Friday Night Dreaming - Where do you buy a condo to rent out now and retire to later?

[Ken Robb]

Originally Posted by Ralph

Yes....I always get a kick out of tourists who go to Disneyland at Orlando in summer.....and complain about how hot and humid it is up in the day....and how they would never live around here.....and I'm thinking...."you fool....what are you doing out in this heat and humidity". Us locals would never do that.

And Ken brings up some good points. Taxes are a big consideration. No state income taxes in Florida, WA, Texas, Tenn, Wy, NH (I think), and one other I believe. Saves me about 6% of my taxable income. And according to my retired baby brother (a retired Fed Gov worker), some state don't tax Gov pensions.

Don't know about other states....but around here a decent house/condo in a decent area (but not great) goes for about $160 per ft. Pool and 3 car garage adds. RE taxes w/b about $3500/year on 2000 sq ft home, (some tax savings for long term residents owner occupied), and home owners insurance probably in the $2500/year range. We have hurricanes and ground collapse risks....other states have different risks.

All things you have to consider.

In California property taxes will amount to about 1.1% of the sale price of a piece of property. The tax amount can not increase by more than 2% from year to year. In recessions they have gone down. This provides security against owners being taxed out of their homes and is especially comforting to retirees and others on fixed incomes. OTOH my state taxes some of my income at 11%. OUCH!

[tomato coupe]

Originally Posted by 19wisconsin64

One of the best places to live in America...Madison, WI. You mentioned retirement, so I'm assuming you want good medical and lots of local interesting things to do. You mentioned "rent out", so that's real estate investing, which is location. You mentioned cycling, they have that too.

Spend a week there in the fall or summer or winter or whenever. It's great, but I'm totally biased having lived there! It's on my short-list of places to retire to. Great thread!

The OP is looking for "close to decent year-round cycling." As nice as Madison is, it doesn't come close to meeting that requirement.

[Matt92037]

Solid place. Kite boarding, windsurfing, snowboarding and good riding. And close to Bend!

Originally Posted by joosttx

Have you looked at The Dalles, Or. on the Columbia River. Great quiet road riding through apple orchards, and at the foot of Mt Hood.

[Matt92037]

I live in LJ too, if not for Prop 13 I couldn’t swing it.

Originally Posted by Ken Robb

In California property taxes will amount to about 1.1% of the sale price of a piece of property. The tax amount can not increase by more than 2% from year to year. In recessions they have gone down. This provides security against owners being taxed out of their homes and is especially comforting to retirees and others on fixed incomes. OTOH my state taxes some of my income at 11%. OUCH!

[MattTuck]

Originally Posted by tomato coupe

The OP is looking for "close to decent year-round cycling." As nice as Madison is, it doesn't come close to meeting that requirement.

True, but I welcome any suggestions that someone considers an interesting cycling/living destination.

I'd consider the area I live in to be a dream for cyclists during the warmer months, but there simply aren't enough warmer months

[froze]

There are a lot of places in the US that fit that bill.

Montana, Colorado, Rhode Island all get pretty cold in the winter; Florida gets pretty darn humid in the summer, plus you have a bunch of retirees running cyclists over...yes, they have the highest bicycle fatalities in the nation.

Ashville N Carolina; 2 bed 2 bath condos start at 150K, the lower the price you get in the easier it is to make money renting it out. The temps are fairly moderate, the lowest temps you'll see is in Dec and Jan with the lows being around 30 then it steadily goes up to a high in July of 85; rain averages about 3 inches a month yearly.

Las Cruces N Mexico: 2 x 2 condos start at 93K. Temps on the low side Dec and Jan hits 30 degrees, but the high in July and Aug can be 95 but this is a dry heat not a humid heat and there is a difference in comfort when cycling, while it's unbearable at 85 plus when it's humid but your still managing it at 85 to 90 when it's dry heat, and the rain is only averaging about an inch year round.

