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90Tiger, here's your 10 step plan:
Posted on: July 26, 2017 at 10:41:34 CT
phrejd STL
Posts:
94573
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16.19 yrs
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M.O.B. Votes:
1
1) Start purging stuff now. Ebay, garage sale, donate, whatever.
2) Spend the next few months touching up around the house. Any minor repairs or new paint that can be done for cheap, do it.
3) Get the house on the market in March. Price it at the top end of your agent's recommendation.
4) Once you sell, buy your local condo/townhome/smaller house or whatever, but put down as little as you can. Mortgage rates are still ridiculously low and money is cheap. Take advantage of that and hold on to as much of it as you can.
5) Put the remainder of whatever you made off your house into a brokerage account and buy a few broad ETFs. You're almost guaranteed a 10% return vs. the 4% you'd pay on mortgage interest. Investing in this rate environment is much smarter than trying to minimize debt, even if it's a short-term investment.
6) Start looking at where you think you might want to end up in Florida and start talking to a realtor. Look for a rental property that can break even or produce some moderate positive cash flow.
7) When you find a decent property in FL, take the profits from your home sale and earnings that you've had invested and put the minimum down on that property. Rent it out as a vacation rental on VRBO.com or whatever.
8) Over the next few years, spend a few weeks in your vacation rental each year to get a good feel for the community, and when you're convinced that it's where you want to be long-term, start looking for a permanent residence in the area.
9) Once you're ready to make the move, you can either sell both properties and put your proceeds toward the new home, or better, just sell the home here and keep the rental as a continued stream of income to supplement your retirement.
10) Hookers and blow.
2) Spend the next few months touching up around the house. Any minor repairs or new paint that can be done for cheap, do it.
3) Get the house on the market in March. Price it at the top end of your agent's recommendation.
4) Once you sell, buy your local condo/townhome/smaller house or whatever, but put down as little as you can. Mortgage rates are still ridiculously low and money is cheap. Take advantage of that and hold on to as much of it as you can.
5) Put the remainder of whatever you made off your house into a brokerage account and buy a few broad ETFs. You're almost guaranteed a 10% return vs. the 4% you'd pay on mortgage interest. Investing in this rate environment is much smarter than trying to minimize debt, even if it's a short-term investment.
6) Start looking at where you think you might want to end up in Florida and start talking to a realtor. Look for a rental property that can break even or produce some moderate positive cash flow.
7) When you find a decent property in FL, take the profits from your home sale and earnings that you've had invested and put the minimum down on that property. Rent it out as a vacation rental on VRBO.com or whatever.
8) Over the next few years, spend a few weeks in your vacation rental each year to get a good feel for the community, and when you're convinced that it's where you want to be long-term, start looking for a permanent residence in the area.
9) Once you're ready to make the move, you can either sell both properties and put your proceeds toward the new home, or better, just sell the home here and keep the rental as a continued stream of income to supplement your retirement.
10) Hookers and blow.
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90Tiger, here's your 10 step plan: - phrejd MU
- 7/26 10:41:34