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Considering Buying 2nd home before primary home

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Money Talk > Real Estate

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oldguy
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We wouldn't be able to live there more than 50% of the time to qualify it as our primary residence.


If your "second home" is your ONLY house, then it is not a second home - and you don't have to meet a 50% primary rule.
But it is a bad idea - with my rental houses, I keep them rented full time - I get the tax breaks for expenses and I get a 1099 for my income. You can rent a house weekly in a tourist area with a property manager - but that means that the house will be furnished, it will be cleaned after each tenant, fresh sheets/towels, etc, just like a motel. You will be able to schedule your vacations in your house with your PM. But the cost is the same for you as for other tenants (in the form of lost income from others while you are there) and the cost of the cleaning crew, sheets, towels, is the same for you. BTW, the depreciation accounting between you/tenants is a paper nightmare. IMO, you'll do better by renting a motel for your vacations - and renting out your house by the year (unfurnished).

If you want to invest in real estate, there in nothing wrong with living in an apt and owning 2 or 3 rental houses. Just don't mix vacations and investing.
Post Fri Dec 01, 2017 5:39 pm
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demat
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Post Thu Dec 21, 2017 1:13 pm
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