Seeking out some advice. My wife and I recently remodeled a home (took a risk, bought a dilapidated home, remodeled to our liking) and are currently living in it, ended up being perfect for our family and the right choice. Previously we lived in a 3 unit building that we currently own. We had a buyer for the property at a price we liked but they were unable to secure financing. I'm thinking of just waiting another year to sell the rental but worried we are leveraged too much in real estate. Curious what others think? Should we rush to sell it in the fall, wait and see, or perhaps keep it? We have great tenants and I have contacts in the trades where I'm not worried about fixes and such. Our "numbers" are below.
Total Income-240k
Current pensions-$44,000 a year at 60 (we are 39 and 38), who knows if it'll be there
Retirement funds (roth ira/403b)-90k
Cash-40k (currently saving about 3k a month, we have high childcare costs....)
Primary Residence Appraised Value-850k, principal at 630k, 6.1% 30 year mortgage
Rental Property Appraised Value-860k, principal at 370k, 2.375% 15 year mortgage
The rental collects $5050 a month and clears $1300 a month after expenses. It is in our neighborhood so a pro/con.
Total Income-240k
Current pensions-$44,000 a year at 60 (we are 39 and 38), who knows if it'll be there
Retirement funds (roth ira/403b)-90k
Cash-40k (currently saving about 3k a month, we have high childcare costs....)
Primary Residence Appraised Value-850k, principal at 630k, 6.1% 30 year mortgage
Rental Property Appraised Value-860k, principal at 370k, 2.375% 15 year mortgage
The rental collects $5050 a month and clears $1300 a month after expenses. It is in our neighborhood so a pro/con.
Statistics: Posted by jfahren2 — Mon Aug 05, 2024 4:57 am — Replies 0 — Views 186