Posted by A-BEE on February 12, 2002 at 07:59:01:
Lloyd,
Thanks for your input. My sentiments exactly.
Have Fun Yourself!
Regards,
Chris (A-BEE) Abrams
Glory Properties
Investing in Vacation Homes??? - Posted by A-BEE
Posted by A-BEE on February 11, 2002 at 21:49:57:
I’d appreciate anyone’s thoughts regarding investing in second (aka vacation) homes.
Seller with a nice property used primarily during spring/ summer seasons for weekend outings and vacations. Seeking to sell the property and use equity to pay down new 1st Mortg. on a new vacation home under construction. Current property FMV $130K, $80K 1st mortg balance.
I’ve always been under the impression that one should stay away from seasonal real estate for investment purposes.
Appreciate any thoughts one way or another.
I think buying the property “subject to” has some merit provided I can turn the property over with a L/O. I’d hate to refi and have to make payments for an extended period of time.
ALL OPINIONS WELCOMED!
Regards,
Chris (A-BEE) Abrams
some thoughts - Posted by Lloyd Cook, Los Angeles
Posted by Lloyd Cook, Los Angeles on February 11, 2002 at 22:33:12:
I think the main difference between a house one will buy to live in and one to have for weekend fun is that the fun house is optional, subject to how one is doing, i.e. the economy, and the other is a must have. At this very moment, we are in a recession. Thousands have lost their jobs and their ?want? to have an extra fun house. I don?t know what area you are in but I suggest you check out how long listings similar to the home you want have been on the market and what price they are going for. In other words, check out the market very carefully before you invest. The place may be your fun house and second payments for a long time. Have fun.