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Old 05-10-2021, 08:08 AM   #1
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"Most" timers??

My wife and I are considering renting our primary residence out and hitting the road for a year, maybe 2 (depends on the length of the lease). We have some obligations/plans this year like hosting kids/family for Thanksgiving and Christmas so we most likely wouldn't move forward with this idea until 2022. We don't want to sell our house for a multitude of reasons but we're looking at rent being 3.5x-4.5x of our monthly mortgage. Our HOA doesn't allow short term leases so things like AirBnB are out. I still work full time and my job can be done remotely with the occasional need to get on a flight. The wife is retired.

Is anyone HERE doing something like this? If so how long did you start/plan to be most timing? Are you still doing it, did you cut it short? Comments, thoughts, insight?
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Old 05-11-2021, 08:35 AM   #2
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Quote:
Originally Posted by IdahoBen View Post
My wife and I are considering renting our primary residence out and hitting the road for a year, maybe 2 (depends on the length of the lease). We have some obligations/plans this year like hosting kids/family for Thanksgiving and Christmas so we most likely wouldn't move forward with this idea until 2022. We don't want to sell our house for a multitude of reasons but we're looking at rent being 3.5x-4.5x of our monthly mortgage. Our HOA doesn't allow short term leases so things like AirBnB are out. I still work full time and my job can be done remotely with the occasional need to get on a flight. The wife is retired.

Is anyone HERE doing something like this? If so how long did you start/plan to be most timing? Are you still doing it, did you cut it short? Comments, thoughts, insight?
Check to see what kind of impact it will have on your taxes. We had 2 homes in Ohio and had MIL living in the one next door. When she passed away our tax person asked "What are you going to do with that house?"
We replied Sell it.
He said "No, sell your house and live in it for 2 years to avoid Capital Gains Taxes, since it was considered a rental for profit."
So do your checking to see if it will change the status of your tax liability, if you do change your mind to sell, if you realize you love the traveling lifestyle.
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Old 05-11-2021, 05:02 PM   #3
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I don’t because I do not trust people to keep the house up so brother lives there full time without paying rent. I am 360/365 so 5 days from being full time. Was just going to sell. House is almost a million so this is probably a good time. So I guess at the moment I use his address as my prime. But since this used to be parents house that was given to me solely it’s tech mine but I was splitting it.
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Old 05-30-2021, 03:11 PM   #4
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It's a good idea IF you can find the right tenant. (I've done something similar and it worked out fine.)

After your travels, you have home to return to.

During your travels, you have cash flow. And an occupied house is better than an empty one.

Tax ramifications should be noted and are not necessarily an impediment.
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Old 06-10-2021, 04:05 PM   #5
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Originally Posted by TJFogelberg View Post
It's a good idea IF you can find the right tenant. (I've done something similar and it worked out fine.)

After your travels, you have home to return to.

During your travels, you have cash flow. And an occupied house is better than an empty one.

Tax ramifications should be noted and are not necessarily an impediment.
I would never rent my house. I would always worry about it getting trashed.
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Old 06-10-2021, 05:52 PM   #6
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Hell, we're "renting" ours to our son and we're worried about it getting trashed. I can't imagine renting to a total stranger!

Later...
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