I was planning on going part time January 1. One of the remaining issues was getting a longer term lease on some rental commercial property. Well, yesterday, the tenant notified us it was leaving. We had a month to month lease so there is nothing we can do. $72,000 a year is gone, plus we have to maintain it until we sell it.
The good news is that I had based our planning on getting that rent through 2015 and then selling the property for around $500,000. Someone is already interested and I'm going to try to get around $600,000 for it, which is below assessed value. Unfortunately, it will take a while, even if we sell it quickly, to get that money invested in decent income producing muni bonds or dividend paying stocks. If we get 5%, we've lost a good bit of income, but not in the long, long run, just in the next 3 years.
Easy come, easy go. Maybe I will have to work another year or so full time, but it isn't the end of the world. We have no debt on the property, we have plenty of cash and the only debt we have is a small mortgage on our house that will be paid off in about 6 years.
But today wasn't quite as rosy as last week!
The good news is that I had based our planning on getting that rent through 2015 and then selling the property for around $500,000. Someone is already interested and I'm going to try to get around $600,000 for it, which is below assessed value. Unfortunately, it will take a while, even if we sell it quickly, to get that money invested in decent income producing muni bonds or dividend paying stocks. If we get 5%, we've lost a good bit of income, but not in the long, long run, just in the next 3 years.
Easy come, easy go. Maybe I will have to work another year or so full time, but it isn't the end of the world. We have no debt on the property, we have plenty of cash and the only debt we have is a small mortgage on our house that will be paid off in about 6 years.
But today wasn't quite as rosy as last week!