Fort Worth, Texas: 2 x 2 condos start at 70K. Temps on the low side between Dec and jan can hit 35, the highest in Aug is 97, rainfall is very low, never breaking over a 1/2 inch at any given time.


You'll have to check the crime levels in areas where you're thinking of living because sometimes lower end prices on condos could mean higher crime in those neighborhoods. Also you need to check how good is the cycling in that area. Watch the rainfall because a lot of states average over 2 inches of rain a month during the dry season and as much as 5 during the wet season and rain will put a damper on riding. Obviously check your areas tax rates, some places like California are stupid high, even though property tax may only be 1 1/2 percent of the price purchased you have gasoline taxes that will push your gas to around $4.50 currently per gallon, also this state is not doing well financially something will have to give and that usually means even higher taxes, and Calif has some of the highest taxes in the US, plus it's very difficult to find condos in Calif for your price range.

[joosttx]

Originally Posted by Matt92037

Solid place. Kite boarding, windsurfing, snowboarding and good riding. And close to Bend!

the more I think about it, The Dalles is the place to be.

Averages 5 inches of snow per with highs in the summer in the upper 80's. Along to Columbia river. And the COL is cheap.

[oliver1850]

My cousin and her husband bought one at Copper Mountain (guessing) about the time of the real estate crash. They lived in KC at the time, used it a few weekends themselves in ski season and rented it the rest of the year. Some years later they bought a 2nd. They have retired in CO, but I'm not sure if they live in either of the condos. May not be a paying place now in the short term - I don't know anything about the market.

[Ralph]

A few years ago while on a trip to Western N Carolina....at breakfast one morning got to talking to a guy who owned a trucking business.....and he and his wife made deliveries all over the USA.....in all different times of the year...and after we had talked a bit....I asked him where (in his opinion) had the best climate in all USA for year around living.

He answered "somewhere not much N or S of I 40.....about anywhere across the USA." "Lots of good places to live." Never forgot meeting that guy.

[Ozz]

Originally Posted by joosttx

the more I think about it, The Dalles is the place to be.

Averages 5 inches of snow per with highs in the summer in the upper 80's. Along to Columbia river. And the COL is cheap.

It is beautiful, but I would rather ride in the rain than the wind!

[buddybikes]

Final answer, invest your money, buy a motor home when you are ready and search for riding paradise.

[zap]

edit

Originally Posted by Ken Robb

People who live in Palm Springs, Palm Desert, etc. live like Ralph does in the Summer.

I spent a week in Palm Springs on business.

I quickly learned that while nice to visit, living in a place surrounded by desert was not my thing. I did a lot of cycling around Palm Springs that week and the wind was pretty strong.....came back from rides covered in sand.

[joosttx]

Originally Posted by Ozz

It is beautiful, but I would rather ride in the rain than the wind!

I had forgotten about the wind. :/

[biker72]

I haven't read all the posts but has anyone mentioned Arkansas??? A couple of co-workers have retired to Fayetteville because of the great mt. biking. A few weeks ago I took a trip to Bentonville for some nice road biking.

The Walton Family Foundation has donated $15 million for bike paths in the Bentonville area. Looks like year round cycling is possible.

For me, I'm happy where I am. My school/property taxes are capped because I'm over 65. Internest, ophthalmologist...etc are all close. Family is all here. I can ride all year.

[tctyres]

Originally Posted by Ken Robb

In California property taxes will amount to about 1.1% of the sale price of a piece of property. The tax amount can not increase by more than 2% from year to year. In recessions they have gone down. This provides security against owners being taxed out of their homes and is especially comforting to retirees and others on fixed incomes. OTOH my state taxes some of my income at 11%. OUCH!

Ken,
Is there any place in the coastal corridor Santa Barbara to San Diego corridor that is preferable in terms of low cost of living, good lifestyle? My partner lives in LA, and it seems like the market is just high everywhere.