Quote:
Originally Posted by Descant
I've owned, and rented, a Weirs condo, island property, and other "standard" rentals. With all due respect to Realtors, generally, if you need rental income to support your purchase, you can't afford it. If it is purely investment, seasonal is not the way to go. Better to buy a good investment and rent for a few weeks as a tenant for your own vacation.
The time to lease is when you have owned the property for a long term and you need a gap-filler until the next generation can afford to to take over and you can pass the place on.
An option we don't see here often: Lease a place for a few years and talk to the owner about an eventual buy-out.
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Descant is correct.
Take whatever monies that you have set aside and invest safely long term for a retirement home. In warm weather areas.
Also if you are not a landlord presently then don't get into the landlord business. It's not all peaches and cream.
This past year I viewed a 1940's camp sell for over $ one million dollars only to be torn down and be replaced by an expensive monster home (a modest monster home though).
Aim your dreams in another direction unless you have an exceptional income or a nice inheritance fund.
Better yet. Find a rich relative and have them buy the house on the lake. Then visit often.