by joelbear 5 Replies latest jw friends
Well,
I think I have my mind made up. I'm moving more money out of stocks to purchase a 2nd home in Florida on or near the beach. I hope to put 50% or so down on a $200,000 property and rent it out part of the year to cover the mortgage.
Does anyone have any experience with this type of situation or suggestions on what my first steps should be.
Thanks in advance for any help.
take care
Joel
: Does anyone have any experience with this type of situation or suggestions on what my first steps should be.
Yes. Change that $100,000 into small unmarked bills. Mail that money to
Farkel
1256 City Dump Lane
San Diego, Ca.
Wait for further instructions.........
Farkel
"I didn't mean what I meant."
Joelbear,
I have some experience with this, although our home is inland, close to Disney World.
My advice would be to make sure that "renting it out part of the year" will actually cover your mortgage (and other!) expenses.
You must, of course, make sure that the deed allows for short-term (or any term) rentals.
Will you handle renting it out yourself, or have a property management company do it for you? Fees are usually fairly reasonable, and they will take care of grounds maintenance, paying local utility bills, etc. for you, as well as housecleaning and minor maintenance, if you wish. Make sure they will guarantee you a certain number of weeks' rentals yearly (which is how you make certain that mortgage is paid for). Many forget that there are expenses other than mortgage, property taxes and homeowners' insurance to consider when you're not around yourself.
Don't forget you need to furnish this second home. Count that as part of the cost before you see any return. Oftentimes the realtor who is selling you property zoned as short-term rental will be able to hook you up with a local furniture store that has sort of standardized packages for 2, 3 or 4 bedroom homes.
My e-mail is open if you have more questions.
outnfree
When the truth is found to be lies
and all the joy within you dies ... -- Darby Slick, Somebody to Love
Can I move in and pay rent, excellent references on request?!!
I'm at work right now, but I will email you later, after Survivor and CSI of course.
