Any FBG's live in an RV full time? Thinking about making the move. (1 Viewer)

[NutterButter]

Been reading about volunteering at National Parks. They give you free site, plus access to attractions for part time work.

That sounds like it has some potential.  

 

[El Floppo]

Don't say nest.

Don't say egg.

 

[KCitons]

Don't say nest.

Don't say egg.

???

 

[Binky The Doormat]

???

Great scene from an Albert Brooks movie "Lost in America". 

 

[Zegras11]

That seems like a pretty damn good discount, unless the assessed values are all jacked up.

average home just hit 300k

 

[Long Ball Larry]

average home just hit 300k

definitely a good discount.

 

[Long Ball Larry]

Maybe this will help you follow along @Long Ball Larry .If not next time I can write it out in crayon and rhyme it like Dr. Suess

what are the amounts

of the homestead discounts

for woozles and wozzles with all sorts of bounce?

just know from this date

the property tax rate

will buzzle and fuzzle and vary across states.

 

[msudaisy26]

what are the amounts

of the homestead discounts

for woozles and wozzles with all sorts of bounce?

just know from this date

the property tax rate

will buzzle and fuzzle and vary across states.

You have been on here all day and it took you 6 hours to come up with that? Try less

 

[Long Ball Larry]

good lord, get over yourself

 

[msudaisy26]

good lord, get over yourself

Or next time try reading the conversation that two people are having before you start telling people they are wrong or a simple my fault I missed that would do.

TIA

 

[kutta]

I kind of liked the poem

 

[tonydead]

I'm not Chet. I Would be looking in the 50k range. There are quite a few in the 35 ft range with 60k miles. But we are in the early discussion stage. 

Class C isn't out of the question either.

I'm renovating a 1976 airstream I bought for $7,500.  Will be all in under $15,000 plus my own labor. Something to consider. Should be able to sell it for twice that if I ever wanted to.  

 

[Zegras11]

I'm not Chet. I Would be looking in the 50k range. There are quite a few in the 35 ft range with 60k miles. But we are in the early discussion stage. 

Class C isn't out of the question either.

I just bought a 30 foot class B.   it was 8 years old with only 17900 miles on it and in great shape. Was 33k.  New ones were 65 to 70k.   Took out last weekend for the first time.  Ran and worked like a charm.  

 

[RokNRole]

@KCitons I have a class B license and I can operate these things. I'll offer my services as a personal driver at a very reasonable price. 

Ill sleep out back in a tent.

 

[Frostillicus]

Full time hobo sounds pretty sweet

 

[skol asylum]

Seems like a hassle. Why not just sell the home outright? You want the freedom of being on the road in the RV, then maybe don't tie yourself down as a landlord.

 

[otb_lifer]

what are the amounts

of the homestead discounts

for woozles and wozzles with all sorts of bounce?

just know from this date

the property tax rate

will buzzle and fuzzle and vary across states.

Brilliant  

I kind of liked the poem

 

[KCitons]

Seems like a hassle. Why not just sell the home outright? You want the freedom of being on the road in the RV, then maybe don't tie yourself down as a landlord.

Could be an option. $200k @ 6% interest is $12k a year. No guarantees. Taxes would knock that down unless I had something to offset the gains. We have a couple of other factors that come into play:

1 - We have 2 kids still living with us. We are at least a year away from making this move. My daughter will have her Bachelors degree next summer and will be transitioning from full time student to gainfully employed (I hope). My son has been talking about finding a good enough job, so he could afford to move out to an apartment. Our solution is to see if they want to rent the house from us at a reduced rate. The more I research rental prices in Omaha, the more I think we could get upwards of $1500 in rent. We would rent to the kids for $1200. They could take on a third roommate to bring the cost per person down to $400 a month. How many people are able to rent a 3800 sq ft, 4 bedroom, 3 bath, walkout ranch, on a golf course for $400 a month. (oh yeah, and it's furnished)  From my sons standpoint, that would get him a 1 bedroom loft if he's lucky. 

