Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 02-10-2009, 10:26 AM   #21
Full time employment: Posting here.
cardude's Avatar
Join Date: Feb 2006
Posts: 599
Is this cash you mention in addition to the $3.5mln? Like EF? If so, I're doing wonderful, though trimming spending is a great idea.

Tell us about the house.
How much did you pay for it?
What's the mortgage rate? Can you refinance it now as your business is still open? After you wrap up, loan brokers won't look at you.
How much are you upside down now? Or how much would you lose if you sold it today?
No, the cash is part of the 3.5m.

600K price paid. 4500 square feet. 1 acre lot.
In the process of refinancing to a 4.75% rate for 30 years to lower the payment to $2700. The old payment was shorter term and 6.5% rate and 3700 range. And yes, I'm doing the refi now while it still looks like I have a job. So, my expenses already reflect the lower payment-- I assume I'll get approved. If not, it will be more interesting.

If we could find a buyer today, we might actually be able to get out of it, or maybe lose 50K or so. I say that because 6 months ago one sold on our street, two houses down, for 600K and it is comparable. We live on a street filled with doctors, so I'm hoping they are still making decent money. It is a desirable neighborhood.

If the wife wants to get out of the house and do something, then let her do that for a while. Even if she's making a paltry $30k per year plus benefits, that would really help with cash flow and might save you $8000-$12000 per year in health insurance too. That may even allow you to keep the mcmansion (if that is a high priority). You may want to talk with your wife and provide her with the either/or of having a nice house today and for at least the next 10 years, but possibly running out of money sometime in your 50's or 60's, or being set for life in a more modest house.
Yeah, I was thinking that she could work while we sort out the house deal and help with the cash flow and healt insurance. We all agree the house must go so we can be FI for the next 50 years.
cardude is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Nervous, just plain nervous limpid lizard FIRE and Money 48 11-13-2007 09:18 AM
I just submitted the biggest proposal of my life, and I'm nervous!! thefed Other topics 7 09-23-2007 05:56 PM
Should I be nervous? DFW_M5 FIRE and Money 21 07-26-2006 10:13 AM
Market Nervous? haha FIRE and Money 16 05-03-2005 04:30 PM

» Quick Links

All times are GMT -6. The time now is 03:57 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.