Second home??

Awesome idea or big mistake? I’m thinking of a second home to bring the family. The idea being I could climb and at the end of the day still hang with family. It’d also be nice to spread out, our home in SF feels a bit boxed  in.

Some anecdotes: One buddy (no kids) bought a second house in Yosemite to climb more but he spent his time working on it and not climbing, so that’s one outcome. Another friend (with kids) bought a more turn key house in Tahoe and he has a management company rent it sometimes, he’s not super after it climbing wise, but he is stoked on the experience overall.

Im hoping to hear more positive experiences with buying another home, something along the lines of “I was able to balance parenthood, climbing and marriage really well with a second home - I even sent 5.14!” and cautionary tales are welcomed too. 

BITD regular people had cabins in the woods and on the lakes/oceans, those were simpler times. Now people feel the need to buy homes away from homes, usually in destination type of places where there is already a short of housing for the locals, driving up real estate costs and eventually running out the locals in favor of a seasonal community where nobody knows their neighbors and the town shuts down half the year. Try finding a plumber, electrician, house cleaner in those towns, either its a 3-6 month waiting list or they will charge you neurosurgeon rates.

Or just sink a cool 200k into the sickest vansion ever.

Grab one in the Red while it's still affordable

M Mwrote:

BITD regular people had cabins in the woods and on the lakes/oceans, those were simpler times. Now people feel the need to buy homes away from homes, usually in destination type of places where there is already a short of housing for the locals, driving up real estate costs and eventually running out the locals in favor of a seasonal community where nobody knows their neighbors and the town shuts down half the year. Try finding a plumber, electrician, house cleaner in those towns, either its a 3-6 month waiting list or they will charge you neurosurgeon rates.

Or just sink a cool 200k into the sickest vansion ever.

I hear you. Ethically I would hate to snatch a decent home from someone who is buying their first home and establishing equity. I think I’m more of the cabin in the woods mentality that you referenced, or a trailer-getaway on some land, and then thought my family would need a full home, but maybe the second home doesn’t need to be that nice, thereby reserving a proper home for the full time resident.

Edit: We do have a small Promaster, my wife isn’t that into it. 

Gee, what an idea!

Montoya has it. Yeah, good idea, but, you're way way late, for much of the west.

The newest wrinkle to consider?

You may not be able to rent or lease out that second home short term. Many places are pushing back against airbnb sorta arrangements, with housing for working stiffs being next to impossible. Buying a vacation home may be fine....but you'll have an empty house sitting there, and no way to recoup your investment, until you sell, unless your family is okay with sharing that house with whoever you have living in it long-term. Then you're an absentee landlord. 

Sorry, but we're full up, here. 

Best, Helen

EDIT to add, yeah, if you can find, and afford, a "cabin" you like, in a place you like, with no need for a caretaker, go for it! 

Levi Goldmanwrote:

I hear you. Ethically I would hate to snatch a decent home from someone who is buying their first home and establishing equity. I think I’m more of the cabin in the woods mentality that you referenced, or a trailer-getaway on some land, and then thought my family would need a full home, but maybe the second home doesn’t need to be that nice, thereby reserving a proper home for the full time resident.

Edit: We do have a small Promaster, my wife isn’t that into it.

Some women prefer them larger I heard somewhere.

From what I've seen, buying land somewhere and building something is the most sustainable thing to do with the shortage of housing, you just need enough cash to get it started.

Old lady Hwrote:

You may not be able to rent or lease out that second home short term. Many places are pushing back against airbnb sorta arrangements, with housing for working stiffs being next to impossible. 

Too little, too late. 

Matt Spethwrote:

Too little, too late. 

Not with basic residential zoning laws its not, towns can only turn a blind eye on the Airbb thing until someone sues to have residential zoning laws enforced. 

Matt Spethwrote:

Too little, too late. 

Ya think??? 

Our median price locally is over half a mill now. My property valuation is reliably up 30% each year....year after year after year. Property taxes too, but they've done a good job of keeping those down for owner occupied houses as much as possible. It's still quite a lot more.

Sorry, OP, truly. It might sort out, eventually, but who knows when? 

So if you do find something, be prepared to jump instantly, and here, at least, it's a bidding war even then. 

And, buying land and putting something on it, is also heavily regulated these days, many places, and has been for quite awhile. I think that was partly against semi derelict trailers being parked long term, and an early bias against manufactured homes. Look into the zoning very carefully. 

