Reverse House Hack into a future permanent residence.

[Leonard Rybak]

Hi all,

   Trying to brainstorm if this is a good or terrible idea. I would love to spend my retirement in Florida.  I am debating if I should buy a decently priced home in Florida using a mortgage, rent it out as soon as possible, and have a tenant(s) pay down my mortgage until I am ready to move in and have the mortgage either paid down or nearly paid down. Do you guys think this is a decent idea, or disaster waiting to happen.

My concerns are that vacancies, forcing me to spend my own income to pay down my current residence and the florida home. Also, I am scared a tenant cant damage the home and leave it unappealing for me to move into....and lasty, taxes or insurance can grow out of proportion leaving me not wanting to move their in the future.  What are your thoughts? 

[Conner Olsen]

Quote from @Leonard Rybak:

I don't think it's a bad idea at all! If you buy now you are betting your criteria will be similar when you retire. You might get a property at a lower price but might not want that type of property 20+ years down the road. I think if you go in with the mindset of 'I think I'd like to live here, but if not then I'll sell it and buy one in the same market that I really want to live in.'