[USER]

if you could FIRE tomorrow if you wanted, were NMNK, owned one house but wanted to be able to “live in” 4 different states throughout the year, would it be smarter to try to buy a condo in each place and get roommates so you have some income on them, or just rent a room from someone in each place but not actually own it?

you would be missing out on appreciation, mortgage paydown, etc, but NOT have to deal with house maintenance, random expenses, etc.

[Russell]

Being able to FIRE would mean I had enough passive income to cover my living costs, which includes housing.

If I was wanting to be that nomadic, I’d just do short term rentals and keep on moving.

You can rent out your house to help cover rent elsewhere if you’d rather keep it as a backup for when you’re tired of moving around.

[Viv]

I’m on your side. This is one of my long-term goals is to buy a place in 2-4 different places to enjoy ski, beach, culture and good food(s).

I believe it can be done, but I would go further as putting these places in mid-term rentals and have others manage it for you.

High tourist places can easily charge enough seasonal rents for the 3-9 months that you’re not there that you really don’t need to have a roommate.

[Bethany]

Real estate is not passive, it’s a job. Owning 4 different condos in 4 different states is absolutely not something I’d do, and I’ve been a real estate investor for 25 years.

It would make more sense to buy a 4-family building close to you, self-manage to maximize profits and then use the income from that to cover your stays in the other states.

Much simpler.

[Tim]

If your goal is to live in multiple states throughout the year, buying multiple condos with roommates can provide rental income and potential appreciation, but it also comes with maintenance and management headaches.

Renting rooms instead would offer flexibility without the burden of ownership but misses out on equity gains.

Consider a mix: perhaps buy one or two properties in prime locations for rental income and appreciation, while renting in the other places to stay flexible.

[Robert]

I’m a huge fan of simplicity. in the situation you’ve just described, I would make my one house my “home base”, and get short-term rentals in other places where I wanted to live.

Roommates could get to be a pain; and you don’t know what they’re gonna do to the place when you’re not around.

Unless you have a good property manager managing those places when you aren’t around…

Having four rental properties in four different states and trying to self-manage them Sounds like the recipe for a nightmare. But that’s just me.

[Author]

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