Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-24-2016, 04:15 AM   #61
Thinks s/he gets paid by the post
 
Join Date: Dec 2010
Location: Midwest
Posts: 1,666
1. Which job will allow you to grow your self employed side gig the fastest?
2. Do you want to keep your current home long term?

Becoming a landlord is not difficult-lot's of good info on internet. It would allow you to have a fall back plan should the new job not work out.

I rented to an in law for about 5 years and it was a good experience, but I also know of many "not so good" stories out there. Parents should be a good bet.

Owning rental properties can be a nice part of your retirement income stream. With the right renters, the problems can be managed easily. Nice tax benefits, also.

We foolishly sold 2 of our first homes, and made very little (Realtor fees, etc.)-we have regretted that over the years. Today, (30 years later) it would have added about $3k a month to our cash flow. And, yes, we would have had a few problems along the way.

Sounds like you are getting lots of good advice. Good luck.
brucethebroker 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 Early-Retirement.org 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!

Old 10-24-2016, 06:06 AM   #62
Thinks s/he gets paid by the post
dixonge's Avatar
 
Join Date: Mar 2008
Location: On the road
Posts: 1,405
If you take the new job, move to the new town and rent out your old house (or sell it) then you should be able to reduce your commute significantly. You keep mentioning going back to your existing home frequently, but why? You already said most of your friends have moved away. Do you have a significant other? Do you really need to see your parents that often? I used to live in a different country, and now that I live about three hours away from them, I'm not sure I see my parents that much more often. Even when I lived about one county away I only saw them once every 2-3 months. We can communicate frequently via text, phone, Facebook. No need to see in person every single weekend!

If it were me in your shoes I'd take the job, sell the house, save up a lot more money for retirement. That's still the goal, right? ER?
dixonge is offline   Reply With Quote
Old 10-24-2016, 06:59 AM   #63
Dryer sheet aficionado
 
Join Date: Jan 2011
Location: Raleigh, NC
Posts: 37
I have worked in the IT industry for over 30 years. If you are good at what you do, you are very under paid where you are. If I were in your shoes, assuming the job offer is as good as you said it is, I would take it and move. I'd also sell the house you are currently living in.

Your greatest asset is you. While it might be tempting to hang on to the house and rent it out; it can be a lot of headaches, especially if you are so far away. You don't want to be distracted by that at this point. Ask yourself this... if you lived in the other city where your new job is and didn't have a house in the city you currently live in, would you buy one there as a rental property (while living in the new city)? My guess is that is a big fat "No!". It would also allow you to avoid the situation with the family member that wants to rent it from you... never want to get into family things like that because a) they probably want a bargain price; and 2) what are you going to do if they are being a bad tenant or aren't paying you as they should?

Now is the time in your life to maximize your earning potential, and that will just continue to grow if you are in an area with competition for jobs.
convergent is offline   Reply With Quote
Old 10-24-2016, 07:39 AM   #64
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by RobbieB View Post
You should do what you want to do because you really feel it's right.

Don't get caught up in the "salary survey" stuff, just consider weather or not you like your job and the company and where you are right now.

If you are happy, that's the most important thing. If you are not happy then it's time to move.
I like some things about my job (40 hour work week and autonomy, for example) but not other things (incompetent managent, commute, on call duty). The house is the main thing keeping me there as well as the family situation - some family members would be upset if I were to move. The question I am asking myself is do I like my house enough to stay at the current job or give up the house to take a job that could be better but could be worse .
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 07:51 AM   #65
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by Meadbh View Post
+1
There are risks and benefits either way. Fundamentally, this decision is about what you value at this point in your life: unambitious continuity versus urban excitement and opportunity.

When I was your age I followed my dreams internationally, but I didn't own a home until my mid 30's, when I had fulfilled some of my career goals and wanted to settle down for a while. I am so glad I didn't become a homeowner earlier: it would have cramped my career mobility. Twenty years later, approaching FI, my priorities had changed.

