—- OUR MESSY BUT PERFECT MOVE TO PARADISE: 2ND CHALLENGE
Challenge #2:
Retire rent and mortgage-free… debt-free! Buy an existing home or design/ build at least one (maybe two) rentable unit(s) on the lot and lease them- offset expenses. Repeat after me… “Sustainable Income!” Then live simply. The income from rent should cover the standard living costs. I mean standard and not highfalutin, elite living costs- we’re just regular folks. By the time we buy or build the house with possibly two units, we could rent our Ohana (1 bedroom unit with kitchen, laundry, and a lanai) for $1800-2000 per month. Likely higher if we had an ocean view.
2 units: $3600- 4000 per month
Estimated Outlay: $0 mortgage but pay out property tax (amount undetermined) and General Excise Tax (GET) of 4.166% on the rental income.
We decided it’s important for us to age gracefully without depending on our kiddos (or grandkiddos). If/when one of us passed away, how would the other get by? As we age and need assistance, would there be room for a caretaker on the property? Okay, now we need to plan on another unit- a studio apartment or an area that could be converted into one for any caretaker to live. Preferably on the same level as our living area- easy access. That would be called a “lock-off.”
We have never been well to do and live mostly month to month- no savings accounts, but we do own a few properties- let’s be clear, properties are not liquid money (easily accessed funding). The question may then be, can we leverage some property to be able to afford buying or building a house in Hawaii?
Being self-employed for so long, it is hard for us to imagine NOT working. We need to consider a possible part-time job on-island. We have skills!
Challenge #3:
Would this be a seasonal (snowbird) situation? Possibly one foot in WA and one foot in HI? Enjoy the Pacific Northwest during the summertime (left foot) and winter in Hawaii (right foot)? The caveat: will it be too rough living away from family? Okay, I recognize we do have Facetime and other social media outlets to stay connected. And I am reminded… the kids and grandkids would love to visit us in Hawaii, right?
Question: If we “Snowbird,” where would we live in WA state during the summertime? The obvious answer would be to live on a large, moored boat. Another option would be to buy a small lot somewhere close to the Puget Sound and plop a small cabin in that perfect spot.
Question: What about our current household stuff? What ships to Hawaii vs. what stays for summertime living in WA state. Okay… my head spins and swerves, and I ask myself, “Are we a couple of fruitcakes for wanting to move to Hawaii or simply gluttons for punishment?”
Problem-solving is a long process. Ask the tough questions. Discussions eventually lead to conclusions if you are determined to follow-through.
