The app for independent voices
Our last 2 Big Island Memory Making posts go through Vacation Home math
The Good, the Bad and the Ugly
- The home has been a triple threat: appreciation, income & psychic benefits
- It took much more time and startup capital than we expected
- It is fraught with relational risk and emotional landmines
Did it work out for us? Yes.
Would we do it again? Most likely not.
The truth is we lucked into it. Timing was everything.
If you are tempted, we ask you to do the following first:
1. Look at our proforma P&L and see if key assumptions work in your favor
2. Take your budget/timeline and 2-3x it and see if you still want to do it
3. Check and make sure you have counselors at the ready to help
4. Look at our 'lucky 13' check list of what must be true to do it
5. Have three 'worst case scenario' conversations with experts
This is part 1
This is part 2
