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Started By
Message
re: Anybody here own two houses?
Posted on 8/20/19 at 8:58 am to Slippy
Posted on 8/20/19 at 8:58 am to Slippy
quote:
Does CO have high property taxes?
A Bit. I would suggest you look at Montana or Wyoming. There are areas of both that are as nice as Colorado without quite so many people and taxes are better. Plus if you can change residency to one of those two no state income tax...
0
Posted on 8/20/19 at 9:08 am to Slippy
I have 4!
Posted on 8/20/19 at 9:08 am to Slippy
quote:
own two houses
That's OT poor bro
Posted on 8/20/19 at 9:27 am to idlewatcher
Something to consider OP is the cost to get there and stay. If you go yourself for months at a time it’s negligible anywhere you go. But my father in law owns a place in Jackson Hole I can use anytime. I’m lucky to get there once a year usually once every 2-3 years. Airfare is $500/ pop and I have 3 kids. Rental car is $400, and the cleaning fee is $300 for the housekeeper when we leave. That’s $3,000. So it’s not a dirt cheap vacation. It’s also a 10-12 hour travel day to get there as there are no direct flights. So one day of your vacation time wise is spent traveling. I’d strongly look at places that have cheap and direct or at least routine flights.
Posted on 8/20/19 at 9:35 am to Slippy
quote:One of the historical cardinal rules of Grandparenting was to not follow your kids around with your residence.*
It really depends on where my kids are living,
You used the plural "kids" and that makes it even more complex.
Which kid do you favor with your local presence?
I get that you want to be near them (and potentially your grandchildren).
*I didn't make this up and I'm not being critical, this is simply an observation.
So far, mine are all still fairly close.
Posted on 8/20/19 at 10:06 am to Slippy
I own two; one in South Lake Charles, and my vacation home in beautiful Carencro, LA.
Posted on 8/20/19 at 10:30 am to phutureisyic
Is it a Hassle to get there?
Posted on 8/20/19 at 10:33 am to Slippy
I have 2 condos. One in Perdido Key and one in Nola. I get the best of both worlds, beach and great restaurants. I have condos so I don’t have to worry about outside maintenance. I escape the beach in the summer when it is filled with vacationers and go to Nola when no one is there. It’s a good life but be sure to consider what you will do if and when your health declines.
Posted on 8/20/19 at 11:01 am to Slippy
For a while we had two, spent most of our time at the house in Asbury Park as opposed to Hoboken, so we eventually sold Hoboken and moved to Asbury Park full time. When we first bought Asbury it was supposed to be a short term rental since it is two blocks from the beach, but on our first night here my wife said she didn't want people in our house using our stuff and sleeping in our bed, so it was never used as a rental.
We now also have a condo in New Orleans. But we aren't retired yet, but I would imagine once we retire we will spend winters in New Orleans and spring , summer and fall in Asbury Park.
Since we can't advertise the condo on VRBO or Airbnb, we will rent it out to people we know going down to New Orleans
We now also have a condo in New Orleans. But we aren't retired yet, but I would imagine once we retire we will spend winters in New Orleans and spring , summer and fall in Asbury Park.
Since we can't advertise the condo on VRBO or Airbnb, we will rent it out to people we know going down to New Orleans
This post was edited on 8/20/19 at 11:05 am
Posted on 8/20/19 at 11:04 am to hobotiger
quote:
Since we can't advertise the condo on VRBO or Airbnb,
Why not?
Posted on 8/20/19 at 11:24 am to BoogaBear
quote:
Why not
While the building we are in could care less, the city of New Orleans does and if it is not your primary residence you can't do short term rental.
Asbury Park did the same thing, so we ended up getting full time tenants.
Asbury Park had someone write a program that scanned the net for short term rentals and if someone was listed without a permit they were fined.