2 - Storage and stuff. We are not 100% certain we will like living in the RV (yeah, maybe that's a sign). With renting the house to the kids, we don't have to sell off everything or pay to put stuff in storage. We would sell some, leave some for the kids to use, and store some in the storage room in the basement. If after a year or two, we decide that RV life isn't for us, we can return home and either buy a new house (let the kids continue to rent the old one), or if the kids want to move we could sell the old house at that time. 

 

[Dedfin]

Our solution is to see if they want to rent the house from us at a reduced rate. The more I research rental prices in Omaha, the more I think we could get upwards of $1500 in rent. We would rent to the kids for $1200.

What could go wrong?

 

[DallasDMac]

Could be an option. $200k @ 6% interest is $12k a year. No guarantees. Taxes would knock that down unless I had something to offset the gains. We have a couple of other factors that come into play:

1 - We have 2 kids still living with us. We are at least a year away from making this move. My daughter will have her Bachelors degree next summer and will be transitioning from full time student to gainfully employed (I hope). My son has been talking about finding a good enough job, so he could afford to move out to an apartment.

This leads me to believe your plan is further out than you think. In this day and age, not unusual at all to have kids moving back in, having trouble finding work, etc. Your one year out schedule depends on a whole lot of factors going absolutely perfectly. I think you have more time than you think to consider your options. In fact, I'd be careful about committing to early. Unless of course your plan includes kicking your kids out of the "rental" if they can't afford to pay the bill.

 

[Rattle and Hum]

Google the term, "Converting primary residence to rental property". There are HUGE  tax implications you should consider for this move:

1. When you eventually sell the home will you be able to claim the ENTIRE capital gain exclusion (up to $500K joint return) should you rent your home out. Probably not as it is currently owned. Probably none if you wait more than three years to sell (must live in home two of past five years to get the exclusion).

2. Can you write off depreciation, taxes, insurance, upkeep on your home while it's rented out? Probably yes.

According to this article, it seems you can create an S-corp (not that hard to do), sell your residence to the S-corp, and collect the current capital gain exemption (under under Sec. 121). The S-corp would be able to write off any depreciation, interest, taxes, upkeep as a normal income property would. The downside is if property continues to go up in value the, the cost basis for figuring capital gains starts at the price the S-corp purchased the home from yourself.

Bottom line:

1. Probably good idea to consult a CPA well before signing that rental agreement to make sure all financial ducks are in a row.

2. Financially, you'd probably be better off paying interest on your home rather than an RV as you'll be able to write it off.

 

[KCitons]

Google the term, "Converting primary residence to rental property". There are HUGE  tax implications you should consider for this move:

1. When you eventually sell the home will you be able to claim the ENTIRE capital gain exclusion (up to $500K joint return) should you rent your home out. Probably not as it is currently owned. Probably none if you wait more than three years to sell (must live in home two of past five years to get the exclusion).

2. Can you write off depreciation, taxes, insurance, upkeep on your home while it's rented out? Probably yes.

According to this article, it seems you can create an S-corp (not that hard to do), sell your residence to the S-corp, and collect the current capital gain exemption (under under Sec. 121). The S-corp would be able to write off any depreciation, interest, taxes, upkeep as a normal income property would. The downside is if property continues to go up in value the, the cost basis for figuring capital gains starts at the price the S-corp purchased the home from yourself.

Bottom line:

1. Probably good idea to consult a CPA well before signing that rental agreement to make sure all financial ducks are in a row.

2. Financially, you'd probably be better off paying interest on your home rather than an RV as you'll be able to write it off.

Thanks I will look into it. 

 

[KCitons]

This leads me to believe your plan is further out than you think. In this day and age, not unusual at all to have kids moving back in, having trouble finding work, etc. Your one year out schedule depends on a whole lot of factors going absolutely perfectly. I think you have more time than you think to consider your options. In fact, I'd be careful about committing to early. Unless of course your plan includes kicking your kids out of the "rental" if they can't afford to pay the bill.

Absolutely. This is at a minimum a year out. Things can change. The house would remain our residence. I would have to see if check into the benefits of offsetting the deductions and declaring the rent as income. How many parents charge their adult kids rent and don't claim that income?