Only you can decide. And not deciding is a decision too.
Sometimes I wish I would have waited to buy a house and just did the moving around thing in my 20s whwn I had nothing ro lose. Everyone was telling me I would be throwing my money away by renting. The upside is thatbI pay a lot less per month than I would be if I were renting as I would be paying twice as much to rent an equivalent house. The downside is the below market salary
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 08:02 AM   #66
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by MooreBonds View Post
I don't recall if you addressed this aspect already...but what is the possibility of taking the new job, and then moving on up either in this new company, or finding another new job (in a few years) with someone else in the new city, with an even higher salary? Also, don't forget to analyze what you enjoy about various jobs, and possibly making a related career move into a new position (but still somewhat related), but which builds on your knowledge, experience, and abilities?
I don't think there is much moving up there as the two managers have been there about 20 years. There is an opportunity to learn as they want to start focusing on agile and the like which I haven't been exposed to. It might only be a 2-3 year job. The job is to help them enhance their current systems and build a some new systems but what happens if the demand goes down as they already have a few programmers on their staff. This increased demand could be temporary and then they could find themselves with more programmera than they need. That is one of my main concerns as it is not a contract position and I work in an at will state where the employer and employee can terminate employment at any time.
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 08:13 AM   #67
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by brucethebroker View Post
1. Which job will allow you to grow your self employed side gig the fastest?
2. Do you want to keep your current home long term?

Becoming a landlord is not difficult-lot's of good info on internet. It would allow you to have a fall back plan should the new job not work out.

I rented to an in law for about 5 years and it was a good experience, but I also know of many "not so good" stories out there. Parents should be a good bet.

Owning rental properties can be a nice part of your retirement income stream. With the right renters, the problems can be managed easily. Nice tax benefits, also.

We foolishly sold 2 of our first homes, and made very little (Realtor fees, etc.)-we have regretted that over the years. Today, (30 years later) it would have added about $3k a month to our cash flow. And, yes, we would have had a few problems along the way.

Sounds like you are getting lots of good advice. Good luck.
1) Probably the current job.

2) Yes

My dad would want to rent it but he often complains that he is not retired yet. He might get tired of working, fall on "hard times", and then have trouble paying the rent....thinking I am making enough money to absorb the cost. Not a likely scenario but possible. Or I could sell it to him on contract. He has another mortgage so would likely not be able to get a bank loan. Or maybe I just pay it off and rent it to him for cheap since I know he would take care of it as opposed to someone off the street.
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 08:24 AM   #68
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by dixonge View Post
If you take the new job, move to the new town and rent out your old house (or sell it) then you should be able to reduce your commute significantly. You keep mentioning going back to your existing home frequently, but why? You already said most of your friends have moved away. Do you have a significant other?
No

Quote:
Originally Posted by dixonge View Post
Do you really need to see your parents that often? I used to live in a different country, and now that I live about three hours away from them, I'm not sure I see my parents that much more often. Even when I lived about one county away I only saw them once every 2-3 months. We can communicate frequently via text, phone, Facebook. No need to see in person every single weekend!
My parents are divorced. I don't see my mother too often as she has her own stuff going on. My dad currently has a live in girlfriend but she lives out of state and goes back and forth. When she is not around, he calls and wants to see me more often. My grandmother would really be upset if I were to move but I don't think I would see her any less than I do now, every month or two. She wants everybody near by and got really upset when my cousin almost moved 3 hours away....even though she has plenty if other family in the area.

Quote:
Originally Posted by dixonge View Post
If it were me in your shoes I'd take the job, sell the house, save up a lot more money for retirement. That's still the goal, right? ER?
Yes
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 08:35 AM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
Quote:
Originally Posted by Barry Darsow View Post
Sometimes I wish I would have waited to buy a house and just did the moving around thing in my 20s whwn I had nothing ro lose. Everyone was telling me I would be throwing my money away by renting. The upside is thatbI pay a lot less per month than I would be if I were renting as I would be paying twice as much to rent an equivalent house. The downside is the below market salary
The other downsides to home ownership are exit costs and inertia.
Meadbh is offline   Reply With Quote
Old 10-24-2016, 08:42 AM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
Quote:
Originally Posted by Barry Darsow View Post
My grandmother would really be upset if I were to move but I don't think I would see her any less than I do now, every month or two. She wants everybody near by and got really upset when my cousin almost moved 3 hours away....even though she has plenty if other family in the area.
Why are you so afraid of your grandmother's disapproval? You are an independent adult with a job. This kind of thinking is holding you back. Stand up for yourself.
Meadbh is offline   Reply With Quote
Old 10-24-2016, 08:59 AM   #71
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by convergent View Post
I have worked in the IT industry for over 30 years. If you are good at what you do, you are very under paid where you are. If I were in your shoes, assuming the job offer is as good as you said it is, I would take it and move. I'd also sell the house you are currently living in.

