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Retirement -- becoming landlord
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Posted by kkny (My Page) on Tue, Mar 18, 08 at 13:49
| 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?? |
Follow-Up Postings:
RE: Retirement -- becoming landlord
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| 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! |
RE: Retirement -- becoming landlord
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| 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. |
RE: Retirement -- becoming landlord
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| 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? |
RE: Retirement -- becoming landlord
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| They make enough and have a pleasant lifestyle. They, like most of these places, close during the offseason. |
RE: Retirement -- becoming landlord
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| 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. |
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