. I'm guessing it's going to go up as the build-out nears, but still, that's a guess.
Would anyone who owns a patio villa as a rental care to share their experience, both on expenses and yearly income (i.e., how many months do you rent it out)?
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