Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
In terms of a boomer buying a 2nd home for retirement before they are retired.
I expect Jon Holdman would say it's a doodad. And I too, have thought this was more of a lifestyle choice than a good investment, but now Warren says to do it...
Hi Jon- I live in one of the top locations in the U.S. for that. 300+ days of sunshine per year. I know a lot of people that have done that here. Some use it sporadically , some rent it out and some leave it vacant and use the home very little.I have two couples like that within 100 yards of my own home. I didn't read the articles, but actual experiences tell me it works for many.
In AZ and TX also you'll see the following. People learn to hate the cold as they get older and start trying to go to warmer areas for the winter. Snowbirds or winter Texans. They'll pull their rigs to nice area and spend month or two. Then they find they want to spend more months and buy a small park model that doesn't cost much. They'll split their year in both places. The next step is into a condo/PUD/home etc. They may end up giving up the cold completely and moving into the second home and it becomes the primary home.
A couple cool stops along the way could be Palm Creek golf and RV in Casa Grande , AZ (check it out!). It has over 2000 spaces for RV's and small homes and every amenity you could name. I own one there and have kept it available for March and will spend a month there. The other is Sun River in St. George, UT. Spectacular final resting spot for active over 55 community. Always rated at the top.
I've seen a lot of this and obtained my 10 years ago. It has been a good investment. I make more rent than what it costs per year with only 3 months rented. The other months are for me or for more rent, which then becomes nice cash flow. I'm sure many others do the same. Rich
We did this in our early 30's (20 yrs ago). We have a winter home in Naples, FL that we still lease out for 3 or 4 months of the year. We have a summer home on the water in Virginia that we also bought in our early 30's. Both are paid off. We rented the summer place out in the off-season in the early years.
Jon- yes. many of the parks or resorts that are 55 and over, also have a waiver for up to 20% for younger residents. You know my main getaway place is our condo in Cancun. Yes, it has been a great investment. Did you look up either of the places I listed? Rich
Anyone else have any experience with buy-and-rent future retirement properties like Cheryl? If so, where are you located or looking? What are some of the states that offer advantages? I am currently thinking where would be nice to to buy for the future that I can remotely manage until I move in (when vacant).