Your greatest asset is you. While it might be tempting to hang on to the house and rent it out; it can be a lot of headaches, especially if you are so far away. You don't want to be distracted by that at this point. Ask yourself this... if you lived in the other city where your new job is and didn't have a house in the city you currently live in, would you buy one there as a rental property (while living in the new city)? My guess is that is a big fat "No!". It would also allow you to avoid the situation with the family member that wants to rent it from you... never want to get into family things like that because a) they probably want a bargain price; and 2) what are you going to do if they are being a bad tenant or aren't paying you as they should?

Now is the time in your life to maximize your earning potential, and that will just continue to grow if you are in an area with competition for jobs.
All good points. I am underpaid and renting the house would not be in my best interest if I were to move.

I am supposed to give them an answer today. They have given me almost two weeks and I am still not ready to accept or turn them down. Not good.

I wonder if maybe I turn this one down and take a weekend (without distraction) and figure out EXACTLY what I really want to do - whether to ride out the current job as I try to build something on the side....or just move on and figure out exactly which city I want to work in (and live in). Even if I turn this down, there should be offers but I would of course then have to go through the interview process again with other companies.

Is it out of the question to stall them for more time?
They said that I am the only candidate they are considering after the last batch of interviews and would repost the job if I do not accept so there is no 2nd choice.

Perhaps I say that I would like to take a tour of their facility or maybe even take a couple days off of work within the next week or two and offer to shadow his team? I have not met the people I would be working closely with. They could repost the job in the meantime and interview other people.

If both sides are happy with each other after working together for a couple days and I decide to relocate, we move forward. Otherwise we shake hands and part ways. There is that risk they find someone they like better but I am more willing to take that risk than jump into something that I might regret.
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 09:01 AM   #72
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by Meadbh View Post
The other downsides to home ownership are exit costs and inertia.
Exactly
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 09:15 AM   #73
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by Meadbh View Post
Why are you so afraid of your grandmother's disapproval? You are an independent adult with a job. This kind of thinking is holding you back. Stand up for yourself.
She is not the deal breaker, was just pointing out the lack of family support for making a move and she is one example. If I were to move, as long as I am still within a few hours, I would not see her or other family members any less than I do now. I don't think they understand that. They want me available in a moment's notice.
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 09:19 AM   #74
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,687
cut the cord - change is a necessary part of every living organism

I did it 5 years ago. No regrets.
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 10-24-2016, 09:34 AM   #75
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
Quote:
Originally Posted by Barry Darsow View Post
She is not the deal breaker, was just pointing out the lack of family support for making a move and she is one example. If I were to move, as long as I am still within a few hours, I would not see her or other family members any less than I do now. I don't think they understand that. They want me available in a moment's notice.

......to do what? Act as their unpaid handyman? Sort out their computer problems? Drive them to medical appointments?

Did your family members pay for your education? Are they paying your mortgage? My guess is no, but they sure did encourage you to buy a house, because they knew it would tie you to the neighbourhood and keep you under their thumb.

Time to grow some cojones, man.
Meadbh is offline   Reply With Quote
Old 10-24-2016, 09:50 AM   #76
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
Always build your resume for the next job, not the one that you are working on. If that next job adds marketable skills, go for it.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 10-24-2016, 09:50 AM   #77
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 58
Quote:
Originally Posted by Meadbh View Post
[/B]......to do what? Act as their unpaid handyman? Sort out their computer problems? Drive them to medical appointments?
Computer problems? Yes. The others, not presently. I have a couple family members that like to call at the last minute when they want to get together. If I were not around, we might actually have to make plans ahead of time

Quote:
Originally Posted by Meadbh View Post
Did your family members pay for your education? Are they paying your mortgage? My guess is no, but they sure did encourage you to buy a house, because they knew it would tie you to the neighbourhood and keep you under their thumb.
The parents paid for part of my college, I paid for most if it. Yep I was encouraged to buy a house because "renting would be throwing money away".

