Briefly: mom is 90, owns her very modest home outright and would like to (ok, mostly *I* would like her to, but she is coming around to the idea) move to a higher end, serviced suburban rental closer to her friends for her final months, years or hopefully a decade or two. Here are her stats. She does not want to move to a CCRC.
Portfolio:
$939k in CDs and HYSAs
Other assets: $1.6 million in a residential real estate portfolio. A car worth approx $24,000.
Income:
$7520 (pension, SS and rental income)
Debt: $0
Expenses: approx $14,000 per month of which $12,500 is a live in home health aide ($5500/mo is offset by LTCI on which 158k is remaining). So net of the LTCI her expenses are approx $8500/mo, most of which is the aide. Other costs are cable, food, electricity, water, cable TV, pest control, real estate taxes, accountants fees, phone, dining out, household items, repairs, insurance, garbage collection, and medical (she’s on Medicare and they pay for most of her medical expenses).
How much can she pay for a rental and should she spend down her cash first or sell one of her rentals. Or should she just stay put? Thank you.
Portfolio:
$939k in CDs and HYSAs
Other assets: $1.6 million in a residential real estate portfolio. A car worth approx $24,000.
Income:
$7520 (pension, SS and rental income)
Debt: $0
Expenses: approx $14,000 per month of which $12,500 is a live in home health aide ($5500/mo is offset by LTCI on which 158k is remaining). So net of the LTCI her expenses are approx $8500/mo, most of which is the aide. Other costs are cable, food, electricity, water, cable TV, pest control, real estate taxes, accountants fees, phone, dining out, household items, repairs, insurance, garbage collection, and medical (she’s on Medicare and they pay for most of her medical expenses).
How much can she pay for a rental and should she spend down her cash first or sell one of her rentals. Or should she just stay put? Thank you.
Statistics: Posted by AnnetteLouisan — Fri Sep 27, 2024 7:58 pm — Replies 0 — Views 9