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2 or more homes
Old 10-18-2004, 12:44 PM   #1
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2 or more homes

I'm planning on retiring in 6 years at age 50 and own a house in Chapel Hill, NC and a condo on Kure Beach, NC and plan to live at both places off and on. Has anyone else kept 2 places in retirement.

K. B. Sharkstooth
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Re: 2 or more homes
Old 10-18-2004, 01:25 PM   #2
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Re: 2 or more homes

Yes, we are keeping 2 places in retirement, but we are working it out on the fly. Our main home is waterfront
in northen Illinois. We also own a condo in north Texas
on Lake Texoma. So far, the condo is just a rental with
pretty good positive cash flow. We would prefer to use
it ourselves, but circumstances prevent this so far.
I never planned for "snowbirding" as I was convinced
we could not afford it. Now, not so sure, but I do have
a certain lifestyle which must be maintained. Not sure
if this is doable. For one thing, I MUST have a large
power boat. This is non-negotiable!

John Galt
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Re: 2 or more homes
Old 10-18-2004, 02:46 PM   #3
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Re: 2 or more homes

We have two but we're going to be selling my wifes old house as soon as I'm done painting it.

I think you need a heck of a fund reserve to maintain two homes in ER.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Re: 2 or more homes
Old 10-19-2004, 03:25 AM   #4
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Re: 2 or more homes

Hi John, I rent my condo out during the high season and that covers 3/4ths of the costs. It's only 2 1/2 hours away so we go down every other weekend off season. When we retire we hope to spend weeks at a time at the beach.
I think you've got the right idea buying places on the water. They seem to appreciate more than other properties. I paid 70K 6 years ago for my place at Kure Beach and now it's worth 300K.
I would like a big boat but would have to sell the condo to buy the boat.

K. B. Sharkstooth
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Re: 2 or more homes
Old 11-23-2004, 04:01 PM   #5
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Re: 2 or more homes

Our townhouse-by-the-sea is VERY rentable but at this point I feel like the papa bear, "Whos been sleeping in my bed?"

So far I'm resisting the temptation to rent.

In a panamax down by the river.
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