A couple of months ago I posted:
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.
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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