All Forum Posts by: Leona N.

Great post Tony Wooldridge I love reading the different takes, approaches and numbers. Also really respect that you are reading and responding to them all. If I'm just going to throw out my quick number it's 3 million net worth or $120000 a year. That gives me more than enough to live what I picture as the easy life. We often go back and forth on the time vs money. I think a lot of it is mindset. I decided last fall to shift my mindset and take a step back. I can look at my life and think that I've made it I'm retired. I work when I want for the most part, I volunteer for all the kids activities as well as community events, I take courses for fun and I obsessively house shop. My husband on the other hand does have to work, and take on a lot of stress running out construction company so until he can get back to enjoying what he does we are not financially free. We are on track to retire by 45 but that's not taking our real estate investments into consideration. I think I'll always be looking for real estate and house shopping, it's just fun so doubt any amount of money will hinder that. I do really want to own a vacation rental that can be a holiday and meeting place for my family and friends 💗

@Jon Crosby thank you for your reply!  I figured it might be a long shot but thought I'd throw it out there. We've done several house hunting trips closer to home but never tried to write them off. 

Fun! We have a construction company as well and seem to enjoy conversions. The first one we did which might work for you is we turned our car wash/laundromat into a community college with trades area. This worked out great because they needed part offices, part mock up and part shop space. Then we've converted a bar into a therapy Center with a gym, consult rooms and offices. Right now we're building a house inside a large shop, this one will only be single family. Not our building so likely wouldn't make sense as an investment I don't think. Can you try to rent and renovate to suit? I'm currently painting our most recent office building for the new tenants. A lot of corporate customers have specific configurations, and requirements. If you can get someone interested, then build whatever they need there is potential for a good long term profit. Good luck!

Hi, I was hoping someone could tell me weather or not it would be possible to write off a trip? I have a few counties and places that I would love to purchase a vacation rental at some point in the future, however I feel the need to visit these places first to see if they will be a fit. What are the rules or laws around even partial write offs? This could apply to travel closer to home as well. Say I travel 5hrs to house shop is there any way to expense the trips? Is it different if you ultimately buy a property? Thank you.

Yes credit card is used for everything! This allows our whole family to take a trip or two a year. I'm in Canada so the cards are somewhat different but if you are worried about paying on time or have a few purchases coming up that will put you over your limit, you should be able to pre pay your credit card.

Congratulations! Yes Especially kijiji, and anywhere else you might think of advertising as well. Have you looked up local property managers? Usually their websites are full of properties, you can compare to the same area or features. As for getting maximum rent , it really depends on the condition, amenities and and comparables. Good luck

About 60/40 here too. I hired an advisor to manage our portfolio though. I would like to learn enough to manage it on my own someday. We did get our advisor to run several different retirement scenarios, most only taking a small rental income and no appreciation. It was nice to see the numbers with and without the RE.

Saskatchewan and Manitoba are a lot more affordable too. Winnipeg imo has quite a bit of potential. That being said I don't think the numbers on average are anywhere near what they are in the U.S. Good luck, I hope you find a deal!

Kimberly Jones thanks for the reply and that's great to hear! Really good to know it's not out of the question and hopefully possible at some point. I was there last April on a girls trip and plan on going back with my husband in the next few years. And YES the weather is absolutely wonderful down there!

Kimberly Jones and Adam S. totally different question but you two seem quite knowledgeable with the New Orleans market. My long term goal is to own a vacation home somewhere warm. I absolutely love everything about New Orleans and so far it's been high on my wish list. After reading this post and general lack of posts on New Orleans I wonder if this is even an area I'd be able to consider? I also have the disadvantage of the weak Canadian dollar which I don't see improving any time soon. Anyway I would really appreciate any insight, thanks.