Author Topic: Away for work 70% of time, what to do about home/car?  (Read 4765 times)

Seadog

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Away for work 70% of time, what to do about home/car?
« on: March 27, 2017, 08:20:51 PM »
So a bit of background, did petroleum engineering for about 7.5 years, saved most of my money since expenses were usually covered, embraced the tenants of MMM before it was even a thing, have a stash high 6 figures. Got laid off a little over two years ago, sold all my stuff, technically moved in with my parents, then spent roughly 18 of last 25 months traveling.

Eventually started to get old, and decided to dip my feet back into the working world. Got an interesting job (at least sounds so on paper - starts in a week or two) which will see me away from home for roughly 70% of the time, however of that time, probably only half the days you'll actually be working, which lends itself well to self study etc, or if we happen to be somewhere cool, travel/exploring. (The job will take me all over the world).

Now the problem is what do I do in terms of those pesky things people generally have for living, such as a home and car? Paying rent/depreciation/insurance when they're being utilized maybe 15-20% of the time (as I wont always return home for my off days) seems decidedly unmustachian, however, I've also come to know that living out of a bag long term gets old. My parents are in the process of moving, so staying there isn't really an option, however they do have a storage unit so I'm able to store my few cubic meters of things I still have there for the time being.

While I'm going to give it a few months to see what I think of the job before committing, I'm leaning towards just renting a room like a student for $500 or so a month. At the same time I'm 33, feel like I'm getting too old for the room mate thing, and there are also issues which could potentially come up if I'm out of the country for 3 months, like they decide to sell the house or something.

Any thoughts or opinions on how to play this? Anyone ever been in a similar situation?

Noodle

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Re: Away for work 70% of time, what to do about home/car?
« Reply #1 on: March 27, 2017, 08:45:04 PM »
Interesting question. I think in this case, I might look around for someone in the friends/family network with a spare bedroom and garage space, who doesn't want a full-time roommate but wouldn't be averse to making a little money by storing your stuff, starting up the car occasionally (if you decide to keep it), letting you know if really important mail shows up, etc and having you stay there when you are home. I can see that a regular Craigslist type of roommate wouldn't be a good idea, because you want someone more responsible. It could be perfect for someone who is in a family home but all the kids have moved out.

TXBruiser

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Re: Away for work 70% of time, what to do about home/car?
« Reply #2 on: March 27, 2017, 10:03:52 PM »
I would house hack.  Either take some of your stash and pay for a duplex/tri/quad in full and live in a unit for free while renters pay you back, or get a mortgage and let the renters pay a good chunk of it for you, then the little your paying out of pocket (if any) will essentially go towards principle and you will get it back when you sell it.  also the house appreciation will benefit you in the long run.

highflyingstache

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Re: Away for work 70% of time, what to do about home/car?
« Reply #3 on: March 27, 2017, 10:10:23 PM »
I'm away about 50-70%. I did the opposite. It's my place, with a roommate. I chose from the ads very carefully before I found a person, well screened that understood they would get someone coming and going at odd hours, infrequently. It works. I was fortunately around enough in the beginning to get a sense of their way of life. It also helped I happened to see how they were living before they become a roommate. They pay a majority share of the rent because they use that portion of our place. I pay a much smaller amount, but give them the freedom to do as they place, provided they do sensible things (parties, but keep the place clean, quiet, don't break things). It's a careful balance. I can't stress screening the right person enough. It pays great dividend.

For my car there's not much. I use a ridesharing program to help pay the infrequent commute to work, but the prices still remain. When friends are in town they can use my car. I'm home enough that it sees driving ever week or so, although you may not be so lucky.

I do find having my own place still allows me to have the personal effects of living. I find it quite costly to continue to re-buy everything (simple things to function and live) and the cost of living can go quite a bit further down if you can do things like store Costco purchases, utilize space wisely. It's the only reason I did this design. Further, I picked a less desired location, to save on overhead. It's approximately a 50% gain in overall housing prices from more expensive neighbourhoods.

Finally, in that note, I don't think there's any plus or minus to being the owner or tennant in this case, each case being an individual position. In my place, it's certainly better to rent, but if buying and having costs covered by a renter helps, I know many that do that too.

I would hasten to guess your goal is similar to mine; keeping cost of living to an absolute minimum because you're away, while gaining the maximum benefit you need from it. In my case, having my own bed to come home to, some personal effects and consistency in life are now essential. Just 3 years ago I had the room for rent you mentioned. This brings me great peace and tranquility, something I don't want to step down from. But that's just me. Finding life hacks and ways to keep it inexpensive may mean you're getting inventive and abnormal in doing things, but that's what a life on the road is all about.

Just Joe

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Re: Away for work 70% of time, what to do about home/car?
« Reply #4 on: March 28, 2017, 08:48:43 AM »
Have you considered a non-traditional solution like a tiny house positioned on the back corner of a property owned by friends or family? Clearly some of those are absurdly priced ($45K+) but I've seen some nice solutions that might be affordable.

trollwithamustache

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Re: Away for work 70% of time, what to do about home/car?
« Reply #5 on: March 28, 2017, 09:50:08 AM »
Just rent a room somewhere and get a storage locker for whatever doesn't fit.  A room in a larger house can be a lot of fun and if you are gone that much any downsides will probably not bother you much.

