We are getting very close to FIRE and had always planned on moving out of Ohio when we retired, to somewhere with a lot more outdoor opportunities. However my wife and I are both from the U.K. And we may need to move back there for a few years to look after aging parents.
So we are thinking we want to keep a foothold in the US that we can come and visit a couple of times a year in Northern Michigan, but rent out the rest of the year (well summer anyway), which would hopefully help cover the taxes, insurance, utilities etc., and ease the pain of duplicate living expenses in two countries. We would have to hire a property manager, not being anywhere close by.
Just wondering if anybody had experience renting out vacation homes, especially from a long distance away? Did it work well or was it not worth the aggravation? I don't expect to make any real profit from this, just want to cover my costs.
The town we are looking for does not allow short term vacation rentals there, so we would either have to rent out by the month, or buy somewhere outside the city limits. Anybody have experience with monthly rentals? Not sure how likely people are to rent a vacation place for a whole month, or longer.
So we are thinking we want to keep a foothold in the US that we can come and visit a couple of times a year in Northern Michigan, but rent out the rest of the year (well summer anyway), which would hopefully help cover the taxes, insurance, utilities etc., and ease the pain of duplicate living expenses in two countries. We would have to hire a property manager, not being anywhere close by.
Just wondering if anybody had experience renting out vacation homes, especially from a long distance away? Did it work well or was it not worth the aggravation? I don't expect to make any real profit from this, just want to cover my costs.
The town we are looking for does not allow short term vacation rentals there, so we would either have to rent out by the month, or buy somewhere outside the city limits. Anybody have experience with monthly rentals? Not sure how likely people are to rent a vacation place for a whole month, or longer.