Best, H.

Housing is at such a shortage here they are allowing people to rent out trailers parked on their property to new locals.

Most people I know have second homes near climbing areas. I don’t really think there’s an ethical dilemma until you have your third or fourth.

Did the rich gentrifier really just post his phone number on a public forum? Did anyone else catch that? Besides the hundreds of data mining bots. 

Don’t take this in a mean way, but if you are able to climb regularly in San Francisco you will succeed where you go. If your not getting after it in San Fran then I doubt things will change in a different location. Whatever your kids do to stop your climbing from happening will happen wherever you go.

There is definitely some jealously in this thread,  but I also understand the feeling in this thread. We all wanna live kickass places. It is hard because everyone feels like they have “earned” the place they live or chose to live.

lol at some 27 yr old guy bitching about not being able to buy a house and you're why. desirable areas lead to expensive homes. presumably you want to buy a home in the mountain west because you like it too?? Who's to say you've got more of a right.

Maybe this is a dumb question, but why not just rent a place when you take the family on vacation? It will be cheaper and less hassle in the long run and you can vary the location by season/weather. Or keep going back to your favorites. 

Klaus theKwrote:

Did the rich gentrifier really just post his phone number on a public forum? Did anyone else catch that? Besides the hundreds of data mining bots. 

I called it and the voicemail started with "Thank you for calling Rock and Resole. Our normal business hours are ..."

This is not the positive experience you’re looking for, but rather some advice. The Eastern Sierra second-home idea is commonly shared by Bay Area outdoor enthusiasts who tire of the 6/7 hour drive (if your lucky.) Remember you can’t be in two places at one time and unless money is absolutely no issue, frequent flights between both places are inconvenient at best. I am aware of at least one very prominent climber and his wife who tried to make this housing situation work, and it ended tragically.

Yep. You just can’t be two places at one time… and yet many have tried to rationalize this idea. It’s a form of escapism which I myself have also experienced, but have mostly come to my senses and deny its temptation. I’ve decided to be content with living in one place and experience brief visits elsewhere rather than owning two places.

The OP has has a lot of ticks in ORG near Bishop so let’s assume he’s looking there. The low housing inventory and current high prices In the area are frequently discussed, and in nearby resort towns like Mammoth Lakes. 

So….

1st a few questions: Would you be paying cash for the second home ? Is your first home mortgage-free ? Are you 100% debt free ? If Not I would wait until you are in a better financial situation with your kids grown up and finished with college tuition, etc. I would not recommend trying to leverage this plan by assuming more debt. If you can buy a house in Mammoth Lakes for cash and leave it vacant 1/2 the year than nothing wrong with this plan ! No matter what you decide absolutely avoid the Time Share resort properties at your own peril !

James Woods wrote:

Lol at some tone deaf baby boomer who doesnt understand that 2nd homes / airbnb investments are a big part of the reason upward mobility for the next generation is going away. That mobility is going away for hard working folks of all ages, not just "27 yr old guys," who would like to build some wealth while actually being a contributing, full time member of the overall community where the home is. 

I sincerely hope that airbnb gets fucked by regulations so that more people can buy 1st homes, which is the true route to accumulating any sort of wealth. Because, and it is already happening, corporations and mini-corporation-esque people like the OP are going to start buying up all the properties (in my town, one "person" owns twenty two airbnb's) for investment purposes and then what we'll have is a nation of rentors and we'll all be fucked.

To the OP - Good job realizing the American dream, please have some perspective instead of going full on greed.

To k r - no one loves America more than me and if you can't discuss things that need help in America, to uplift everyone in America, put your maga hat back on and gfy, boomer. 

If you can’t afford a second home, it’s kinda your own fault. You don’t even need money for down payment. I have a book showing how to buy home using seller finance with no cash and generate $$$$ easy free cash flow. Buy a couple houses in popular areas and make 100K/month within a year.

if you’re interested, DM me and I can send book for no cost, just shipping.

This thread is rich.

Or is that, for the rich?

That book sounds awesome. I'm sure it's 100% legit and there are no reasons that a dirt bag with good credit isn't earning $100k passively.

L O L

James Woods wrote:

Total misunderstanding, bud. I'm advocating against 2nd homes and advocating for more people owning one home and being an actual contributing member of the community they own their one home in. 

Why own one when you can own two, thee, or even ten? Don’t settle for less when you can have more. Take control of your life and say YES.

DM if you’re still interested