I love looking at houses, even on vacation. The fact is that I love to check out real estate markets wherever I am.
Recently I took my wife to Hawaii for her 60th birthday. She deserved a wonderful vacation. After all, she has tolerated me for the last 45 years. High school sweethearts – I got lucky – not sure about her luck.
So here we are in Kauai, and after seven days of beach and sightseeing, I had to look at houses.
I used to have a delusion that I wanted a second home on a lake or beach, or in the mountains. Everything I thought about this made me remember what my greatest mentor, Jack Miller, said in a seminar: “Never buy a vacation home; always rent them.”
It didn’t make that much sense to me when I was younger and I first heard him say this. But, when you think about it, it makes a lot of sense. Why would you want to restrict yourself to one location for vacation? Or, have the expenses of maintenance, utilities, and so on.
Jack taught us to buy single-family houses and hang on to them, as they will replace your income from a job. Then, you can rent any house, anywhere, and once you leave, you have no more responsibility for the home.
The same thing goes for boats. Recently I got the “boat bug” because I love to fish. We all know the two best days of a boater’s life are the day he buys the boat and the days he sells it.
Hey—I did that drill 20 years ago and I had to catch myself this time. So I joined the Freedom Boat Club for $3,000 upfront and $250 per month, and I have the use of boats whenever I want in both Florida and Georgia.
While we’re at it: Never buy anything that eats while you sleep.
So here is a video of a house I viewed in Kauai. Nice house, nice area, but I will stay at the hotel and not be concerned with taking care of a house that would hardly be used.
By acting prudent with your money, and investing it in cash flow houses, you can take vacations to a new place every year without requests for maintenance or anything else.
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