Am I crazy or does this make sense?

[dumpster56]

Called the realtor today,

Listing will be near 530,000

Owe less than 200,000

Home in the area same model sold for 535,000 last week.

No turning back!

Big Xmas party in our house sunday, Monday the 26th we take down the tree and put the for sale sign in the window!

I am so ready to get out of the inner city high school I work in !!

I am gonna buy a house for cash no mortgage and sell kayaks at REI in north Carolina and write and paint and run and LIVE!

 

[Sheryl]

Woo Hoo!! You go, dude!!

 

[Mr._johngalt]

Called the realtor today,

Listing will be near 530,000

Owe less than 200,000

Home in the area same model sold for 535,000 last week.

No turning back!

Big Xmas party in our house sunday, Monday the 26th we take down the tree and put the for sale sign in the window!

I am so ready to get out of the inner city high school I work in !!

I am gonna buy a house for cash no mortgage and sell kayaks at REI in north Carolina and write and paint and run and LIVE!

Good for you, and never forget....................if you take a wrong turn
or make a mistake...............we'll all be dead soon enough.
In the big scheme of things it's no big deal.

JG

 

[Retire Soon]

MRGALT2U,

I can really relate to what you're doing, as we plan to put our house on the market in April. I think you're timing is perfect. My brother lives in a log home outside of Blue Ridge, GA only about 20 miles from the Tennesse/North Carolina borders.  We've seen some of North Carolina and liked the foliage, open space , and the generally slower pace of life.  Hope you're happy there.

RS

 

[califdreamer]

Congrats newguy.

I think you're going to enjoy life in Carolina. Thanks for your perspective on making the most of home equity.

 

[dumpster56]

Congrats newguy.

I think you're going to enjoy life in Carolina.  Thanks for your perspective on making the most of home equity.

Yes my son the PHD in Physical chemistry said too me not bad old man 100% +profit on the 9 year old house.

We purchased it new for 239,000 in april of 1996.

We never took out HOME EQUITY LOANS like MOST americans do, Kinda always thought that when you did that you were in FINANCIAL TROUBLE!!

In addition my 3.5% adjustable mortgage will re adjust in july of 06 to 5.5% for another 3 years BUT I will not have to make those increased payments!!

Hope the baby SELLS in the early spring!! The realtor says oh yes the house is in Tip Top condition, looks great from the road and the inside immaculate!

Off to the raleigh area and purchase a house for CASH!! with the Equity!!

How many americans are looking at home equity loans in the 75 to 100,000 range?? TOO MANY!!

 

[joedil]

I think it all makes sense, and you are on the road to a rich and early retirement.  The only thing I would caution is the medical/health benefits that NJ says it will provide.  The fact that the provider in this case is a government makes me feel a little more comfortable that these will be provided, but even that gives me a little pause for concern.  There was an article recently about a city government - I think in Iowa - who got around to figuring out the cost of free medical benefits for its retirees, and it found out that it was simply not sustainable.....I think other providers of these benefits will soon come to realize this -- even governments and public pension funds -- and look to get out of these obligations somehow.....so my recommendation is to have a back-up plan if this becomes true -- Joe

 

[dumpster56]

I think it all makes sense, and you are on the road to a rich and early retirement.  The only thing I would caution is the medical/health benefits that NJ says it will provide.  The fact that the provider in this case is a government makes me feel a little more comfortable that these will be provided, but even that gives me a little pause for concern.  There was an article recently about a city government - I think in Iowa - who got around to figuring out the cost of free medical benefits for its retirees, and it found out that it was simply not sustainable.....I think other providers of these benefits will soon come to realize this -- even governments and public pension funds -- and look to get out of these obligations somehow.....so my recommendation is to have a back-up plan if this becomes true -- Joe

Yes I do have that thought on the health bennies. In fact they changed the prescription copayments just yesterday now 1,000 out of pocket max.

If the bennies go up in smoke I will just work more.

No mortgage for the rest of my life and low real estate taxes , no car payments a COLA every 12 months, and starting off with about 31Grand a year and I have an additional 5 Grand a year in savings to tap the wife gets a small 300 dollar a month pension in 3 years and then she gets her SS in 10 I get it in 12.

Hey I will work at jobs to make extra cash but jobs I want with NO STRESS, like selling Kayaks, Running shoes, Wine, heck I can tend bar at many places.

I will MAKE THIS MOVE WORK!!

