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I sold because I wanted to.
Old 11-15-2009, 08:28 AM   #1
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I sold because I wanted to.

A couple of months ago I posted:

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I live in an apartment in a four unit building I own. The building generates cash. It is an income producing asset. It would produce more income if I didn't live there, but I would have to pay rent, where now I live here for nothing. The place is worth somewhere around 300,000. If I sold it and invested the money I likely could "safely" take 12,000 from that investment each year and use it for housing. Well, 1000 a month doesn't give me much, when you think about rent and the utilities. I could buy another place for cheap and invest the rest to cover the costs of living in the new place. Maybe a 150,000 place, with 500 a month for expenses? Not quite. Property taxes, maintenance, insurance, utilities will likely run more than 500 a month average. Right now the building not only gives me a nice apartment to live in at no cost, but also puts money in my pocket every month after all expenses are paid. In this circumstance, how can I sell? I would have to have a real strong reason to want to live somewhere else. The building is worth more to me than the market says it is worth.

BTW, it is impossible to deal with my situation using FIRECalc.

BTW, my building is up for sale.
Last week we signed a purchase agreement to sell the place, the inspection went smooth and we are closing in a few weeks.

Bad market. Bad time of the year to sell and bad time of the year to move. But I sold anyway. Most of my stuff is going to go out to the family farm where I will live until a more permanent home is found. This is partly a health insurance issue. For the time being I have to remain a Minnesota resident. If that changes I might end up buying a place in another state. If not, I plan on looking for a condo or small home in Mpls/St. Paul. Yesterday some friends of mine moved some things out to the farm in the snow and sleet while I supervised. I have pneumonia lite and my ribs hurt bad so I can't do much yet. Follow up chest x-ray in a month. By that time I will be all moved.

I really wanted to be out of the landlord business and did not want to be tied to this place in the winter. So, though it was economically not the best decision, it is still the best decision for me.

I am thinking of an extensive road trip south starting about December 22.
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Old 11-15-2009, 08:37 AM   #2
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Congratulations!! You're right that it is a difficult year to sell, but you did it and I'll bet that feels great.

A road trip south is a good idea - - might help you to shake that stubborn pneumonia.
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Old 11-15-2009, 08:40 AM   #3
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Congrats on being able to sell at all in a bad market!

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I am thinking of an extensive road trip south starting about December 22.
Yeah, we're thinking about the same thing about January. According to the Hagerstown Farmer's Almanac, come January I might as well put the motorcycle up on a stand until at least March.

Hope they're wrong.
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Old 11-15-2009, 08:50 AM   #4
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Congratulations on selling your house and I hope you get better .
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Old 11-15-2009, 08:51 AM   #5
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I'm at the other end of the spectrum if that would be a proper term. DW and I are going today to look at a piece of property listed for sale. It's listed as a "short sale" which means it's for sale for less than what the owner owes on the mortgage (with permission from the mortgage company). Understand these type sales can take a while to close but we are not in any hurry. On the other hand, we have to put our manufactured home on the market for sale and things are not moving too good right now. We can buy without selling this one but I can see it taking over a year to sell. Decisions, decisions!!
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Old 11-15-2009, 09:01 AM   #6
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Get well soon, Martha. Unfortunate timing season-wise. Pneumonia Lite is a bit like being hit by just a small freight train, so take care of yourself.

We have moved fairly often (Tampa is our 4th home town since I got out of school). Selling a property for reasons of life planning is a completely different thing from selling to optimize the sale price or for investment reasons.

Never has it been more true for us to say "it's only money." Once we sold fairly cheap so we could live together instead of being apart during a job transition. Didn't care - small price to pay to keep the home fires burning. Another time we broke even (meaning it cost us only a little) in order to get moved before the deep Wisconsin winter set in. We did not regret either decision, though waiting would probably have left more money in our wallet.

For me, your decisions about home should be philosophic and lifestyle driven, not profit-driven. Make your money in the market, make your life in your home.

Congratulations on the sale, and I hope one of your future warm, get-away trips brings you down our way.
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As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Old 11-15-2009, 09:07 AM   #7
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I think that it is definately a good choice for you, Martha. Better to be happy and give up a little than otherwise. Take care of yourself, and keep warm until you split with the thought of no more tenant headaches.

