@mentsch1
“Owning second homes is for good business people or people who don’t have to worry about paying taxes’
There is a huge difference between owning a second home and owning rental/investment property.
Investment/rental property (that you do not live in) is best owned by people with a good business head.
Many non-wealthy people own 2nd homes…snowbirds who winter in Florida, or those with a bungalow in the mountains.
Back in 1981, I started buying up 1 Bedroom 1 Bath condos in Century Village, West Palm Beach, FL. I could buy them furnished for about $9,000. Plenty of low income Yidden from NYC were buying them for winter homes. They could be owned for about $3k per year maintenance and taxes. It was a stretch for many of these pensioners, but they did it. Safer and warmer than a winter in Brooklyn or the Bronx. In those days I rented my units for $400 month on year long leases furnished. All the renter had to pay was electric and telephone.
I own a second home for personal use in South Florida. It is a stand alone in a condominium development. I’ve owned it about 25 years. I like to know that I am not responsible for upkeep of the exterior. I pay a retiree , who lives in the complex year round $50 per month to check the unit inside twice each week.
Right now it’s 0 degrees here in CT. I had to be here for year end. Mrs. CTL and 10 of the kids/grandkids are enjoying the 2nd home. I hope to go south in a few weeks