[gweisheipl]

Why would you have a second mortgage?

Originally Posted by DrHitch

Owning a home and using it for rental is NOT for the faint of heart..

1) The carrying cost of a home with 2nd mortgage is about $35,000 per year (just to keep it alive). Therefore, you need $3,000 per month to break even (assuming you're carrying a mortgage)
2) Costs for everything have skyrocketed (lawn, utilities, insurance, etc). A 2nd mortgage is well north of 6%
3) Rentals elsewhere in Florida are INSANE. Naples rates in "high season" are above $10,000 per month for a shoebox condo
4) Although the supply of houses in The Villages that have been bought exclusively for rentals (real estate is not a great investment tool), these rates on RFAV and VH4R are actually low, compared to Florida coastlines. It's a case of supply and demand and competition.

[ElDiabloJoe]

Originally Posted by Toymeister

There is this thing called a whole house energy monitor. It will tell you precisely how much electricity is used. If you have an electric water heater you can even tell if there are extra guests there. Sense.com

Interesting. So is it easy/cheap to install? Do you need a sensor for every electrical appliance/fixture? How does this work?