I have in mind a similar lifestyle when we retire, namely pick a home base where I will and when the weather gets unpleasant (winter, depths of summer heat, whatever) hitch up the trailer/RV and split for an extended period. A question: I assume you have the moho winterized, given your climate. When you leave in December, will you dewinterize on the way south? Do it before you leave and take your chances? Something else? Just wondering how the logistics work.
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Old 11-15-2009, 09:11 AM   #8
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Getting that weight off your back should help with the aching ribs.
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Old 11-15-2009, 09:12 AM   #9
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Martha, I am glad that you made this decision. It has been clear that your heart has already moved; good to let the body catch up.

I hope your chest feels better very soon.

Ha
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Old 11-15-2009, 09:13 AM   #10
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Originally Posted by JOHNNIE36 View Post
I'm at the other end of the spectrum if that would be a proper term. DW and I are going today to look at a piece of property listed for sale. It's listed as a "short sale" which means it's for sale for less than what the owner owes on the mortgage (with permission from the mortgage company). Understand these type sales can take a while to close but we are not in any hurry. On the other hand, we have to put our manufactured home on the market for sale and things are not moving too good right now. We can buy without selling this one but I can see it taking over a year to sell. Decisions, decisions!!

A small hijack.... but not all 'short sells' are with the permission of the mortgage company.... some are people hoping to get someone to sign a contract and THEN go to the mortgage company and HOPE they approve.. that is what I found out happened to me... and it took a LONG time because the seller had not signed when they said they did...
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Old 11-15-2009, 09:18 AM   #11
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Minneapolis region has the highest quality of living in the country from most studies. I visited Spring Grove, MN., recently, which is the southern end of the State, and really found the natural beauty and cleanliness there a real joy.
If you can hack those awful Winters, it's a terrific place to live.
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Old 11-15-2009, 09:25 AM   #12
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Minneapolis region has the highest quality of living in the country from most studies. I visited Spring Grove, MN., recently, which is the southern end of the State, and really found the natural beauty and cleanliness there a real joy.
If you can hack those awful Winters, it's a terrific place to live.
I agree with this. Find a nice place in Twin Cities that you enjoy, either to buy or rent. Get one that can be buttoned up well when you travel, and take off to wherever you want in deep winter.

Another thing to consider- try to live very near to your friends and/or connected family down there. I just returned from a visit to my very ill brother. He has lived as what I call a serial bachelor. Many wives and long term relationships, but always returning to being alone. What really is keeping him alive is a bunch of male buddies who help him keep up with the things that he is temporariy or permanently unable to deal with.