I never liked house hacking type solutions when I traveled that much. There was something nice about coming back to the same place/set up the way I wanted it ect. and having clean clothes there.

people will yammer on about rent being wasted money but, if you are renting a cheap place you will be saving more than enough to buy the place you want, when you are ready to know what that is.

thedigitalone

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Re: Away for work 70% of time, what to do about home/car?
« Reply #6 on: March 28, 2017, 10:06:07 AM »
If you are near a major airport there will be a large number folks in the business that have the same exact problem as you and would make perfect roommates.

Look for flight attendants, student pilots and pilots just starting out, they have the same exact problem you want to solve as well.

Seadog

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Re: Away for work 70% of time, what to do about home/car?
« Reply #7 on: March 28, 2017, 12:44:21 PM »
I would house hack.  Either take some of your stash and pay for a duplex/tri/quad in full and live in a unit for free while renters pay you back, or get a mortgage and let the renters pay a good chunk of it for you, then the little your paying out of pocket (if any) will essentially go towards principle and you will get it back when you sell it.  also the house appreciation will benefit you in the long run.

If I were in the US I would give serious thought to that, however, in Canada now we're in the midst of a huge housing bubble (think US 2006) where it is all but impossible to be cash flow positive on many places, and renting is often times less than just the interest on mortgages. The condo I was renting in 2015 in oil country when I was laid off was likely ~$100-$150/mth cash flow negative, and since then rents have since dropped ~20%. On top of that, what do I do if a toilet breaks while I'm away for 3 months, or someone decides to stop paying rent, or moves out unexpectedly? Unless everything works perfectly, land lording is hardly a hands off arrangement unless you want to shave even more off the top line with a manager.

ketchup

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Re: Away for work 70% of time, what to do about home/car?
« Reply #8 on: March 28, 2017, 01:10:12 PM »
I'd probably rent a cheap bedroom somewhere reasonably convenient, assuming that's an option in your area.  Keep your room like George Clooney's apartment in Up In The Air (assuming I'm remembering that correctly).

AMandM

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Re: Away for work 70% of time, what to do about home/car?
« Reply #9 on: March 28, 2017, 03:00:57 PM »
Another idea:  buy a small condo and airbnb it when you're away.  More work, but possibly more income.

MBot

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Re: Away for work 70% of time, what to do about home/car?
« Reply #10 on: March 28, 2017, 04:48:53 PM »
I would house hack.  Either take some of your stash and pay for a duplex/tri/quad in full and live in a unit for free while renters pay you back, or get a mortgage and let the renters pay a good chunk of it for you, then the little your paying out of pocket (if any) will essentially go towards principle and you will get it back when you sell it.  also the house appreciation will benefit you in the long run.

If I were in the US I would give serious thought to that, however, in Canada now we're in the midst of a huge housing bubble (think US 2006) where it is all but impossible to be cash flow positive on many places, and renting is often times less than just the interest on mortgages. The condo I was renting in 2015 in oil country when I was laid off was likely ~$100-$150/mth cash flow negative, and since then rents have since dropped ~20%. On top of that, what do I do if a toilet breaks while I'm away for 3 months, or someone decides to stop paying rent, or moves out unexpectedly? Unless everything works perfectly, land lording is hardly a hands off arrangement unless you want to shave even more off the top line with a manager.

It really depends where you are in Canada -- if you're in a bubble area, it makes a lot of sense just to rent a cheap space for you to come back to.

Whether that's a room in a friends' basement, a bachelor apartment, or a room in a student/professional house depends on a lot of factors.

Do you like to entertain and/or have people over?
Do you like to do hobbies in your spare time you need your own living/kitchen/backyard for?
Would you rather put an extra $300 a month towards a nicer place/more space/more independence, or towards retirement and reach FI faster?

If you're worried about maintenance but are looking to buy/invest in a property, I've seen several people do things similar to what highflyingstache suggested. But it sounds like you're worried about the downsides in landlording as well as the bubble factor. It sounds like you're more on the 'rent a room or bachelor apartment' side of the equation.

RobFIRE

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Re: Away for work 70% of time, what to do about home/car?
« Reply #11 on: March 29, 2017, 12:45:38 AM »
As you're starting the new job and can't be sure how it will go, I would simply look to rent as part of a house share. Ideally with friend/friends who understand what you'll be doing, so will be grateful of some extra income for mostly just providing you storage space. Otherwise a house share with other professionals. As others have said, finding the right people is important, other professionals definitely, probably those who also travel regularly for work so you are all equals.

