Six years ago we bought our first investment property. I named it Villa Pompano after the South
Florida town in which its located (Pompano Beach). The three-bedroom house with a pool close to
the beach was to be a vacation rental house, where we would vacation when it
was wasn’t rented. Fast forward through
spring and summer visits which became shorter and shorter as we watched Duckie
grow from daycare to pre-school to kindergarten and now to second grade. As her available vacation time shrunk and our
careers took unexpected turns we didn’t get to spend as much time in the house
as we liked. But we did our best to make
our time there count. Using it as a
training ground for Duckies fledgling swimming career; as a jump-off point for
exploring SE Florida and the Caribbean; as a quick getaway and a place for
hosting family celebrations.
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| Duckie Then |
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| Duckie In-Between |
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| Duckie Now |
In between, I struggled to make sure it was well marketed
and rented out as often as possible. I
did my best to managed crisis like repeatedly backed up plumbing which
ultimately required an underground re-piping of the whole house. I went from service person to service person
until I found the ones who would actually show up, not just lie and ask for
payment. And I gasped as the Florida
government with its low property taxes fleeced vacation rental owners for
monthly sales taxes (state and county), annual vacation license fees for the county,
business license fees for the city, and required commercial property, hurricane
and liability insurance (with rates that increased by 10% a year). To say it was a lot of work is putting it
mildly. Over the course of those 6 years
we also acquired and sold three condos in the area. We maintained them as long term rentals for a
period of time before selling them when the market was up. They all turned out to be profitable
investments which allowed me to find my stride.
Investing in and managing properties allows me to use my project
management and entrepreneurial skills in a way that is fulfilling and allows me
a great deal of independence.
But last week when we flew down for spring break, I was
feeling anything but leisurely. On the
docket was closing out the house as it was being sold by the end of the
month. Financially, it’s a good
decision. Emotionally, it’s a tough
one. I didn’t grow up thinking, I’d be
the type of person who had a vacation home.
(Duckie, on the other hand tells people she’s going to her beach
house!) But to be able to have one and
find a way to make it pay for itself is an awesome accomplishment. I’m not a sentimental person (at all!!) but
this house is one inanimate object to which I have become attached!
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| Villa Pompano Before and After |
So because I’m me and he’s Him, there was only one way to
turn that frown upside down. I signed
the closing papers early so I could get that off my to-do list and planned a
last minute excursion. Instead of
spending 8 days in Pompano Beach, Fort Lauderdale. We spent the last four days in and around Naples
on the west coast of Florida. TBC
So long Villa Pompano ...
BMK
