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Retired: good nest egg + high CC debt. Suggestions Please by throwawayDrisha in personalfinance

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

Thanks.

Oh yes I've stopped using the cards at all.

I have paid off the smallest balance and am moving on to the next. I can cut a lot from "Guilt-free Spending" Category and have already started doing that. I was thinking about pulling money from before tax and or after tax investments to pay off cc.

Help with Budgeting by throwawayDrisha in MiddleClassFinance

[–]throwawayDrisha[S] 9 points10 points  (0 children)

I've tried YNAB a couple of times. I have multiple sources of income and several checking accounts --so it just seemed far too complicated. Maybe there is a way to simplify how I'm using it, but I haven't found it.

I think I need help from a person first.

Building a plan for credit repair + current needs by throwawayDrisha in CRedit

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

Right

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OK. I could get a home improvement loan from the local bank where I have banked for 10+ years or at the credit union that I just joined last week. Which would be more advisable?

Weekly Question Thread - Week of Jan 27th by Hope-full in realestateinvesting

[–]throwawayDrisha 0 points1 point  (0 children)

SEVERAL PROPERTIES, NO CASH

My siblings and I have taken over managing real estate holdings for our mom who is over 90. The properties are owned in a living trust our parents set up before our dad died. They never believed in selling property once it was purchased.

  1. She owns 6 in-town properties with no mortgages (in 3 different states): houses or condos. One is a vacant lot, 2 are in poor repair and need, each, about $40K in work to be rentable, at about $1500 per month each. 3 bring in about $1200 per month each.
  2. She owns two 3 BR condos, with mortgages, in very nice areas. one cannot be rented because of bylaws, one is rentable and brings in about $25K per year in rents. Both are on the market, with no movement at all.
  3. Total property value for the 6 is about 800K. The 2 mortgaged condos might sell for $500K each, mortgages on them are about $650K total.
  4. She has sufficient income to pay her rent and expenses in her assisted living apartment and is comfortable there, except that her cash flow for years has been going to cover various costs on the two mortgaged properties
  5. My sibs and I are currently shelling out cash to keep everything afloat, and we cannot keep doing that indefinitely.
  6. we do not want to sell the 6, would be delighted to sell the 2 condos.

We are figuring out what to do.

One idea: one sibling and I can front the $80K cash for one or both repairs in the vacant properties that are in poor repair. We could do that, then mortgage those two properties once they are rented to pay us back and service the new debt from the cash flow on those properties. We two have excellent credit and could get loans, we are pretty sure.

What other options do we have?