All Forum Posts by: Larry Mankins

Hey...since your only 50 miles away, would you be willing to look in on the place while we are away for 50 weeks a year?

YEIKES!!!! I am beginning to HATE IT already, especially since we can stay on the lake at the Big Cedar Lodge and live like kings and queens and leave all the mess behind....thanks for the perspective....What the HE!! was I thinking?

Summary details:

Have good job, want and can afford 2nd house payment and down payment on retirement/vacation/SHTF home. Can raise 35%-40% down pmt. House at lake can rent by night/weekly, probably 4-5 weeks/year conservatively.

Bought at top of market on primary residence, now upside down on 1st home w/ (interest only) mortgage - probably won't come back to break-even for 5 years, don't want to think about bailing, but don't want to put more good money after bad into house. Have 2nd Mortgage also.

Credit in 790 range

Am I dreaming fruitlessly of owning second property? Ideas?

:roll:

That is exactly what my gut and experience tells me, and you are confirming it once again. Thanks! I am leaning toward just buying the place and letting them use it when we aren't there (for our 14 days) or if it's not rented out. They want to contribute at the end of their stay, great, but nothing is expected...and nothing owed. :cool:

Sorry, I should have been more precise on the rental side. Any rent collected would only offset only a tiny bit of the mortgage/upkeep. We wouldn't ever expect to actually make a net profit over costs.

And on the rental property treatment, I wasn't aware of the 14 day limit, and that's good to know.....THANK YOU.

I also appreciate your perspective on fitting the folks into the picture and your proposed solution. I also like letting them use it for free as they have done so much for us over the years....Brothers and Sisters, on the other hand have to pay (family rate of course)...LOL! I'll talk it over with my bride and reply.

Wife and I are looking at retirement/recreational property we won't occupy full-time for 10+ years. Will be happy to vacation there several times a year, we love the lake. Parents want to throw money in so they can use several weeks a year, which we are ok with. We will pay mortgage/upkeep and ultimately occupy so not sure we want everyone on the deed. Place is zoned to rent nightly and rents for several weeks/year conservatively. Is there an arrangement that would accomplish our objectives and provide them some return/tax advantages now? Our plan is to issue p-notes to them to repay upon sale the % they invested and share any rental income after taxes/costs. We are preapproved way above house price, all have scores >780. Ideas?

Thanks, Mark! At this point I am certainly open to gathering info and wisdom.

Here looking for information in several areas ... not selling anything ... yet

Dad of 5....2 in College CHA-CHING next fall, 1 graduated last May

Looking to buy some land in Missouri and build a cabin or my SHTF residence. Would love to buy a business near a lake there and would move TODAY if I could just break even on my house.

Done extensive resto on 3 houses we've lived in and sold for profit....not so confident about our house here in Michigan...not sure quite what to do.... maybe some creative ideas out there? I'll bet so....

Amazing foresight that man had. Just as right now as it was in 61'

Comedians all...thanks.

Actually have a question for a "friend." They are upside down on their house, owe more than value ($407K vs. $350K) and a second ($60K). They still have jobs. Some money saved in cash and 401k. If one of them loses job and house is foreclosed, are the funds saved safe?