Posted on 8/20/19 at 12:03 pm to Slippy
i have a primary house and tsilgate condo and at one point another house at work location
i am retired now and down to just two houses and rentals
yes get a second place if you can justify you will be there for months and not just now and then otherwise you would be better off renting a cabin twice a year for a month at a time
first the taxes: a years worth covers a lot of rental second the upkeep ....stuff will break and will you be there for the broken pipe etc
if you are trying to rent it out pay more and get lot less square footage and go somewhere you can get a condo that is part if a rental agreement where they have onsite management
but this will push you into a vacation condo and not the second home
if you want a second home and not renting out that changes the decisions entirely
i looked at getting more places and keeping an owners closet in the condo and looked at kona , breckinridge, and the french quarter and decided will just rent a place now and then
i keep a condo just off lsu but do spend a third of my tine there at least
be careful cause it us not just themoney but upkeep headaches
first make a serious commit to if your places only or a rental to make money which you will use when n pt being rented
two very very different paths !!!
i am retired now and down to just two houses and rentals
yes get a second place if you can justify you will be there for months and not just now and then otherwise you would be better off renting a cabin twice a year for a month at a time
first the taxes: a years worth covers a lot of rental second the upkeep ....stuff will break and will you be there for the broken pipe etc
if you are trying to rent it out pay more and get lot less square footage and go somewhere you can get a condo that is part if a rental agreement where they have onsite management
but this will push you into a vacation condo and not the second home
if you want a second home and not renting out that changes the decisions entirely
i looked at getting more places and keeping an owners closet in the condo and looked at kona , breckinridge, and the french quarter and decided will just rent a place now and then
i keep a condo just off lsu but do spend a third of my tine there at least
be careful cause it us not just themoney but upkeep headaches
first make a serious commit to if your places only or a rental to make money which you will use when n pt being rented
two very very different paths !!!
Posted on 8/20/19 at 12:05 pm to Thecoz
most on here have 2. One is their Mom's House and One at El Cid
I have one in Fairhope, One in NOLA, and one outside Eugene, Oregon
I have one in Fairhope, One in NOLA, and one outside Eugene, Oregon
This post was edited on 8/20/19 at 12:06 pm
Posted on 8/21/19 at 1:23 am to Slippy
Technically I own two since I'm in charge of my kid's trust over where my old man lives. 6 hours separate so it's practically a summer house.
Posted on 8/21/19 at 1:43 am to Slippy
quote:
Is it unsustainable from a tax standpoint?
We split time in SC and LA both our family centers. The SALT deduction changes made it less attractive but both homes are paid for so it wasn't crushing. The one thing you have to keep in mind is you end up owning two of everything if you spend significant time in the second home. I don't know how many times I have cursed myself buying something that I already have "in SC".
For years we have discussed selling one of the homes and buying one on Kauai which is our favorite vacation destination but we just don't want to rent when we aren't there and so it is so much cheaper to just rent when we go.
Posted on 8/21/19 at 9:44 am to AUCE05
quote:
Is it a Hassle to get there?
Not at all. It's all highway and a straight shot.
Posted on 8/21/19 at 10:16 am to Slippy
Our long term plan is to spend the year in two locations. We are trying to buy a property in Ithaca, NY. We’d like to rent it out full time until we are ready to live in two locations.
For us the second place has to have a mild summer. It has to be walkable (vibrant downtown) but also have nature. Meaning water and golf courses. It also has to have at least one major college. The town also has to have a hospital and a local airport.
We’ve looked at Boulder, Colorado; Madison, Wisconsin; Burlington, Vermont; Chattanooga, Tennessee; and Providence, Rhode Island.
For us the second place has to have a mild summer. It has to be walkable (vibrant downtown) but also have nature. Meaning water and golf courses. It also has to have at least one major college. The town also has to have a hospital and a local airport.
We’ve looked at Boulder, Colorado; Madison, Wisconsin; Burlington, Vermont; Chattanooga, Tennessee; and Providence, Rhode Island.
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