Full time but still own property. Good or Bad?

[Kirk W]

12 hours ago, rickeieio said:

For instance, in Ohio, in order to claim residency, you must live in a permanent structure. 

I believe that you are thinking of the requirements to hold a driver's license, register a vehicle, or register to vote? It so, the same is true for the vast majority of states.  Most states have physical address requirements for those functions and that address must be residential and not a business address. It's something to consider for any one going fulltime. 

Edited April 16 by Kirk W

[lappir]

13 hours ago, Kirk W said:

Norman, OK?

Yep. 

12 hours ago, rickeieio said:

Rod, another thing to consider is that some states are not very friendly to the idea of having a RV as a residence.  For instance, in Ohio, in order to claim residency, you must live in a permanent structure.  A house trailer skirts this by being raised up and set on piers or a foundation, then anchored to it.  Just one more thing to think about....

My trailer I think could qualify as a "Mobile" home and I could take the wheels and tires off of it to "Tie" it down. Mentioned that to the "Planning Department" employees I was speaking with. I have their "Code" and it's very grey in it's narrative. Leaves it up to the person in authority to determine what the black and white answer is. Those I spoke with didn't have the authority and the only way to really get the answer is to just do it and see what happens if an inspection is actually done. 

I was told I could apply for a "Building Permit" to get that inspection, but it seems like a lot of work and maybe money on a property I don't own and would not purchase if the "Permit" was declined. Sort of a Rock and Hard Place situation. 

I'm done looking for now. Maybe in the coming Fall I will have more information on how to approach and also if my youngest is any closer to knowing what she will do with her degree when she is finished with school. My older children live in an area that I will visit in the spring, summer and fall, but cannot live there between Thanksgiving and Easter usually, at least not unless I purchase some expensive land in that area. If the youngest chooses to be closer to her Mom in Florida then Oklahoma, New Mexico, Utah or maybe Colorado may enter the search. Graduation is supposed to be in 2025. 

 

Rod

 

[rickeieio]

25 minutes ago, Kirk W said:

I believe that you are thinking of the requirements to hold a driver's license, register a vehicle, or register to vote? It so, the same is true for the vast majority of states.  Most states have physical address requirements for those functions and that address must be residential and not a business address. It's something to consider for any one going fulltime. 

Correct.  Those are privileges that come with residency.  However, some states, Texas and South Dakota for example, don't require you to have a permanent structure in which you reside, in that state.  Therefore, declaring domicile in Ohio doesn't work for full timers.

[lappir]

30 minutes ago, Kirk W said:

I believe that you are thinking of the requirements to hold a driver's license, register a vehicle, or register to vote? It so, the same is true for the vast majority of states.  Most states have physical address requirements for those functions and that address must be residential and not a business address. It's something to consider for any one going fulltime. 

Even if I purchase property it will not change my domicile in South Dakota. I will not be permanently living at any one location until I can no longer travel, at least that's the plan. 

 

Rod 

[justRich]

Remember what they say: "location, location, location"
If you get it right, property will perform as well as the stock market without the markets, at times, wild gyrations.

Your question is for investment advice - and the answer is "it depends".

 

[lappir]

6 minutes ago, justRich said:

Remember what they say: "location, location, location"
If you get it right, property will perform as well as the stock market without the markets, at times, wild gyrations.

Your question is for investment advice - and the answer is "it depends".

 

Wasn't really asking for investment advice, but about the experiences of those who contribute to this forum. I've found for the most part all members are honest, straight forward and supportive.  The answer to almost any question can have "it depends" in it's reply. 

 

Thank you very much for your reply. 

Rod

[Kirk W]

4 hours ago, rickeieio said:

 However, some states, Texas and South Dakota for example, don't require you to have a permanent structure in which you reside, in that state. 

Florida, Texas, and South Dakota are generally the most popular because none of the 3 have a state income tax, none have a time requirement for residency, they accept mail service addresses, and all have been RVer friendly, although it seems that SD is starting to restrict their voting rights. Several other states do ally use of a mail service to qualify as a resident such as Nevada who also has no income tax, and Oregon who does have income tax. As of today, nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do not levy a state income tax.

Edited April 16 by Kirk W

[LiveWorkDream]

On 4/14/2024 at 4:42 AM, Kirk W said:

There has been a huge increase in younger, still working members but very few of them contribute to these forums. I suspect that the results of this poll would be significantly different if we could gather a true cross-section of the Escapee membership and/or the total fulltime RV community. It is only a guess, but I suspect that the share who own property would also be quite different. 

Kirk, great observations. To get their perspective, I just created a poll in the Xscapers Facebook group. I'll report the results here in a few days.

I think this will make a good article for the magazine! If anyone wants to talk in more detail, message me. Thanks!

