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To: where's_the_Outrage?
Bottom Line, I would not recommend rental property as retirement income.

As was said, not if you have a mortgage on it.

I have a rental property that has struggled to keep up with the monthly costs but it does have a small mortgage. Most years it was right at break-even or may just a touch over. While I was still working in my career, it wasn't much of an issue as we used the home when we could, rented it during high season(FL). Now that I'm just doing inspections and side work, it's become tougher to hold up those expenses

That said, the home has appreciated in value about 1/3rd, so we're going to sell it this year. Once sold, It will reduce all our expenses to basic utilities on our current home. No mortgages, no car payments, no nada and we will have around 100k left over. I can coast into early retirement and relax until I'm gonzo.

10 posted on 03/02/2024 4:31:46 AM PST by Malsua
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To: Malsua
As was said, not if you have a mortgage on it.

I have no mortgage but this past year and 2017/2020 I lost money on the property. Too much storm damage in 2023 hit hard, and in 2017 the renter lost his job and it took 8 months to get him out.

Tried to sell in 2020 unfortunately all offers were way below market value. House was empty but needed to put in multiple upgrades (e.g., new flooring, painting, repairs) while the house was empty for 9 months.

If I would have been working it'd been a nuisance, but as a pensioner I had to watch my spending.
71 posted on 03/02/2024 9:23:17 PM PST by where's_the_Outrage? (Drain the Swamp. Build the Wall.)
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