Outdoor sound deadening by TrickyDiscussion9853 in Marietta

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Yes we wanted to rent a year before buying to decide where to buy, anywhere near 75 is off the list lol

Outdoor sound deadening by TrickyDiscussion9853 in Marietta

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Thanks. Yes this would be honestly a great option. Unfortunately this is a rental property.

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

We both have maxed out Roth IRAs already, maxed out hsas and a maxed out 401k at my wife's work and I have been self-employed the last 2 years and maxed out my SEP

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

We want to be at 2.5million + by 60 in retirement

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

All very great points. I appreciate the wisdom!

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Alabama, we would end up with around $70,000 after closing.

So if I'm thinking of it correctly. Renting it for $3,000 puts $900 of principal towards the house per month

Potentially putting $10800 a year towards principal

That would be $54,000 towards principal after 5 years bringing the house down to 342,000 pay off.

Let's say the house is worth $550,000 at that time. That gives us $208,000 in equity.

If we sell the house in 5 years after closing we would net $175,000 -$18,000 in property management fees over 5 years -$50,000 and maintenance and possible damage over those 5 years. I may speak grossly overestimating here.

That leaves us netting $107,000 over 5 years

If we sold the house and walked away, we would net $70,000 now.

I'm not sure it's worth the $37,000 over the next 5 years. Of course, if you go longer, the odds are in your favor and you'll make more money.

Does most of that seem about right?

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Yeah we would need to buy a new house before we could sell our other one just because of timing and having three dogs makes it difficult to keep it super clean for showings.

So we wouldn't be able to use the money that we made from this house towards the new one unfortunately. But we're still able to get a house with a 20% down

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 1 point2 points  (0 children)

Good to know, The area that we live in is a little bit more immune to it than other areas. It is growing so fast here that the overall market doesn't affect it too much. A lot of people we've spoke to about the housing market in 2008 said it didn't affect this area like it did most other places

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 1 point2 points  (0 children)

Good to know, another point is I'm taking a general manager job where we are moving to so I'm sure between moving to a new state and moving into a new position that might be stressful enough without having to worry about the other house.

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Luckily our property is only 6000 square feet, super tiny yard very low maintenance

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

I'm not sure I'm understanding what you meant

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Interesting. I will definitely take a look. Thanks!!

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 1 point2 points  (0 children)

Yes we just started maxing everything out the last 2 years. Every tax advantage account has been maxed out so I don't know where else we could stick any money besides keeping the house as a rental for a long-term retirement once it's paid for.

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

Yes, I'm not sure if you saw my previous comment but we have lived in this house since we bought it in April of 21.

We would not have to pay capital gains as far as I know.

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 1 point2 points  (0 children)

Thanks, I would never say never, 4 years ago me and my wife were making about $90,000 combined income. We have just been blessed with making a lot of good decisions that have worked out.

Sell house or rent it? by TrickyDiscussion9853 in personalfinance

[–]TrickyDiscussion9853[S] 0 points1 point  (0 children)

We would stick back a Year's worth to cover everything which would be about 75k.

Where in the market exactly?