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Re: Buying a rental?
Old 07-29-2004, 10:16 AM   #21
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Re: Buying a rental?

I hate to say this because I don't know the numbers but I remember three of four absentee landlords(all retired engineers from my old plant) have one or more Houses in CA kept from their working days. One in FL. A mixture of sons/daughters and rentals. I remember some saying they were a fall back nest egg booster(mostly bought in the 60's and 70's).

Ken - a widower(70ish?) remarried a younger woman, sold six houses in CA, and bought a bed and breakfast place near the French Quarter. Not an ER type for sure.

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Re: Buying a rental?
Old 07-29-2004, 02:18 PM   #22
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Re: Buying a rental?

But people have done this, and successfully. Anne
Anne, you are so right. Still, many things that have been successfully done still don't recommend themselves very strongly on their merits.

One rule I try to keep is not to mix two goals which tend to interfere with one another- pleasure and money making.

If I bought a vacation cabin on a lake, I'd want to go to the mountains for relaxation. The cabin would become just one more obnoxious job. I think a family redoubt is a great thing for the very rich, since they can hire someone to look after it. And if the snow is no good in Vermont, they can go to Switzerland.

But doesn't apply to me.


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Re: Buying a rental?
Old 07-29-2004, 03:13 PM   #23
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Re: Buying a rental?

I kind of agree with Mikey. It's a slippery slope and before you know it you are "working" again. I have
fought against my entreprenurial instincts ever since
I ERed. Our only rental property is our condo which
MAY become our main home at some point. Anyway,
even my minimal involvement (hired out management)
is sometimes a nuisance. The question for me is:
Does the income/tax deduction offset the mental
stress and annoyance vs. leaving it empty?
The jury is still out.

John Galt
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