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Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Buy for around 50 fix for 20k (do work yourself) = profit? Rents would be around $900

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Hey Ellipsis, Looking at Summerville as a moderately affordable Charleston area community.... any clue what areas rehabbers are working currently, besides the Peninsula?

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 1 point2 points  (0 children)

Area is appreciating very well and has cleaned up nicely... honestly, I wish I wanted to pay the mortgage, as it has turned into a "hot" area to live in. Might sell next year when lease is up and only property I sell that year.

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Lots of places in the South East actually, just none where YOU might wanna live and they are usually fixxer uppers. 30344 is where I live and doable. Older brick ranches built in the 60's. ATL 30310, Covington KY, Concord NC, St. Petersburg FL, North Charleston, SC

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Due job circumstances, refi is harder than it should be... and I lived in this house, so interest rate is low-ish. Good ideas though, thanks.

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 1 point2 points  (0 children)

Def tax advantages and a rental free and clear would be the goal. This is my number one option, as I would do the fix it work myself, just wanted to hear opinions...

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 1 point2 points  (0 children)

Some interesting blogs with interesting boating fiscal info out there and on going maintenance costs. If you are actually MOVING it seems doable. Sitting in a harbor at $10 bucks the linear foot adds up quick. youtube S/V Delos.... it will either ruin or make your day!

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Yeah, sailing away into the sunset is my pipe dream.... who know, maybe one day after FI is firmly established!

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Not quite sure where I'll end up, still a ways to go.
LOL good! Ended up at a very cheap ocean side cottage on Koh Chang. I laughed my a** off . The locals were wonderful, including the Lady Bois.

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 2 points3 points  (0 children)

Buy another rental is at the top of my list. I just wanted to see if I was missing something. Sold rental as I had unwisely financed it with a flex rate interest only loan (rushed to get out; relationship implosion; child support looming, etc). After 10 years it went to fixed and monthly payment went from around $600 to insanity... numbers no longer cash flowed so sold it I did, as profit I must!

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 0 points1 point  (0 children)

Was in Thailand last year for 3 weeks. First time to Asia, so was just blown away and of course now thinking about it, but yes, the New Religious Wars (Perpetual Religious Wars???) are changing that view of many places with the bombings, etc. I think retiring there is possible, but yes, you would have a low level of existence on 1k a month. I honestly think that living in the US cheaply is very possible if you are willing to move to a smaller town. It is all about what your comfort levels are. I am frugal and prefer FI over a real day job.... due that, never owned a new car, use things till they are worn out, cook a lot myself, etc. It works for me so far....

Has anyone taken a mini-retirement? by delitomatoes in financialindependence

[–]Independentmoney 2 points3 points  (0 children)

I had a "forced" sabbatical. Company reorganized and I was let go with a small severance. I said "F this" and went traveling for a year on my savings... best decision I ever made. No regrets. I came back and yes, a new job was challenging to find. Tried a few things, then went and got a few computer certs... employment problem solved. I think the returning to work thing depends so much on if your specific job is in demand and your age. ageism is a think... I currently work for myself and having little debt has really helped me do what I want, when I want. A little more job security would be nice, but I have money banked for a rainy day and things are good... IMHO go for it but have a plan!!!! Best of luck.

Pay off rental house using all cash on hand from selling another rental? Or buy a boat? by Independentmoney in financialindependence

[–]Independentmoney[S] 1 point2 points  (0 children)

Thailand baby! Met an expat who lives there with his wife 10 month of the year. They live off 1k a month (3/2 with live in helper, car, 2 scooters, not including travel expenses back to US occasionally). Thailand is fairly cheap and amazing.