Ha
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Old 11-15-2009, 09:47 AM   #13
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I have in mind a similar lifestyle when we retire, namely pick a home base where I will and when the weather gets unpleasant (winter, depths of summer heat, whatever) hitch up the trailer/RV and split for an extended period. A question: I assume you have the moho winterized, given your climate. When you leave in December, will you dewinterize on the way south? Do it before you leave and take your chances? Something else? Just wondering how the logistics work.
Motorhome is winterized. Last year when I headed south I got the plumbing going in Oklahoma. It is easy to head south and then flush out the antifreeze when it gets warmer. The PITA side is heading north and having to winterize on the way up. Last year I strung out the southern trip long enough to avoid having to re-winterize.
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Old 11-15-2009, 09:55 AM   #14
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Texas Proud, thanks for the tip. Guess what! Just found another hitch in the listing of that property. It's located in a CDD area. For those that don't know about this, it is an amount the developer charges you for infrastructure and ammenities he has added to attract buyers. Examples of this would be a community pool, play grounds, club house, tennis courts, etc. In this case it amounts to $1950 per year plus homeowner association fees of $1275. That's too much to pay just to live in a certain community. There is still 18 years to pay on this CDD. That's $35000. Think I'll offer them $35000 less than I planned. On the other hand, think we will pass on this property.
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Old 11-15-2009, 10:00 AM   #15
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I must have missed your posts leading up to this. Anyway, it sounds like a good decision. Yes, you've got some added stress while you look for a new permanent place, but maybe it will be an adventure. You've got a clean slate and can choose anything you like. Of course the same market conditions that were against you while you were trying to sell are now in your favor as a buyer or even a renter--you'll probably come across some good homes that would have been more expensive in the past. Hopefully the situation at your temporary digs in the country will be good and you won't feel rushed to buy/rent another home immediately. Heck, maybe you'll get some chickens and a friendly, non-aggressive llama and stay there permanently.
Sorry to hear about the pneumonia, take care of yourself.
Best of luck!
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Old 11-15-2009, 10:12 AM   #16
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For the time being I have to remain a Minnesota resident. If that changes I might end up buying a place in another state. If not, I plan on looking for a condo or small home in Mpls/St. Paul.
Martha - best wishes and good luck on the next steps on your journey and the new freedom...so you may move down to either the banana belt of Minnesota or another state...what could be a better place than the Cities in winter spring summer and fall...was over in the Highland Park area (I like) of St.Paul yesterday after a juicy lucy at Shamrocks on 7th with daughter...I kinda prefer St. P over Mpls, as you know distinct personalities.
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Old 11-15-2009, 10:41 AM   #17
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Martha - best wishes and good luck on the next steps on your journey and the new freedom...so you may move down to either the banana belt of Minnesota or another state...what could be a better place than the Cities in winter spring summer and fall...was over in the Highland Park area (I like) of St.Paul yesterday after a juicy lucy at Shamrocks on 7th with daughter...I kinda prefer St. P over Mpls, as you know distinct personalities.

My best friend lives in Como. I like that neighborhood as well as Highland Park. Being close to the river would be nice for the biking, though it is easy to hit trails just about anywhere in the cities. Do you have a 30 amp plug in I could use?

I remember as a child visiting my uncle in the cities and canoeing Minnehaha creek. Do you know if you can still do that? Any other canoeing/kayaking possibilities down there, besides the big river?

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Hopefully the situation at your temporary digs in the country will be good and you won't feel rushed to buy/rent another home immediately. Heck, maybe you'll get some chickens and a friendly, non-aggressive llama and stay there permanently.
The farm is isolated, but I have my cousin, who is dear to me, as well as old family friends within a few miles. The only issue with the place is that it is returning to nature. My allergies may not be able to deal with the musty old place. We will see.
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Old 11-15-2009, 10:47 AM   #18
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Congrats on the sale, Martha, and having a place to live in the meantime and to store your furniture. Hope your health improves, going south for the winter sounds like the perfect plan.

We unloaded sold momís place just before Thanksgiving years ago, itís a great feeling. I live in a 13-unit apt. building that closed Friday (the 13th!), apparently sold to a small group which has hired a manager; this may be a good time to sell people on the idea of becoming landlords. The bank has recovered part of itís loss.

I also feel tied to limited areas because of health insurance, I need to live within 50 miles of an HMO in the system, so I canít go rural, buy that ranch up in the foothills, or leave the state. Should be able to re-think those options at age 65.
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Old 11-15-2009, 10:56 AM   #19
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Martha - did you end up buying in on the large Phoenix Arizona multiple unit apartments? Sure is attractive getting away from the nitty-gritty of direct management - congratulations! Your 4-plex was a very attractive brick building if I remember the pictures - lots and lots of curb appeal.

Headin out to the country, eat a lot of peaches...
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Old 11-15-2009, 10:57 AM   #20
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My best friend lives in Como. I like that neighborhood as well as Highland Park. Being close to the river would be nice for the biking, though it is easy to hit trails just about anywhere in the cities. Do you have a 30 amp plug in I could use?

I remember as a child visiting my uncle in the cities and canoeing Minnehaha creek. Do you know if you can still do that? Any other canoeing/kayaking possibilities down there, besides the big river?
Como is nice too. Biking is great in the Cities. I can easily bike trail it to St. P from Minnetonka. Minnehaha is do able with portage in the spring with plenty of rain and melt. The Minneapolis chain of lakes and St. Croix otherwise I would recommend heading north
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