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I’m curious why you felt like divesting from real estate? Macro conditions? Diversify?
Can’t ever knock taking profits off and walking away from the table for a little while. As for what to do with the cash, it seems like a good problem to have right now.
Depending on the season of life you’re in, there may be certain “investments” you’ll prioritize. I was having this conversation with a buddy of mine who just liquidated a part of his real estate portfolio so he didn’t have as much risk and wanted the simplicity of a larger margin of safety. Now he’s got several years of rainy day cash to cover his expenses and recently decided to quit working for a little while to spend more time with his family since he had the assets to buy his time and chill for a few years while his kids grew up and his parents were running into health issues. So he’s “decumulating” and spending/investing in experiences for the next few years.
It was an eye opener for me since I’m still in the accumulation season of my life, but it definitely opened my eyes to what would be enough and when I’d like to loosen things up/make a change. It made me reflect on my priorities and think about accumulating, maintaining, and decumulating.
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For those of you with second homes/vacation homes, how often do y’all use them and how far do you live from the place (driving and/or flying time)?
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- Aug 19, 2015
Appraisal just came in a few k lower than listing price, and 13k lower than contract price. Contract buyers wanted 15k concessions (down from 15k + new roof + other fixes).
Not sure how to proceed. Better to cut losses and sell for appraisal minus 15k, or terminate and relist to see if any other offers come in (but again, appraisal kind of confirmed value).
My agent also says she has someone looking to do a 1031. Any risks I need to be aware of as the seller in a situation like that?
Not sure how to proceed. Better to cut losses and sell for appraisal minus 15k, or terminate and relist to see if any other offers come in (but again, appraisal kind of confirmed value).
My agent also says she has someone looking to do a 1031. Any risks I need to be aware of as the seller in a situation like that?
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- Apr 30, 2010
Almost seems like a steal
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How to proceed is up to you and what you want. If you're eager to sell the place and want to be done with it, then pursue that, if you're in no rush and want the best deal, I'd probably pursue re-listing/1031 investor. The thing about 1031 is they're on a timeframe and need to complete the deal within that time frame otherwise they miss out on the massive tax break which could work to your advantage (they can't stall you and go back and forth)
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I’m gonna build one in 5 years or so. It’s far though like a 10 hour drive.
so I’m kind of thinking just build a bad *** house and move there instead would probably make more sense because I don’t even particularly like my house or where I live now. I’m just here because work.
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Is it running, if it is I would have the current owner show you how it works and where everything is. My wife’s cousin bought a house with a high end hot tub but it did work and it took up space on the deck he tried for years to give it away, but you would need a crane to move it. He ended up cutting it up. It hurt because it was so nice!
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- Aug 22, 2007
10 hours is a hike, I assume flying is much easier but if you eventually would move there that makes sense.
The place I’m looking at is a 3.5hr nonstop flight and then 2 hr drive or train ride from me. Or about a 5 hr one-stop flight to a closer airport and 1 hr drive. Tough decisions.
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Yeah I could fly there real quick which I would probably do on the regular and just leave a car out there.
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- May 25, 2004
Why did they cut the drywall off and what was wrong with the stud? 
I’m not putting up a deck like I said but god damn that’s not a hard job.
I’m not putting up a deck like I said but god damn that’s not a hard job.
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I have a “beach house” an hour away. Bought it and renovated it last year. Used it during Christmas Break, used it during Spring Break, will use it in a couple of weeks and then again in July. We realized we were going on vacation to the beach a lot and spending a lot on rentals, so wanted to get one and set it up exactly how we wanted. We are trying to short term rent it when we aren’t there, but lady in neighborhood keeps trying to ruin that (see previous posts).
Considered buying one on the Gulf Coast (we are on the Atlantic), but wanted it to be more accessible. This made the renovation a lot easier too. Could run back and forth on a week night. Have a friend that bought one three hours from home and he has basically spent every weekend for the last six months running up there to meet contractors and stuff.
Want to eventually grab a lake house in rural Minnesota, but it will be a few years and I don’t think I would take on as much of a project.
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they cut around the area they screwed through to show the mistakeWhy did they cut the drywall off and what was wrong with the stud?
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- Jun 22, 2018
Where are you putting up a TV that also has a sewage pipe behind the wall
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i assume its 2 or 3 story place that has a bathroom on topWhere are you putting up a TV that also has a sewage pipe behind the wall
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that is electrocution waiting to happen.Where are you putting up a TV that also has a sewage pipe behind the wall
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- Jun 22, 2018
Studfinders need a blue light now too for water lol
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guess they are going full-on CSI now as one of their services.
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- May 21, 2004
Interesting take on living life in seasons. I like that
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I’m thinking of moving to Houston or maybe even San Diego. I live in the suburbs of Toronto Canada, (60 min drive from downtown Toronto) and the houses in my area are going for 1.8 million CAD. I barely have a backyard and I’m living in Minnesota-like weather conditions lol. On top of that my income tax is around 30%. Id make more money moving across the border. I have 500k left on my mortgage, and I’ll be able to sell my place for around 1.8.
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My brother moved to Houston and wonders why I won't visit him. I'm never setting foot in Texas if I can help it.I’m thinking of moving to Houston or maybe even San Diego. I live in the suburbs of Toronto Canada, (60 min drive from downtown Toronto) and the houses in my area are going for 1.8 million CAD. I barely have a backyard and I’m living in Minnesota-like weather conditions lol. On top of that my income tax is around 30%. Id make more money moving across the border. I have 500k left on my mortgage, and I’ll be able to sell my place for around 1.8.
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Those are two quite contrasting cities lolI’m thinking of moving to Houston or maybe even San Diego. I live in the suburbs of Toronto Canada, (60 min drive from downtown Toronto) and the houses in my area are going for 1.8 million CAD. I barely have a backyard and I’m living in Minnesota-like weather conditions lol. On top of that my income tax is around 30%. Id make more money moving across the border. I have 500k left on my mortgage, and I’ll be able to sell my place for around 1.8.
Yes, TEXAS SUXXXxxxSXXXX. Stay far away!!!11!!!!
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Yea I’m also in a suburb of Toronto, home prices here are no joke.
Do you know what the process is for buying in the USA? I was thinking of buying in Florida something by the beach. Are there any other beach cities in America you guys recommend?
Do you know what the process is for buying in the USA? I was thinking of buying in Florida something by the beach. Are there any other beach cities in America you guys recommend?
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- May 25, 2004
Not trying to be funny but have you been to Florida?
It’s not for everyone.
It’s not for everyone.
