I knew a guy who owned something like five homes once, lived in one and rented out the others as short-term vacation rentals. This was 2006, some of you can already see what’s coming. Things went south, rentals dried up and it was really hard to unload them because he was upside down. He managed to just hang on long enough to break even and he did get out alive.
I believe the relevant saying is ‘it works until it doesn’t.’
I mentioned this.
He’s got a summer vacation trailer. They’re going to live there until October on top of their piles of cash, then consider what to do.
I don’t like that risk so I won’t do it. Because, Calgary right now. And the us a dozen years ago or so.