 

[dumpster56]

NewGuy -- if my memory is correct, you are the person who commutes 110 miles daily to teach in Newark, NJ. In my opinion, your life will be a lot better after you move to NC, even if you were to need to go back to some kind of easy-going full-time work at some point to get health bennies. I'm not completely sold on ER for myself (agnostic?), but in your case I think that it's a slam-dunk. Stay with the plan!!!

Yes that is me!!

I was leaving Newark today and at a traffic light bullets were flying from gang bangers.

I gotta say the neighborhood my school is in is another reason to get out of that place.

I am not afraid of anything but I gotta say the gang issues and crime and that AWFUL daily commute , well

I gotta just do it and not look back.

The wife is all for it and heck even my son says pop you will make over 100% profit in 9 years on the house.

He says I can buy a new place for cash at 50 years of age and never have a mortgage again

Rambling again. I am sorry.....

 

[haha]

Yes that is me!!

I was leaving Newark today and at a traffic light bullets were flying from gang bangers.

Damn, that sucks! Did you return fire?

Ha

 

[dumpster56]

Damn, that sucks! Did you return fire?

Ha

Seriously,

I gunned it thru the light, Did not seem that anyone was hit.

It really is nuts!

 

[Sheryl]

Newguy,
Your enthusiasm is infectious. Makes me want to splatter !!!!'s all over the place. Seriously, I enjoy reading how enthused and motivated you are about your move.

Have you thought about substitute teaching if you need $$ in the new life? The reason I ask is that my retired teacher neighbor is still subbing now and then, and his son, with no education degree also does this for extra money.

I'm wondering how easy it is to get in with a school district and how particular they are about qualifications.

Anyone have experience with this?

 

[HFWR]

Ex-step-daughter makes $10/hr "sub-teaching"... Then again, she has no college. But she works as much as she wants. Location Indiana.

 

[dumpster56]

Newguy,
Your enthusiasm is infectious.   Makes me want to splatter !!!!'s all over the place.  Seriously, I enjoy reading how enthused and motivated you are about your move.

Have you thought about substitute teaching if you need $$ in the new life?  The reason I ask is that my retired teacher neighbor is still subbing now and then, and his son, with no education degree also does this for extra money. 

I'm wondering how easy it is to get in with a school district and how particular they are about qualifications. 

Anyone have experience with this?

Oh I have thought about all kinds of part time work.

Heck I was working part time jobs for years to suppliment my teaching salary for years. Now I figure with 31,000 and COLA every 12 months, No mortgage, we are not the biggest spenders in the neighborhood, I never try and keep up with the jonese, BUT I keep an Immaculate home making another 15,000 and being able to take an additional 3,000 out of a stash of cash I will have more money than I have now with an 80,000 dollar salary.

Part time work Like Scanning the cans at the food store, selling Kayaks, Running shoes, Heck I can always sell Washing machines at SEARS!!!

Then again I am certified to teach in North carolina and they are opening something like 7 new schools in wake county next year. Lets see If I land a full time teaching job that will pay in the 50,000 range and my pension oofah now I would have some Moolah, But then I would be working full time and that is what I really do not want to do.

Hummmmmm.....

 

[old woman]

How about teaching night classes like english as a second language to adults. Community colleges have all kinds of evening classes. You could teach kayak building if you believe those that can do, those that can't teach. : :

 

[dumpster56]

How about teaching night classes like english as a second language to adults. Community colleges have all kinds of evening classes. You could teach kayak building if you believe those that can do, those that can't teach. : :

Oh I can sell ice cubes to an eskimo.

Anyway I gotta sell the house first.

Then I am gonna buy it for cash. Yes no mortgage, the 300,000 that I should clear after the sale is a profit made in 9 years. To have a home paid for at the age of 50 is a biggie as far as I am concerned.

My tax bracket will be lower so no need for the deduction.

Then again maybe I start a business and make a ton of money!

Who knows, I have this itch, Xmas is over my sisters are sad to see me sell the house, we had one big @ss party on Xmas day, anyway as I ramble, We can have that party down south!!

 

[CRABBY JERRY]

Wish I had your situation. Maybe your family will see how much better you can live down south and they will follow at some point. I just joined after reading for a few years and have ideas such as what you are doing ( carolina). How are you doing with the sale of the home? I think you are doing a no brainer. I have a friend from school, Long Island, N.Y. that moved  to North Carolina 10 years ago and he loves it there. Best of luck to you and keep us posted. Jerry