[LiveWorkDream]

Interesting feedback from the Xscapers Facebook Group. I put up a poll and here are the results. I wish I wouldn't have given people an option to post write-in answers, since it skewed the results a bit. But you can still see that 56% own some type of real estate or co-op lot, and 44% are property-free. 

It's prompted me to do a few interviews and put together a story for the July issue of Escapees Magazine, so stay tuned!

[Dutch_12078]

9 hours ago, LiveWorkDream said:

Interesting feedback from the Xscapers Facebook Group. I put up a poll and here are the results. I wish I wouldn't have given people an option to post write-in answers, since it skewed the results a bit. But you can still see that 56% own some type of real estate or co-op lot, and 44% are property-free. 

It's prompted me to do a few interviews and put together a story for the July issue of Escapees Magazine, so stay tuned!

I don't find it surprising that the numbers are similar on both surveys. I don't understand the subject of this thread though, since I don't see where owning property is either good or bad, but rather depends on each individual's particular circumstances and what works best for them.

[Bill Joyce]

2 hours ago, Dutch_12078 said:

I don't find it surprising that the numbers are similar on both surveys. I don't understand the subject of this thread though, since I don't see where owning property is either good or bad, but rather depends on each individual's particular circumstances and what works best for them.

I know people who own property they visit every few years and ignore otherwise.  I know people who constantly worry about their property so they have to check on it often and thus cannot travel far.  Add buildings or rules about maintenance and it gets more complicated. 

[Dutch_12078]

11 minutes ago, Bill Joyce said:

I know people who own property they visit every few years and ignore otherwise.  I know people who constantly worry about their property so they have to check on it often and thus cannot travel far.  Add buildings or rules about maintenance and it gets more complicated. 

But is that good or bad in their minds? Or just the way they chose to live? If they don't want the responsibilities of real estate ownership, why would they keep it?

[segare]

It is an interesting topic. 

I didn't answer the poll because I am not full time.  We don't plan to go full time. 

The wife is retired but I have a few more years. We plan on keeping our place for sure as we plan to be there more than we will be on the road. I think I would always like a home base, however, if we did go full time I could see the advantages to selling it. 

Keep in mind that unless you have a big nest egg it could be tough to buy something later on if you change your mind. 

[LiveWorkDream]

2 hours ago, segare said:

Keep in mind that unless you have a big nest egg it could be tough to buy something later on if you change your mind. 

Absolutely. I'm mentioning that in my article for the magazine, because in today's tight housing market, and with high interest rates on mortgages, getting into a new home is really tough for all but the wealthiest people out there.

[rickeieio]

24 minutes ago, LiveWorkDream said:

and with high interest rates on mortgages, getting into a new home is really tough for all but the wealthiest people out there.

Ahh. the youth of today doesn't have a clue what high interest rates are.  When we bought our first home, (after living in a trailer for 8 years with two small kids), in 1982, our interest was 16 1/4%.  We refinanced every time we could drop the rate by 2% or so, finally using a home equity loan to pay off the higher cost mortgage.  It took discipline and determination, but we paid off a 30 yr loan in 17 years.  All of which has nothing to do with the original question.

You don't have to be "wealthy" to buy a house, just live like your parents did when they were your age.  Beater cars, no cable tv, no Starbucks, cook your own meals.......and poof, you too can be "wealthy."

[Kirk W]

7 hours ago, Dutch_12078 said:

I don't understand the subject of this thread though, since I don't see where owning property is either good or bad,

While I'm not trying to speak for Rod, it sees to me that the point was to see what other's opinions on the issue are, and that was successful. To me one of the more interesting aspects of the poll is that it seems to have changed significantly since a similar one was run about 15 or 20 years ago. 

29 minutes ago, LiveWorkDream said:

I'm mentioning that in my article for the magazine, because in today's tight housing market, and with high interest rates on mortgages, getting into a new home is really tough for all but the wealthiest people out there.

While that may be true in the recent past, over the long term, Investopedia has a very different opinion.

In terms of averages, stocks have tended to have higher total returns over time. The S&P 500 stock index has had an average annualized return around 10% over very long periods (higher if you include dividends), while average annual real estate returns are often more in the 4-8% range.

[Lou Schneider]

The Pandemic may have influenced the latest poll.  Many fulltimers found themselves with nowhere to stay when the government shut down recreational facilities nationwide including most campgrounds. My lot in the Pahrump co-op saved me from a similar fate when "two weeks to slow the surge" stretched into several months of a total shutdown.  Having a place where I could go and ride out the closures was priceless.

Edited April 26 by Lou Schneider

[LiveWorkDream]

38 minutes ago, rickeieio said:

Ahh. the youth of today doesn't have a clue what high interest rates are.  When we bought our first home, (after living in a trailer for 8 years with two small kids), in 1982, our interest was 16 1/4%. 

LOL thanks for calling me a youth! I'm 54. You're right, that's high interest. The highest we've ever paid was 8.75%. Great points about being frugal.

