WhiskyDave
Dryer sheet aficionado
- Joined
- Jul 7, 2020
- Messages
- 32
Nice to find like minded people on this forum ...After giving out FI advice for the last 10 or so years, I'd love some feedback from the board on my situation, as I'm sure there are things I may not be thinking of.
51 Years old---want to retire next year...will live 1/2 year in US and 1/2 in South America
1. 550K currently in 401k & 60k liquid/cash ( the rest went to ex spouse)
2. House situation: (3)
a. Rental---value 500k--owe 160k---on 15y will pay off in 8-9 years. Rental Income is $2300 (note 1.9K)
b. Vacation Cabin also full time rental value 300k...owe 50k... 15y note with RI is$1400 (note $0.8k)
c. Primary residence...value 700k...owe 375k & (80k 2nd for my boat purchase) on 30y note (future rent would cover all note+ $400)
Currently plan is to sell (b), invest the 200k equity in an index fund...Live off that for 7 years until I collect 401k at 59.5 or Rental income from (a), qualify for ACA in year 2 until Medicare.
Will rent other (2) houses as I will live on my boat stateside and will only need about 1800 a month to live comfortably on boat or in South America.
Lately, been thinking about selling maybe (2) houses now and investing the proceeds, but also living in a very good housing market in Seattle with appreciation...Not sure I'm thinking about everything?, future tax implications? and capital gains and future tax brackets when I pay off rental with no deductions
What would you do?? sell 1, 2 or 3? and invest...I do like keeping 1 house for investment diversity and security?.
Appreciate any feedback---Cheers
51 Years old---want to retire next year...will live 1/2 year in US and 1/2 in South America
1. 550K currently in 401k & 60k liquid/cash ( the rest went to ex spouse)
2. House situation: (3)
a. Rental---value 500k--owe 160k---on 15y will pay off in 8-9 years. Rental Income is $2300 (note 1.9K)
b. Vacation Cabin also full time rental value 300k...owe 50k... 15y note with RI is$1400 (note $0.8k)
c. Primary residence...value 700k...owe 375k & (80k 2nd for my boat purchase) on 30y note (future rent would cover all note+ $400)
Currently plan is to sell (b), invest the 200k equity in an index fund...Live off that for 7 years until I collect 401k at 59.5 or Rental income from (a), qualify for ACA in year 2 until Medicare.
Will rent other (2) houses as I will live on my boat stateside and will only need about 1800 a month to live comfortably on boat or in South America.
Lately, been thinking about selling maybe (2) houses now and investing the proceeds, but also living in a very good housing market in Seattle with appreciation...Not sure I'm thinking about everything?, future tax implications? and capital gains and future tax brackets when I pay off rental with no deductions
What would you do?? sell 1, 2 or 3? and invest...I do like keeping 1 house for investment diversity and security?.
Appreciate any feedback---Cheers