Retirement -- becoming landlord

kknyMarch 18, 2008

Hi

I am thinking about purchasing a small cottage community for when I retire. For what my house is worth (Suburban NYC)- I can buy a samll cottage community in Florida near a beach.

I dont want to go the B & B route, as too little privacy. Does anyone have any thoughts??

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scarlett2001

Would you be the hands-on manager or would you have it day-to-day operated by property management? Because there's a world of difference!

    Bookmark   March 18, 2008 at 3:59PM
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kkny

No, I am looking at stuff small enough that I would have to be hands on person. Would hire out licensed electrician and plumber, as necessary, but would do painting and carpentry, any gardening, my self. Have one friend with small motel near beach up north, he and his wife redo 4 rooms every winter. He also has 3 night minimimum in season, cuts down on maid service. I think I would go with week minimum, and accept might make less money, but less agravation.

    Bookmark   March 18, 2008 at 4:02PM
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scarlett2001

Well, it would certainly keep you busy in your retirement. But what if you wanted to go away for a vacation or something? How would that work? Is your friend making good money?

    Bookmark   March 19, 2008 at 12:25PM
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kkny

They make enough and have a pleasant lifestyle. They, like most of these places, close during the offseason.

    Bookmark   March 19, 2008 at 8:17PM
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fandlil

Befoe committing to this, I would check with a savvy accountant who knows the local scene and help you figure out the financial feasability. (You will also need to familiarize yourself with local regulations and codes to make sure you are in compliance.) In other words, can you make money and besides, how much, and will that be enough compensation to make it worthwhile for you. ALSO, I remember reading some time ago when I contemplated something similar until my dear wife said no, that landlords can expect to be sued sooner or later. So make sure you have plenty of liability coverage.

I wish you luck and lots of fun in retirement.

    Bookmark   March 24, 2008 at 6:43PM
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