I don't think I'd look at owning and renting out a place / airbnb due to the issue of not being on hand should there be issues. I'd rather put money in a property fund, should get long term growth without any of the hassle. If I had a good friend who would rent from me and be trusted to deal with any issues, that could work, however in my experience even the best of house shares all end after a handful of years, as people move on in life (change jobs, get married etc.). So in the longer term I might just buy a smaller place and leave it empty when I was away, there is a value to convenience/avoiding hassle and it sounds like you don't need to extract every last $ from everything. Really then you would be doing the same as somebody who works locally and owns, as your work expenses are all paid so it's not like you will be paying for two places, and in fact with food etc. covered and reduced wear & tear at home you are still better off.

I wouldn't bother with a car, regular cars don't like not being driven regularly.

use2betrix

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Re: Away for work 70% of time, what to do about home/car?
« Reply #12 on: March 29, 2017, 07:04:46 PM »
Will your travel bouts be long or short term? If it's several months, you could buy a trailer/5th wheel and live out of that.

Funny we are in same boats. I've been in the industry 7 years, worked straight for 7 years (had 900 hrs of overtime alone last year) then just took a 4.5 month hiatus like you. Did Asia a few months, long motorcycle Mexico trip, etc.

My wife, my dog, and myself, have lived full time in a fifth wheel the last 4 years. Pull it around doing contract works. Jobs range from 2 months to a couple years. Refineries, power plants, chemical plants, nuclear plants, etc.

We enjoy it for now, but once we have kids and they start school we'll be looking for a more permanent thing.

MsPeacock

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Re: Away for work 70% of time, what to do about home/car?
« Reply #13 on: March 29, 2017, 07:33:59 PM »
My last two tenants were here about 30% of the time due to their work. I have a furnished basement rental with kitchenette. Seems to work well for this sort of arrangement. I'd do the same if I was traveling that much.

kelvin

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Re: Away for work 70% of time, what to do about home/car?
« Reply #14 on: March 30, 2017, 05:01:57 AM »
Another idea:  buy a small condo and airbnb it when you're away.  More work, but possibly more income.
I've heard airbnb is more involved than a rental - it's the difference between being in hospitality vs. real estate.

The roommate thing could really work out, especially if you lived in an apartment on site and were renting out the main house.

The tiny home/rv thing could go into storage while you're away, though trying to use a tiny home in Canadian winter is a giant pain (there aren't many legal places to park in winter months). An advantage is you could take it with you to visit family when you're in the country, especially if your family don't all live in the same city.

It's common for cottages/cabins to sit empty for huge swaths of the year, maybe you could buy in cottage country. Lots of families share cottages too, you could give a key to a relative and have them check up on it/use it when you're gone.

hoping2retire35

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Re: Away for work 70% of time, what to do about home/car?
« Reply #15 on: March 30, 2017, 07:49:19 AM »
I would try something unconventional. it could be fun. like owning a place and just AirBnB, as stated earlier.

Maybe get a storage unit ~$50 a month and just camp during that time. Will your time off be summer, winter, variable?

Do some travel during that time. like ARS and other just only do it 3 months at a time.

FIPurpose

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Re: Away for work 70% of time, what to do about home/car?
« Reply #16 on: March 30, 2017, 09:32:16 AM »
Operating a rental while away on work 70% of the year just sounds like a hassle to me.

I think I would personally just rent a place for your planned stays in-country. You can usually find a good mid-long range rental through airBnB for not too much more than the going apartment rate. No need for furniture, you'll always come home to a clean place, and no worries about missing a bill. The issue here is mail. In this case, I would just get a PO box.

I'm not sure where you live, but just buying a rental for 3-4 months in a year sounds a lot more pleasant. I'm not sure where in the country you're at, but for here I would think that's only about $5-6k a year, all-inclusive.

LouLou

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Re: Away for work 70% of time, what to do about home/car?
« Reply #17 on: March 30, 2017, 09:50:09 AM »
My last two tenants were here about 30% of the time due to their work. I have a furnished basement rental with kitchenette. Seems to work well for this sort of arrangement. I'd do the same if I was traveling that much.

This is exactly what I would do. I would rent a very small furnished place. Either someone's basement apartment or a studio. I would keep some clothes, toiletries, and keepsakes, but get rid of everything else until I settled down. I wouldn't want to just airbnb or camp, because I would want to be able to have a place set up and ready for me whenever I wanted. Renting a car is not expensive where I am, so I would consider getting rid of my vehicle and just renting when I was in town.

aneel

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Re: Away for work 70% of time, what to do about home/car?
« Reply #18 on: March 30, 2017, 01:01:00 PM »
I met a fellow consultant recently who air BnBs on the days when he's "home"

Blew my mind

Dee18

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Re: Away for work 70% of time, what to do about home/car?
« Reply #19 on: March 30, 2017, 05:28:50 PM »
My sister owns a house abroad and just rents via Airbnb or vrbo for a month or two when she wants to be in the states.  She also has a storage unit in the states. 

Linea_Norway

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Re: Away for work 70% of time, what to do about home/car?
« Reply #20 on: March 31, 2017, 06:35:41 AM »
You can join a car sharing service. This probably pays off when you don't use a car often. I heard good review from 2 people who used such a service.