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Updated 3 months ago, 09/23/2024
Real Estate Investor living in RV Full Time
So my wife and I own a few rental properties but we decided about a year ago that for the time being, we wanted to live a minimalist lifestyle while our two kids are young. So we made preparations and in July this year we purchased an RV, remodeled it to fit our style, and have been in there ever since. Along with my wife, 2 yr old daughter, and one yr old son, we have two large dogs that stay indoors with us. Most people that I talk to about it give me strange looks when I tell them that we own rental properties but basically live in a tiny house (400sq ft RV) ourselves.
Eventually, we'll go back to having our own brick and mortar house, but this season is actually pretty fun for us and we've really been enjoying it. So far, I've started using the BRRR strategy to look for more properties and am refinancing two of my rentals, but there have not been any issues with the fact that we live in an RV.
I'm curious if any other investors out there have went with this approach to their own personal living situation.
@Jesse Herndon that sounds like fun and an interesting idea. I'm sure your cost of living is less given you're in the RV, can be mobile (see the country, work remotely) etc. Definitely best time to do it is while kids are young I agree.
@Jesse Herndon
This is so interesting! Where do you park your RV/tiny home? On one of your own properties? Do you have it connected to water, sewer etc? How have you been in compliance with local laws? Would love to learn more. Thanks!
@Catherine C. My parents actually have land in the area from where our rental properties are so we have moved it there. They have all utilities on the property so we use electrical and then every couple of weeks we run a water hose to an external tote we use for our water. Since it's located in the country far away from city limits, we didn't have to worry about local laws. For sewer, our "grey water" (any water that goes down a sink or shower drain) is ran through a field line underground that we installed to distribute water underneath the year. For "black water" (waste from the toilet) we actually use a compost toilet so by the time it's full, the contents inside has been composted to be used in the soil. We do still bury this waste so it's never on the surface of the ground but it's 100% safe and legal to dispose of that way.
Being in an RV has it's challenges but we're definitely enjoying the change from norm. It has actually simplified our lives a lot.
Jesse it’s crazy that you guys are doing that as well. My family and I just finished up 9 months full time in our RV. We bought a 2nd home 0 money down that we are occupying and about to have it up on the rental market in the next few months to make our second property, then back into our RV we are going. It is amazing to have a place to supplement that space so you aren’t so hard pressed to get another property when the numbers aren’t right.
@Jesse Herndon and @Troy Biggs, We are in the process of selling our primary residence and will be full-time RVers as we explore the US for the next year (or more :)
We currently own 4 rental properties and I am wondering if you can offer any advice on liability insurance. Currently, we have a homeowner's policy which extends liability over the rentals. This has been our setup for over 10 years and I remember being told early on that liability insurance has to originate with the landlord's personal residence, whether it be a homeowner's or renter's policy. Our RV insurance policy is through Progressive and specifically states that it does not carry over to any other properties. Wondering what kind of coverage you currently have and if you have any tips? Thanks in advance!
First and foremost I want to apologize for not getting back to you in a timely manner. but I guess better late then ever haha. I have been kind of in the behind the scenes mode for most of this year. I would hope that everything is going great for you guys and that your enjoying the fulltime RV lifestyle! When it comes to our rentals right now since they were originally our primary residences and the second still technically is our primary residence but we house hack it by RVing, I made sure to change over my insurance to a landlord policy with our 1st property. I can only assume that our insurance company would not want to cover damages and such should something happen a house with tenants and a primary residence policy in place. but I haven't really gotten far into the weeds on the particulars of that. if you have gained any insight to that I would greatly appreciate the knowledge.
@Jesse Herndon
Hey Jesse. My name is Ryan, and my wife and I live full-time in an RV. Do what fits your needs, don’t worry about everyone else.
My wife and I had 5 SFH and 1 multi-family, sold all, 1031 into a commercial RV park, now living for free since other people pay our living expenses. Best choice we ever made. We have 45 RV slots on site.
Let me know if you have further questions.
Cash-flow is King.
Best of luck.
Hi @Jesse Herndon! We have one rental property and live fulltime in our RV, a little over two years now. We sold our primary residence before going full time and recently sold one rental property. I regret selling our primary, but at the time we were thinking minimalist and just did not want to add another property to landlord. But now I’m ready to get back into real estate and have some ideas of how to use our situation to the fullest. Does anyone on this thread want to have a brainstorming convo?
@Melissa Goff
Hey Melissa,
My wife and I live full-time in our converted school bus @topobus. We are currently on the hunt for a primary in Colorado as we need to establish a primary residence there for my wife's job. Would love to hear your ideas. I doubt we would actually live there but will probably create some sort of mother-in-law or ADU situation to be "legal". After that we establish that, we will probably choose a different market for some LTR's.
Very cool!
That is what I want to do too. We are currently looking in the northern Kentucky area since we are familiar with the region. I’m looking for something with an in-law suite or something similar as well. My “low hanging fruit” strategy is to buy a new owner occupied every year while keeping the RV to travel in parts of the year. I am also keeping an eye out for just rentals.
This is such a great idea! I love the idea of doing something interesting like this when your kids are young. What do you find to be the most difficult part with young kids?
@Melissa Goff I'm in NKY as well. I love the idea of a home with an in-law suite or detached garage as a rental. Have you had much luck finding anything in the area?
@Melissa Goff Let me know what you are looking for in terms of a mother-in-law suite. I have a property in mind.
@Zachary Elliott there are some built that way and some you can modify. We own a property in nKY built to accommodate MIL or short term rental but I have seen many that are modifiable.
@sandra Morrison
@Sandra Morrison i am thinking we can live in the mother in law suite while renting the main unit of the house. Or, depending on the property, live in the main house and short term rent the mother in law suite/finished basement. As far as I can tell, travel nurses are in high demand in that area and I was thinking of trying renting to them first. I sent you an invite on here...not sure exactly how that works. But please do call or text me with your thoughts! 864-918-2328
@Zachary Elliott, I will say there are not nearly as many in northern Kentucky as I have seen in central PA (where my family lives). I have no theories on why, but I am having a hard time finding an interesting setup. There is an abundance of bilevels in northern KY so that may be the issue. 😄
So I’ve mostly been looking at basements with a walkout that I can finish and that can be separate from the main house. I’m open to ideas!
Glad I stumbled upon this! We're going full-time in a few months and have 3 rentals. I'm curious about anyone having challenges with getting loans or additional credit without a "home". I was just working on a rate reduction on one of our properties and they asked our location and monthly rent. My "location" will be a virtual mailbox (which will work), but the rent would be challenging to verify on any application. Anyone else run into this situation?
@LORA JOSLYN, if you have 2 years of tax returns that will qualify you, you shouldn't have a problem. Just tell your lender your situation. We did have a problem with a small local bank, they were confused about a Texas address (mail service), wanting to buy property in Kentucky, and no "home" lol. But we've worked with two other brokers and it was fine. Just start making phone calls.
Great to hear! I think we'll be in good shape then.
Hi Jesse!
my husband and I built out a off road toy hauler as our home! It’s like a tiny house inside but we can go anywhere and be off grid. We’re a year in. No more house. But we want to start investing with the equity from the sale of our house. We are in the process of finding what’s right for us. Colorado is home base and the state we know the best. But investing in CO looks so hard to make the numbers work. We would love to connect and learn more about how you’ve continued the minimalist life while being investors!
We have been living on a sailboat with 2 dogs, then a baby so I can definitely relate. Enjoy life. It's short and nobody I know regrets minimalizing, exploring and living a life free of regret.