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re: Better to spend all of savings and be debt free or full of debt with lots of...
Posted on 4/16/13 at 3:50 pm to Tigerpaw123
Posted on 4/16/13 at 3:50 pm to Tigerpaw123
Not sure what the answer is, but I don't think the answer is to carry two mortgages, even with renters in one of the houses. What if you have to make major capital improvements to either house at the same time? You're taking on quite the risk by doing this.
I'd consider selling the house by owner to avoid paying a realtor. See if this gets you back to even. At the very least, you can see where your offers come in and no what the market is telling you about the value of your home.
If you decide not to sell it, rent the house and then rent a cheap apartment while you build up more savings. Reassess in one year.
I'd consider selling the house by owner to avoid paying a realtor. See if this gets you back to even. At the very least, you can see where your offers come in and no what the market is telling you about the value of your home.
If you decide not to sell it, rent the house and then rent a cheap apartment while you build up more savings. Reassess in one year.
1
Posted on 4/16/13 at 4:30 pm to FredSecunda
If your income is sufficient to qualify for the two home loans, why are you so lean on liquidity?
I suspect (could be wrong) that spending may be the bigger issue in which case I can't see two mortgages being a good idea.
Sell the house, take your hit and get disciplined once in the new house with one mortgage on building that cushion.
I suspect (could be wrong) that spending may be the bigger issue in which case I can't see two mortgages being a good idea.
Sell the house, take your hit and get disciplined once in the new house with one mortgage on building that cushion.
This post was edited on 4/16/13 at 4:32 pm
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