if given the choice....

Scoop Posted: Aug 19, 2003 06:22 PM

if given the choice....

would you buy a summer house or an investment property first (6 family house in good neighborhood with hight rent)?

My friend is debating.....

If it were me, I think I would go with the investment first and pay off some bills.

alina Posted: Aug 19, 2003 06:32 PM

Re: if given the choice....

What do you mean a summer house (in Florida?)
What is the age of the couple?

Karen H Posted: Aug 19, 2003 06:43 PM

Re: if given the choice....

I'd do a lot of research into being a landlord before I bought a rental property in NY. Does your friend have experience in this? I recall hearing that at least in NYC you have to wait 6 months of no rent payments before you can even start eviction, then it's another several months in the court system to get the bad tenant out.

dgtlsunshine Posted: Aug 19, 2003 09:07 PM

Re: if given the choice....

I would definately buy the investment property. The investment property will actually be an asset ( cash flow coming in ) The vacation house will just be a liability (money going out)

kptoys Posted: Aug 19, 2003 11:20 PM

Re: if given the choice....

investment investment investment!!!!

jessnjoey Posted: Aug 20, 2003 01:02 AM

Re: if given the choice....

I'm all about vacation...summer house!!!!

Cira Posted: Aug 20, 2003 09:39 AM

Re: if given the choice....

I would buy the investment house ... it would wind up paying the mortgage with the rents!!! My family is all about investing in real estate, so my answer may be biased!

Scoop Posted: Aug 20, 2003 09:44 AM

Re: if given the choice....

The couple are in their early thirties and own a house. The guy used to live in the building and his old landlord wants to sell it to him. He knows all the tenants (who all lived there for years), so I don't think they are worried about it. My girlfriend wants the summer house out in LI and I told her she is nuts. I would grab the investment first.

Diane Posted: Aug 20, 2003 09:45 AM

Re: if given the choice....

summer house

OctBride05 Posted: Aug 20, 2003 10:07 AM

Re: if given the choice....

investment property

spel Posted: Aug 20, 2003 02:43 PM

Re: if given the choice....

a summer house. we're over an hour from the beach & we long for it. i'd take the peace & serenity of a shore house over the extra $$ anyday. besides, being a landlord doesn't sound very appealing to me.

alina Posted: Aug 20, 2003 03:47 PM

Re: if given the choice....

In that case I would vote for investment as well, especially since the guy knows the tenants.

Also, b/c the couple in their early 30's and not much older, they have enough time to benefit from the investment and will probably be able to rent the summer house for the summer with their investment profits.

Sonicstef Posted: Aug 20, 2003 04:39 PM

Re: if given the choice....

A summer house is also an investment. Anyone who doesnt believe that should talk to people who bought in the Hamptons 20 years ago!

Owning a building and renting it is a second job. Yes, you can make some money..but you can also lose money and no matter what - its a lot of work. Be prepared for the middle of the night phone calls b/c some idiot tenant accidently unplugged their refridgerator or getting hit with a $10K bill to replace the roof that started to leak, etc..

So if it were me, I would go with teh summer house. Life is too short to deal with that IMO.

AtticaQT Posted: Aug 20, 2003 11:42 PM

Re: if given the choice....

Investment property - but i was raised with that way of thinking. An investment property is also a lot more beneficila when you know how to handle the responsibilities associated with buildings and tenants. It is great when you are able to do your own repairs and renovations. By buying the investment - in the long run, the investment will pay for the summer home.

Also, someone posted that in NYC you have to wait for 6 months of non-payment before you can begin eviction proceedings. That is NOT true. YOu can start eviction just after one month of non-payment.