Looking for some advice on purchasing a second home. Interest rates are low now and we have some cash in hand to invest, looking to diversify our portfolio. 1. We're doing our research too, but would love inputs on some good cities to consider for a vacation home. 2. We're on H1B and my understanding is you can earn passive income, if we want to AIRBNB our home for most part of the year. Is that correct? 3. How easy is it to maintain a second home away from your primary city of residence? What factors and recurring costs should we consider. (HH income is 440k +)
*not related to topic*Hey OP can I get a referral for docusign there is a role matching my profile.
Vacation home should be handled like a boat or RV. It’s an expense for you to enjoy life. If you can make some money from it to help pay for expenses, fine. I would never buy it as an investment.
That's bit rude .lol
Tc or GTFO
Disagree with IBM we had a second home for years and it worked out pretty nice. You do need to have great help around for maintenance items (lawn etc). Very awesome to leave your stuff there for visits. Something to keep in mind though is not only your tax situation especially as a non citizen but also if you will use the place enough to justify the overhead. We would stay in our second home for about 3 months a year and it was worth it for us. When we decided to rent that was a hassle and we had a great renter. A lot of potholes as rental potentially.
Wouldn't recommend second home while on H1b. Check with your tax consultant or attorney with reference to H1b Death tax.
Please share your findings
Really? Isnt that H1B is supposed to be tagged to only one employer ? If you make passive income how would that be accountable
You don’t have an employer in that case. It’s the same as earning money from investment, no?
Earning from investment. Yeah I think you should consult an immigration attorney to ensure its legit