All Forum Posts by: Derek Larson

@Ken Latchers

It is more of vacation retirement home then income. My wife is on board if we do it this way. Then get rentals closer. Two hours away is vacation hotspot- similar like how people flock to the shore. But winter has some value in that area as well. Not so much in the city I live in.

@Michael Baum

Thank you

@Julie McCoy

Thanks for the info. Yes it’s a vacation home. I was looking to capture some of the extra money of owning. Interest,insurance, utilities. If it does more than that, awesome. Then this would be a good way to learn.

@Charles Kao , ya first vacation home. Got the funding- just nervous able pulling the trigger. This is going to be our retirement home in some number of years too. It’s 2x2 on lake.

Looking at buying first investment property. Houses and location narrowed down. It is a couple hours from my house so need property manager. Is it weird to call a couple and give them brief description of house and location and get rough numbers. Can I give them address?

Thanks

I recently applied went in to get prequalified for another mortgage for a vacation home we are looking to purchase at some point. No property picked out yet just seeing.

We have cash in bank but don’t want to spend it all on second home. We would also like to rent this out for vacations when we are not using it.

What do I need to know?

Was also thinking LLC for tax purposes- do I need to do that if it is our first. Or wait till we get more or I start my Brrr stagey?

Thank you.

I have been wanting to have a rental property for years, or even vacation rental. My wife has been onboard with vacation home for a couple of years. It is in a place where we want to retire. (15-20 years from now). About two hours away. It is a hot place for vacations especially in summer. We would like to use it personally more in winter ourselves, but some summer too.

We just moved back to Midwest and bought a cheaper house so we could have more cash to do this investment.

Debt free except 150k mortgage

200k in bank and our retirement is being funded 15%. Every month 2,000 dollars left in budget.

Am I being too conservative not to jump right in and let the chips fall where the lay?

How easy is it just to rent out a home like this just to pay for overhead expenses.

On a lake will probably cost about $300k.

How do I start? with a property managers or Realestate agent?

Any advice or additional questions I need to ask myself would be helpful.