Condo conundrum

[Mr._johngalt]

Now here is another decision I did not anticipate when I crossed my own personal ER Rubicon (those of you in Rio Linda can look it up).

I have posted about my condo rental arrangements. Currently I have my
best tenant ever and the cash flow is wonderful. What is the problem?
(Rumsfeldian again) I don't know when the tenant will be out and it's already getting cold here. Sooooooooo, I'm thinking about not renting it at all once this tenant leaves. I know I can do it. Got both SS and IRA
money coming in 2007. Spousal troubles should be resolved, etc.
Realtor says the tenant is real fussy and that when he leaves it will probably be in better shape "than when you bought it." Also, I pay no taxes on the condo income which is run through my corp. But, I would have to pay my own corp.
rent if I used the condo and never rented it out to others.
Question is, is the loss of the income worth having the place for myself
at all times and without any landlording hassles.

I'm guessing that if they stay on until spring I will opt to leave it
vacant after that. Oh, I could take a trip south any time I want,
but that's very expensive if you want to be gone for months and
are used to a certain level of comfort.

Anyone else faced this issue?

JG

 

[yakers]

I didn't catch what % of the time you think you will use it. If it is anything like 50% then you may be beter off setting it up the way you want and keeping it for yourself. My sister has a place in downtown Chicago which she uses 1 week each month. It is available for traveling family members whenever we are in town. You could do something like that.

 

[kcowan]

The people that I know who own condos in the sunbelt only rent it out to friends unless they really need the money. The overhead of the management fees, cleaning arrangements and extra maintenance not to mention risk to possessions seems to not be worth taking the step.

 

[Mr._johngalt]

I didn't catch what % of the time you think you will use it. If it is anything like 50% then you may be beter off setting it up the way you want and keeping it for yourself. My sister has a place in downtown Chicago which she uses 1 week each month. It is available for traveling family members whenever we are in town. You could do something like that.

Actually I was thinking I might offer it to family and close friends
(no rent - just use it). However, after I started this thread I
remembered "The Dog". Can't take the dog along to the condo
(dog too big) so must be boarded. I miss dog, not to mention
the cost of boarding for 2, 3, 4 months. Yikes! I am old. Dog is old.
I may just
postpone a decision until one of us (dog or me) checks out.

JG