[LiveWorkDream]

22 minutes ago, Lou Schneider said:

The Pandemic may have influenced the latest poll.  Many fulltimers found themselves with nowhere to stay when the government shut down recreational facilities nationwide including most campgrounds. My lot in the Pahrump co-op saved me from a similar fate when "two weeks to slow the surge" stretched into several months of a total shutdown.  Having a place where I could go and ride out the closures was priceless.

That is EXACTLY why we purchased a property in 2021, after not having one for many years. It was terrifying not having a place we could go and feel at home. We squeezed in right before interest rates went up.

[LiveWorkDream]

40 minutes ago, Kirk W said:

While I'm not trying to speak for Rod, it sees to me that the point was to see what other's opinions on the issue are, and that was successful. To me one of the more interesting aspects of the poll is that it seems to have changed significantly since a similar one was run about 15 or 20 years ago. 

While that may be true in the recent past, over the long term, Investopedia has a very different opinion.

In terms of averages, stocks have tended to have higher total returns over time. The S&P 500 stock index has had an average annualized return around 10% over very long periods (higher if you include dividends), while average annual real estate returns are often more in the 4-8% range.

The problem is more than interest rates though, it's about the widespread housing shortages around the country. If you sell your house and get a nice little return on it, that probably won't be enough to get you into another comparable place. My mom's neighbor's house just sold for nearly $900k (in Southern CA). This young couple wanted to be closer to work, so they sold their place, and the only comparable they could find was something they got for just over $1 million. It's a crazy real estate world out there. 

[Kirk W]

25 minutes ago, LiveWorkDream said:

thanks for calling me a youth! I'm 54.

If you wonder why we might consider you to be young, the youngest of my 3 sons turned 55 last March!    🤪

[sandsys]

26 minutes ago, LiveWorkDream said:

OL thanks for calling me a youth! I'm 54.

Our daughter's age--so, yup, being the age of our kid makes you a kid.

Linda

[LiveWorkDream]

🤣you guys are too funny! I get it.

[lappir]

2 hours ago, Lou Schneider said:

The Pandemic may have influenced the latest poll.  Many fulltimers found themselves with nowhere to stay when the government shut down recreational facilities nationwide including most campgrounds. My lot in the Pahrump co-op saved me from a similar fate when "two weeks to slow the surge" stretched into several months of a total shutdown.  Having a place where I could go and ride out the closures was priceless.

I got super lucky with the shut down, sort of. The unlucky part that while being an RN I had not worked outside of an OR for many years and had no desire to do such. The cessation of "ALL ELECTIVE" procedures put me out of a job for 24 hours right away, but then I was allowed to work for a month as a "Unit Clerk". The hospital assumed things would be ending in a month and wanted to keep me and they did have to pay the "Company" for an unknown amount of time so I worked for a bit. 

The lucky part was the location where I was staying. I'd just reserved the spot and while they said they had no intention of "Shutting Down", by the time I arrived to set up everything was closed in the area except for a small Grocery store (thankfully). The Manager also answered my phone call and told me to go ahead and set up where ever I wanted to and she/he would be around to take the money for the site. No one came for over 3 weeks but soon enough the Service station/Convenience Store reopened and I was allowed to stay until I secured another assignment. At that time I had no thoughts about "Owning Property" as a "Backup".

Kirk is correct in my initial thought process when I posted the question and poll. I didn't have any idea of how it would turn out, but am happy that it has had the life it has had so far. I too was part of the generation of 14-16-18 and maybe even 20% interest rates of the 70's and 80's. It was not fun, but I survived. My Son has been wanting to upgrade his home for many years now. His first purchase I'm sure is fully paid off, but not sure how much equity he can get out of it and he is not in the mood to pay anyone over 5% interest for anything. I admire his resolve and he does upgrade his pickup and motorcycle whenever the mood comes to him and I'm sure for cash. He started working for Vermeer MFG straight out of High School and has been there ever since. Get's loads of vacation time and still enjoys the work or so it seems. 

Well a bit off track there, but since it's my initial post I won't complain to anyone of the HighJack. 

 

 

Rod

[Randyretired]

2 hours ago, LiveWorkDream said:

The problem is more than interest rates though, it's about the widespread housing shortages around the country. If you sell your house and get a nice little return on it, that probably won't be enough to get you into another comparable place. My mom's neighbor's house just sold for nearly $900k (in Southern CA). This young couple wanted to be closer to work, so they sold their place, and the only comparable they could find was something they got for just over $1 million. It's a crazy real estate world out there. 

There is a lot of things causing housing prices to be high.  I just recently received some bids to replace the roof on my house.  The bids came in higher than I paid for my first house.  Inflation is crazy high.  We are also building a new place and the budget we started with is just a dusty piece of paper that no longer applies with today's prices. The land we bought 5 years ago goes for double what we paid.  I don't believe it is anymore valuable it's inflation.