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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: redfish who wrote (31263)5/15/2005 2:55:56 PM
From: Elroy JetsonRead Replies (1) of 306849
 
I have a number of friends who work in Los Angeles but have purchased homes in the cities they moved from, after deciding they either can't afford to own a home in Los Angeles or would rather rent.

None of them have ever rented out the home they purchased as they wish to maintain their home in pristine condition. I have suggested to each of them that, even lying empty, their homes will require more maintenance than they suspect.

One purchased a new home in Denver in 2000 and has paid for a parade of contractors to bring his empty home up to his specifications. One owns an empty home in San Francisco, two have empty homes near Seattle, another an empty home in New Mexico and another an empty home in Atlanta.

After going "home" to visit, they always come back with new ideas for home improvement projects they will supervise from hundreds or thousands of miles away.

I can't say I understand this psychic need for remote ownership without tenant income. I recall how busy my Grandparents were owning maintaining a home in the city in addition to a mountain cabin and beach house. They occasionally rented the beach home.

My parents decided to own only commercial property in addition to their home, as tenants are responsible for most or all of the maintenance. My brother and sister and I were not favorably impressed with the huge debts they acquired with new buildings, so we went into other investments. When my parents are gone, we have all decided that we might keep only as many properties as we can without debt. In downturns, its easy to cut back on your spending when rental income declines, but a real nightmare when that decline in rental income is matched with mortgages that need continued feeding.
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