Cuddlers... What would you do with a vacation/income generating property/home?

AngelicTouchAngelicTouch
in General

Have you evert thought about investing in real estate or do you already?

Why have you not done it already?

Lets dream together!

I will have a second home on Maui by 2023 that I can invite other healers, family and friends and my team on a regular basis so more people can say they lived there dream of going to Hawaii!! And I would love to have a LOVE/CUDDLE/I NEED A HUG ROOM. And so much more, but I would love to hear all of your dreams!!

What do you dream about creating with who?

Comments

  • ubergigglefritzubergigglefritz

    My house I got so I could be near to my parents and help them out is WAY too big, so I set up two rooms as short-term rentals. As things have unfolded, I've switched to focusing on offering vacation / cuddle combinations, but I still plan on offering the space for short-term rentals deprioritized to cuddle visitors.

  • GreatHornedOwlGreatHornedOwl

    @AngelicTouch I would very cautious about purchasing a second home on Maui while living in Illinois (which I do). Unless you expect to travel back and forth frequently, or will have a local agent or friend to look after it, you may be asking for problems. I would also discuss it with an insurance agent. The cost of insuring a home at such a distance may be a lot greater than you are expecting, but at least you will find out if there ways to minimize that cost.

  • [Deleted User]Btown (deleted user)

    I have had a second home before and will never do it again. As a vacation home I got tired of going to the same place. As a rental it was just way too much trouble. Just sayin...

  • MorganMont81MorganMont81

    Rental properties can be a very big source of income. To start yes, there may be some time put into it by yourself, so local is key. Long term, it’s more of payoff for a steady stream of income. Then you can look into property managers.

    Turning mine into a healing center/community in the future. 🤗🌸🦋

  • [Deleted User]JoeBesser1 (deleted user)
    edited June 2022

    Be aware that Hawaii laws require that mainland rental owners must use a local agent, who will more than likely take 10 percent of your rent. Then GET tax plus property tax. If it is In a complex or community you will also need to pay association and management fees. So if you get a bad tenant that won’t pay, good luck paying your mortgage.
    Otherwise good investment!

  • waynewvwaynewv

    If you live in Florida, check the laws before you decide to rent it out. I bought the house next door to use as a rental but after checking into the laws and rights of the renter I decided to sell it. The dead beat renter has way more rights then the owner and to get them put out may take months and months.

  • achetocuddleachetocuddle

    To answer the question posed by the OP, I am at a point in my life where I don't dream big. This is not a bad thing. I am living one of my biggest dreams, retiring early. It required sacrifice before, during and after, so to speak, and it is totally worth it to me. The pared-down life I lead would not suit many people.

    I dream of meeting new people that would add something to my life and vice versa. If it is here or elsewhere, it's all good.

    Investing in real estate can be lucrative if you know what you are doing and have at least a little luck. Renting your property, however, is a crapshoot. Some people can manuever thru the more or less continual hassle and make money while keeping their peace of mind and lifestyle. Some wind up not making much money and selling the property without making much net profit.

    The advice given by everyone here is good and should be seriously considered before proceeding, if possible.

  • [Deleted User]HumbleBaron (deleted user)

    Id probably just make airnbnb on a vacation rental property

  • AnnichkaAnnichka

    While I do like the idea of a healing space, I have conflicting feelings about people owning properties that they're not living in, so I wouldn't have this property to begin with.

    (Not that you shouldn't do it, or that I think you're a bad person, this is just my feelings on answering this question)

  • pmvinespmvines
    edited June 2022

    Gotta love those first world problems

  • achetocuddleachetocuddle

    @pmvines Some days I adore my first world problems cause they remind me how good I have it :)

  • [Deleted User]JoeBesser1 (deleted user)

    @Annichka seems like you are against the concept of being a landlord? Most landlords today are not the Ebeneezer Scrooge types that are penny pinching, heartless SOBs that want their tenants to live in poverty while the live high on the hog with the millions they are raking in. Most are average working people that buy an extra property for a little investment. Most make constant repairs and upgrades to their units, to make tenants happy. The majority of the profit goes back into the unit, so there is not much left over. People rent for many reasons, and I would rather rent from a small time investor owner than from a large corporation or bank. But that’s just me…

  • AnnichkaAnnichka

    @JoeBesser1 I worked in property management leasing luxury apartments for 5 years before starting my current career working at a homelessness non-profit where I get the unhoused into permanent supportive housing. This is all in Seattle where the AMI and cost of living has shot up so dramatically over time, that me being born here is a rarity with so many pushed out of their family homes. I didn't say landlords were evil or that they make Scrooge McDuck levels of money, I just personally don't like property being bought as vacation housing when there's so many folks out here that need homes.

  • LadyAmarynthLadyAmarynth
    edited July 2022

    If I had a second home I would sell it at well below market value to a friend. I don't need all that space, I'd just be happy with a room or two to call my own.

    Sorry but no promotion of scams allowed. - Babichev

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