Very informative video. Can you tell me, what do Snowbirds do about protecting their second home from Squatters? Seems to be a lot of that happening lately with people coming home to find it occupied by someone without permission.
Good information. In addition to what you suggested I'd like to share something I actually heard years ago on the radio but I can't remember who said it but it makes a lot of sense. He said some people consider buying an investment property in let's say a beach community in another state and renting it out in hopes on eventually moving there. He believed that you would be better to buy that investment property in your own community or close by and using the income from that to travel and as you said to test the water in multi locations before you make that long term commitment. What do you think? Does that make sense?
Hi, Mark! That is a good question. This strategy only works if the investment property is a good investment. Depending on the type of investment property and your geography, investing in local real estate, though convenient, may not be a good idea. Some real estate markets are overvalued and could be set up for large declines. Some real estate markets are stagnant and, as a consequence, you won't get much price appreciation on your investment. Some real estate markets are in decline and you might lose money over time as prices come down. Additionally, some properties are bad investments even in good markets. You need to be good at identifying good properties from bad. Otherwise, you could lose a lot of money on a bad investment. So, though buying local real estate is much more convenient, it isn't always the best decision if your local market is not a good market to buy real estate. If you live in an area where real estate is not a good investment, then choosing a different investment, or buying real estate outside of your local area may be a better choice. Thanks for the question!
To stressful to have 2 places. Just keep your house and rent in Cambodia or the Philippines. Cambodia is only $55/month to rent a nice room with A/C. Siquijor, Philippines it is only $40/month to rent an entire house. Visas are easy as well. Cambodia is the $180, 1 year visa. Philippines is $31/month for a tourist visa.
So the title of the video is should you buy or should you rent? The video was more about things to consider in buying or moving but its it doesn't address nor answer the qustion of Should you buy or should you rent.
Thanks for watching, Josh! We hear you-the video doesn't technically answer the question because everyone's situation and preferences are different. Instead, we present things to think about so YOU can answer the question, 'Is it better for ME to rent or buy?' more easily for yourself. Thanks again for watching!
@2:15, not sure how Texas is rated as a tax unfriendly state. It has no state income tax on social security, nor tax on IRA-401K withdrawals or pensions.
nys has no income tax on my NYC pension, NYS pension, My , or my annuity. Im 57 and been retired since 2015, My wife collects Social security and Pension in NYS and Pays no income tax on either. Web are snowbirds we own 2 homes, a house in Long Island Ny and a Condo in west palm Beach.wev have No mortgages and Our taxes and HOA Are high
Very helpful. Thank you.
Very informative video. Can you tell me, what do Snowbirds do about protecting their second home from Squatters? Seems to be a lot of that happening lately with people coming home to find it occupied by someone without permission.
Thank you. Very informative and though provoking.
Great advice!
Good information. In addition to what you suggested I'd like to share something I actually heard years ago on the radio but I can't remember who said it but it makes a lot of sense. He said some people consider buying an investment property in let's say a beach community in another state and renting it out in hopes on eventually moving there. He believed that you would be better to buy that investment property in your own community or close by and using the income from that to travel and as you said to test the water in multi locations before you make that long term commitment. What do you think? Does that make sense?
Hi, Mark!
That is a good question. This strategy only works if the investment property is a good investment. Depending on the type of investment property and your geography, investing in local real estate, though convenient, may not be a good idea. Some real estate markets are overvalued and could be set up for large declines. Some real estate markets are stagnant and, as a consequence, you won't get much price appreciation on your investment. Some real estate markets are in decline and you might lose money over time as prices come down.
Additionally, some properties are bad investments even in good markets. You need to be good at identifying good properties from bad. Otherwise, you could lose a lot of money on a bad investment. So, though buying local real estate is much more convenient, it isn't always the best decision if your local market is not a good market to buy real estate. If you live in an area where real estate is not a good investment, then choosing a different investment, or buying real estate outside of your local area may be a better choice. Thanks for the question!
To stressful to have 2 places. Just keep your house and rent in Cambodia or the Philippines. Cambodia is only $55/month to rent a nice room with A/C. Siquijor, Philippines it is only $40/month to rent an entire house. Visas are easy as well. Cambodia is the $180, 1 year visa. Philippines is $31/month for a tourist visa.
So the title of the video is should you buy or should you rent? The video was more about things to consider in buying or moving but its it doesn't address nor answer the qustion of Should you buy or should you rent.
Thanks for watching, Josh! We hear you-the video doesn't technically answer the question because everyone's situation and preferences are different. Instead, we present things to think about so YOU can answer the question, 'Is it better for ME to rent or buy?' more easily for yourself. Thanks again for watching!
Why elders will want to have two places. Seems to stressful.
Exactly
@2:15, not sure how Texas is rated as a tax unfriendly state. It has no state income tax on social security, nor tax on IRA-401K withdrawals or pensions.
Texas has unreal property taxes
Property taxes. They’ve been escalating wildly out of control, forcing many seniors into poverty.
nys has no income tax on my NYC pension, NYS pension, My , or my annuity. Im 57 and been retired since 2015, My wife collects Social security and Pension in NYS and Pays no income tax on either. Web are snowbirds we own 2 homes, a house in Long Island Ny and a Condo in west palm Beach.wev have No mortgages and Our taxes and HOA Are high