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The Water Cooler
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Got a lot going on, could use some life advice?
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<blockquote data-quote="FullAuto" data-source="post: 3607656" data-attributes="member: 5110"><p>I am a person that owns rental homes. I closed (bought) 3 more yesterday. That being said, you should sell your home. Don't make it into a rental. Without the proceeds from selling it, you really aren't in that great of a financial situation. I've seen way too many part-time landlords fail. The most typical is the people that have upgraded houses and keep their old house and try to become landlords when they really aren't cut out for it. Are there success stories? Sure. But these are a much smaller minority. Most of the failures aren't bragging to their friends about their poor financial decisions. Of course you're going to hear about the good ones. </p><p></p><p>The market is strong right now. If it was your primary home within the past two years, you can cash out tax free. This is the correct decision for you in your current financial position.</p><p></p><p>Once you have the cash, don't put it into your girlfriend's home. Take your time and renovate it together with funds the couple has made together. </p><p></p><p>I am a firm believer that 98% of people that have financial problems don't have financial problems, they have discipline problems. Having your windfall placed into a savings or money market account may not be the best decision for you. You need to be honest with yourself here. </p><p></p><p>I am not against owning rentals. Obviously I think it's a great financial decision for a very specific type of person. The overwhelming majority isn't cut out for the life. Cash out (tax free) and walk.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 3607656, member: 5110"] I am a person that owns rental homes. I closed (bought) 3 more yesterday. That being said, you should sell your home. Don't make it into a rental. Without the proceeds from selling it, you really aren't in that great of a financial situation. I've seen way too many part-time landlords fail. The most typical is the people that have upgraded houses and keep their old house and try to become landlords when they really aren't cut out for it. Are there success stories? Sure. But these are a much smaller minority. Most of the failures aren't bragging to their friends about their poor financial decisions. Of course you're going to hear about the good ones. The market is strong right now. If it was your primary home within the past two years, you can cash out tax free. This is the correct decision for you in your current financial position. Once you have the cash, don't put it into your girlfriend's home. Take your time and renovate it together with funds the couple has made together. I am a firm believer that 98% of people that have financial problems don't have financial problems, they have discipline problems. Having your windfall placed into a savings or money market account may not be the best decision for you. You need to be honest with yourself here. I am not against owning rentals. Obviously I think it's a great financial decision for a very specific type of person. The overwhelming majority isn't cut out for the life. Cash out (tax free) and walk. [/QUOTE]
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