roadtripper
Dryer sheet aficionado
- Joined
- Dec 7, 2016
- Messages
- 40
Hi total strangers!
This seems like a good place to lay out all of my future financial plans and anxieties. Seriously. My family is already on board with the plan, which scares me. We never agree about anything.
Here's the basics:
I just retired in June. Small teachers' pension. Another pension coming from another state in a few years.
DH retired last year. Bigger teachers' pension. On a 2 year gig as a college prof which ends in June, paid through summer.
I am also a travel agent as a side gig, and we all know how lucrative that's been lately
We have a small seasonal rental condo; it doesn't make us much money due to increasing HOA--almost nothing this year due to Covid, but we love the location and want to upgrade in the community.
Assets:
1.1M in 457s, etc. Our FIRECalc numbers are always 100%--even when I fudge them and use worst case scenarios--like a pandemic, for example.
Cash out refi on our primary residence house coming tomorrow: 125K
Refi mortgage will be the only debt: 15 yr at 1.99=2300/mo
Our dilemma:
We want to buy real estate in the beach community where our seasonal condo is. The market is ridiculous right now. Properties are being sold above asking price within days. The place we like has been sitting since March. It's weird, there's an illegal addition, it's going to take some work. Still, it could be a really great rental unit once we fix it up (we can DIY a lot and we have builders/plumbers/electricians in the family). Because it's a home, not a condo, it can be rented even if the pandemic continues. It's year round, not seasonal, and has the potential for 2 or 3 units so we could use part and rent part.
We initially got the refi going to buy the house next to us at home. It's a hoarder house and will take a LOT to make it livable. One week's rent in high season in the beach community would be a high monthly rent with renovations.
This is the beach community that my family grew up going to. We love it, my sister has a place here, and we would be able to have family gatherings. My more fiscally conservative husband is even on board.
So should we buy the beach house?
This seems like a good place to lay out all of my future financial plans and anxieties. Seriously. My family is already on board with the plan, which scares me. We never agree about anything.
Here's the basics:
I just retired in June. Small teachers' pension. Another pension coming from another state in a few years.
DH retired last year. Bigger teachers' pension. On a 2 year gig as a college prof which ends in June, paid through summer.
I am also a travel agent as a side gig, and we all know how lucrative that's been lately
We have a small seasonal rental condo; it doesn't make us much money due to increasing HOA--almost nothing this year due to Covid, but we love the location and want to upgrade in the community.
Assets:
1.1M in 457s, etc. Our FIRECalc numbers are always 100%--even when I fudge them and use worst case scenarios--like a pandemic, for example.
Cash out refi on our primary residence house coming tomorrow: 125K
Refi mortgage will be the only debt: 15 yr at 1.99=2300/mo
Our dilemma:
We want to buy real estate in the beach community where our seasonal condo is. The market is ridiculous right now. Properties are being sold above asking price within days. The place we like has been sitting since March. It's weird, there's an illegal addition, it's going to take some work. Still, it could be a really great rental unit once we fix it up (we can DIY a lot and we have builders/plumbers/electricians in the family). Because it's a home, not a condo, it can be rented even if the pandemic continues. It's year round, not seasonal, and has the potential for 2 or 3 units so we could use part and rent part.
We initially got the refi going to buy the house next to us at home. It's a hoarder house and will take a LOT to make it livable. One week's rent in high season in the beach community would be a high monthly rent with renovations.
This is the beach community that my family grew up going to. We love it, my sister has a place here, and we would be able to have family gatherings. My more fiscally conservative husband is even on board.
So should we buy the beach house?