Quote:
Originally Posted by notlongnow
I am getting very close to slowing down my business and semi-retiring. we will have a large capital gain when I sell my business and could invest some of it in another home.
My parents live in TV and love it. We have been there a couple times and love it but wife is still not totally on board for moving there full time in the future. Who knows what the future bring though!
My parents have suggested we buy a small CYV or something like that for part-time or snowbird type living in TV. I am up for this but not sure about renting it when we are not there. We have a pet and would have no problem have someone with a pet rent it with a pet deposit.
My question is to those who do this or know about how easy it would be to rent something like this during the time we are not there.
My parents say they would love to look after it and take care of renting it for us. It all sound great but I don't want my extreme desire to live in TV to cloud my thinking when it come to this.
We would buy something bigger if we lived there for longer periods but this would be like a starter home in TV.
My stepmother is a CPA and my financial adviser, a very good one, and I trust her and she feels we could break even with renting and it would be worth more in the future when we up grade.
What do you think?
EB
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It works. We've done it successfully for seven years.
You can pick the time you want to be there and rent your place for a fair share of the remaining time you are not. But there are some keys to making it work.
1) If you can make the initial purchase and furnish the place, successful renting will, at most, net enough to pay for operating expenses, not a mortgage, if you have one.
2) I would not rent my home unless it was cared for by an experienced, licensed manager. Thankfully, I have one.
3) How are you going to advertise your rental? There is a lot of competition out there.
4) We can meet expenses and still keep winter months for our own use. Only because we have a pool/spa, big private lot on golf course etc.,etc. Fancy=rentals, but you have to pay to make it fancy first.
There is a lot more. Send me a pm if interested. Good luck! TV is a brilliant choice!!