I can deal with the family issue, that is not the main thing keeping me from jumping on this opportunity - it is mainly the house and lifestyle change moving from a house to an apartment in a more crowded city. And more importantly how it would affect my finances if it doesn't work out.
Barry Darsow is offline   Reply With Quote
Old 10-24-2016, 10:09 AM   #78
Dryer sheet aficionado
 
Join Date: Jan 2011
Location: Raleigh, NC
Posts: 37
Quote:
Originally Posted by Barry Darsow View Post
All good points. I am underpaid and renting the house would not be in my best interest if I were to move.

I am supposed to give them an answer today. They have given me almost two weeks and I am still not ready to accept or turn them down. Not good.

I wonder if maybe I turn this one down and take a weekend (without distraction) and figure out EXACTLY what I really want to do - whether to ride out the current job as I try to build something on the side....or just move on and figure out exactly which city I want to work in (and live in). Even if I turn this down, there should be offers but I would of course then have to go through the interview process again with other companies.

Is it out of the question to stall them for more time?
They said that I am the only candidate they are considering after the last batch of interviews and would repost the job if I do not accept so there is no 2nd choice.

Perhaps I say that I would like to take a tour of their facility or maybe even take a couple days off of work within the next week or two and offer to shadow his team? I have not met the people I would be working closely with. They could repost the job in the meantime and interview other people.

If both sides are happy with each other after working together for a couple days and I decide to relocate, we move forward. Otherwise we shake hands and part ways. There is that risk they find someone they like better but I am more willing to take that risk than jump into something that I might regret.
I think you are overanalyzing this. Its possible you could do all this and they still hire you, but they also may decide you are way too high maintenance. It takes a lot of time and energy by them to hire someone; not to mention the costs involved. I am in the process of hiring for two positions right now and it is a big drain of energy.

If you take the job and don't like it, you can always move on. But you'd be moving on from a position of higher pay and already in a more lucrative area. If you like what they offered, go for it. You could turn it down and find that the next one doesn't come for a while.
convergent is offline   Reply With Quote
Old 10-24-2016, 10:14 AM   #79
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 7,678
Quote:
Originally Posted by Barry Darsow View Post
And more importantly how it would affect my finances if it doesn't work out.
If you develop high demand skills, you can get multiple job offers and live where you want, even outside the U.S. if you choose. When I worked as a recruiter, we'd get some contractors who would move around from cities like New York to London to San Francisco for contracts.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 10-24-2016, 10:31 AM   #80
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
Quote:
Originally Posted by Barry Darsow View Post
I am supposed to give them an answer today. They have given me almost two weeks and I am still not ready to accept or turn them down. Not good.
Have you negotiated with them yet? It is very common to offer at least some counter-offer ot their initial proposal (a company NEVER offers their best and final offer first). Look up a few good websites or books to do a quick read on how to interview and negotiate (a little late now for the "interview" portion of it, but you can still engage in some countering). Start w/ Salary, and if they steadfastly refuse, attempt other ways to sweeten the pot ("I have 3 weeks vacation per year w/ my current job, but you are only offering 2", or "I have this perk, can you match it?"). Also, you must see what the market rate is - are they paying above-market salary? What is your position worth on the open market?
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Reply


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
Should I pay off my rental house? FI by 2024 FIRE and Money 7 05-25-2015 05:59 AM
Should I pay off land or buy a rental house? wade5628 FIRE and Money 20 10-30-2010 10:07 AM
Should I use 457 money to pay off debt? ripper1 FIRE and Money 7 08-29-2010 11:52 AM
(FAQ archive) Should I pay off the mortgage or invest the money? Nords Early Retirement FAQs 0 10-15-2007 03:05 PM

» Quick Links

 
All times are GMT -6. The time now is 06:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.