Second Homes for the Rest of Us

Did someone get paid to write this drivel? This 'article' has zero information helpful to anyone. "I'd like a lakehouse but don't have the money so I'll start saving to buy one." Then the article abruptly ends, as though the writer got called away and forgot to come back to finish it. Is this the best you can do AOL? Seriously????

At this stage of the game i can't afford a house or a woman, their both expensive. I'm so broke i can't even pay attention.

Take it from someone with experience. Yeah, owning a waterfront/beach home is nice at first. Now I feel I have to spend my summers up there and yes, it's nice....but the cost of a care taker, insurance, upkeep, utiltites, and all the other expenses and headaches that go with a 2nd home sometimes doesn't feel worth it. The more things you own, the more they start owning you. RENT, RENT, RENT!!!

Why not try the Palm Springs area. What was one million dollars about 3 years ago is now $750,000. What was 750 is now 400,000 and what was 400,000 is now 200,000. Best of all, they rent seasonally for enough to cover all yearly costs and allow you to use as a vacation home approx 6 months out of the year for free. Temps range from 75 to 90 degrees between November and May and snowbirds flock to this area for the warm temps and beautiful views of mtns and golf courses. E-mail me for more info. ronjsteele@hklane.com

We inherited a home in N. WI on a lake - not a big houaw, thank goodness, but it still costs enough to keep it. And, being in a very cold climate, lots of worries in the winter. Luckily, I have family nearby and one of them stays in it during the winter. We've owned it for a year, but had been paying for the expenses on it for a couple of years. I'm not sure we will keep it for the long term, because we live 1000 mi. from it in a very nice part of the country, so it isn't that exciting for us to go to the vacation home. I really think it makes more sense to rent when you go on vacation then you can go wherever you want, not to go the same place year after year. And, you can completely relax when you rent, whereas, when you own the property you feel you need to be taking care of upkeep, mowing the grass, etc., etc. just like at home, so you're really not on vacation!?

..you are an idiot! Your 'comment' is an advertisement for desperate, lonely losers.....you're promo belongs somewhere else.....get a life, not a new boyfreind.

Yo, AOL. Where's my comment/reply?? You guys need to step up....cause lately, you suck....fix it!!

Here is the financial aspects of the above.

If you deposit 100/month (PMT) (today) for the next 20 years (240 periods) and you can earn 16.922%, yes you could have a future value of 200,000! Very Cool, except that rate is unreasonable, unless you are investing with Madoff! haha. So in reality, with the same facts but a 3% interest rate, you would accumulate $32,912.

So great in theory, but need to really look at the financials reality of this is that you would have to put away $607.67/month earning 3% to reach 200K in 20 years. "Just the facts" as they used to say.

I'm agree with you....ROOM SERVICE.....

Ref. Second Homes for the Rest of Us.
There is either a typo error or the math is in error. A person can not hope to purchase a $200,000 home (in todays or future dollars) by saving $100/month for the next 20 years(starting with $200). It would be more realistic to expect to have to save about $1000/month to make that type of purchase (very dependent upon future ROI and Real Estate prices and could still have a large mortgage). One also has to consider the other costs associated with owing a second home, taxes, maintenance, security, insurance, utilities and obligations. I consider renting for those periods that we want to get away and leave all the headaches to others. It may seem more expensive to rent, but unless one spends a lot of time at their second home and it is close, renting is a good alternative and you have the freedom of going to various locations without any of the second homeowner headaches and may well turn out less expensive than a second home. I think it is a somewhat different consideration if one is looking at it from an investment stand point and are considering renting out the property even after considering all the possible associated problems.

I am only wanting to keep my home I bought with a retirement account earned before marriage. With this house and its mortgage , my $1400 social security I can exist [ presently 73 ]
But I got a problem to face

It will be a lawyer’s game; they will milk all the money away then walk. They do not work for justice, just job security and more money.

My lawyer in Columbia Mo wants me to give my wife 35,000 $ out of [maybe 50,000$ left of my retirement], she has gambled away about $ 200,000, gone bankrupt on $35,000, sold a $20,000 family car and much more., Accused me of illegal porn on one of three computers [the one she bought]. Fulton Mo Lt detective analyzed the computer, found no illegal porn. Wife took computer to US attorneys , they found porn but told me anyone could of caused it to be on computer. In a previous divorce Helene had threatened Jim with sexual misconduct if he did not make payments on a newer car for her. Her former husband and his wife volunteered to testify for me. My lawyer will not bring up these facts, because the Judge will get mad.

My lawyer and wife’s lawyer did not show up for the pretrial conference, [probably] had already agreed on getting money out of me]
She took the computer to the local police; they did not find illegal porn, the Lt Detective stated she got upset that he would not arrest me on her word. The detective suggested calling the FBI. The agent for the western district of Mo could not find any record of any reports involving this allegation.
Later my NJ called, demanding household items, I refused, she informed me all she had to do was call the U.S. attorney in Saint Louis and I would be prosecuted for child porn.
I hung up, and immediately called the U.S. attorney, asking for the name my NJ had quoted. The U.S. attorneys office confirmed that there was illegal porn, but they could not prove how / or who caused the porn to be on the computer. I informed the U.S. attorney of wife’s former husband contacting me, volunteering to testify in my behalf, that she had demanded a new car when they divorced or she would charge him with sexual misconduct with her teenage daughter. The reason for the divorce from her former husband was her having an affair. I wish I had known before marriage what I know now.

The lawyer’s still insist I give her $35,000 and pay her health insurance until the FREE obamacare goes into effect
She is presently living in a government paid apartment at all taxpayers’ expense and gambling.
I do have documents supporting the money she gambled away and how I used my retirement to purchase a house. And much more. I do not want to make this so long, but there are more details.

ALL BECAUSE OF GAMBLING

Spencer Chaffin
swc453@sbcglobal.net
Fulton Mo 65251.

It's providence of the rich not provenance you nitwit. Provenance means the history of ownership of an object.

Some time ago my wife and I bought a second house on a small lake. The first year was wonderful and we enjoyed the good life during the summer months. The second year wasn't quite so much fun and the third year was a collosal bore. The house ate up time and money and the best part of owning it was getting rid of it.