Should we Sell or Rent our Second Home?

[48Fire]

If you're looking to keep the second home for your use (along with the second place) ... I would run it as a vacation rental. Check vrbo and homeaway for competition in your area. You'll be able to assess rental rates and occupancy (via the online calendar).

FWIW our lake house costs us nothing even thou I block out several weeks for family traditions.

Thanks for the suggestion. We are big VRBO users, but our HOA requires a 12-month lease.

 

[48Fire]

So I started a spreadsheet, and from a numbers view, it would probably be best to keep our place and rent it out. However, now that we are FI and ER'd, the painful renting issues that everyone mentioned have weighed heavily on our decision.


Since we are now dealing with some MIL care issues that have escalated since the original post, adding any additional stress does not make any sense at all. When you are already FI, ER'd, and happy, why complicate life any further?


This same issue is probably going to drive us towards not selling as well, at least in the short term. We may reconsider the selling part after life stabilizes, but this care issue may be a long ride.

 

[Senator]

So I started a spreadsheet, and from a numbers view, it would probably be best to keep our place and rent it out. However, now that we are FI and ER'd, the painful renting issues that everyone mentioned have weighed heavily on our decision.

It is not painful if you have a decent property, and get good tenants. Getting good tenants is a simple cookie cutter approach.

Identify your tenant selection criteria before you even start to advertise. Then, stick with it. And do a proper background check. Do not skimp, buy the best package that is offered. Never think a property management company has a better way of doing things than you do. They are in the business of making money for them, not you.

If you ever decide that you want to rent to a person that does not met your criteria, just give them the house instead.