Help… Should we sell, or stay???

[Homeschool2Boys]

Looking for a little investment advice… We own a home is Carlsbad that was worth $1.5K at the peak, maybe $1.2K now, if we’re lucky. We owe $420K on it, and have a 15 year fixed loan at 5% (9 more years left until it’s paid off). My goal has always been to have my house paid off by the time I am 50, which is when my 2 kids will enter college. Trying to decide whether to sell now to avoid the capital gains (we paid $650K) and to preserve what equity we have at this point. Given that our 401K also got hammered, I am getting nervous about retirement (although only 41). Also, my income is high ($270K – I’m a physician) but I would like to cut my hours (80-90 per week) and therefore, my income, to spend more time on my health and with my kids. Wife doesn’t work (homeschools), so can’t afford to scale down with our current $5200/month mortgage. Should I sell, and buy a $500-$600K house with cash? Am I crazy? My blood pressure is 190/120 and I need to start taking better care of myself! Any advice? Thanks!

[Blissful Ignoramus]

I can’t comment on whether or not you should sell and move into a 500K-600K home. One would need far more information to give reasonable advice.

What I would say is that buying a house for $650K and selling it six years later for even $1.0M is not bad return for your money at all. If the rest of your personal particulars (health, personal well-being) indicate that selling and moving (where?) are in your best interests, I would think that the real estate transaction is is an additional factor working in its favor.

And 190/120…dude, see a doctor!

[Blissful Ignoramus]

I can’t comment on whether or not you should sell and move into a 500K-600K home. One would need far more information to give reasonable advice.

What I would say is that buying a house for $650K and selling it six years later for even $1.0M is not bad return for your money at all. If the rest of your personal particulars (health, personal well-being) indicate that selling and moving (where?) are in your best interests, I would think that the real estate transaction is is an additional factor working in its favor.

And 190/120…dude, see a doctor!

[Blissful Ignoramus]

I can’t comment on whether or not you should sell and move into a 500K-600K home. One would need far more information to give reasonable advice.

What I would say is that buying a house for $650K and selling it six years later for even $1.0M is not bad return for your money at all. If the rest of your personal particulars (health, personal well-being) indicate that selling and moving (where?) are in your best interests, I would think that the real estate transaction is is an additional factor working in its favor.

And 190/120…dude, see a doctor!

[Blissful Ignoramus]

I can’t comment on whether or not you should sell and move into a 500K-600K home. One would need far more information to give reasonable advice.

What I would say is that buying a house for $650K and selling it six years later for even $1.0M is not bad return for your money at all. If the rest of your personal particulars (health, personal well-being) indicate that selling and moving (where?) are in your best interests, I would think that the real estate transaction is is an additional factor working in its favor.

And 190/120…dude, see a doctor!

[Blissful Ignoramus]

I can’t comment on whether or not you should sell and move into a 500K-600K home. One would need far more information to give reasonable advice.

What I would say is that buying a house for $650K and selling it six years later for even $1.0M is not bad return for your money at all. If the rest of your personal particulars (health, personal well-being) indicate that selling and moving (where?) are in your best interests, I would think that the real estate transaction is is an additional factor working in its favor.

And 190/120…dude, see a doctor!

[fredo4]

How does your wife feel about selling?
If she is OK with it I would sell NOW and below your neighborhood comps so you’ll be sure to get the house off your hands.
Next year prices in your area will be deeply affected by the resetting alt-a and option arm loans that were given out to higher end buyers. Get out while you still can and rent for a while until this thing plays out. Then you can repurchase again in a couple years and probably buy a better house than you have now at a cheaper price.
Nothing is worth the stress that you’re going through now. When you are an old guy looking back on your life, how big your house was will be the least of your concerns, your health and spending time with your family is what matters most.

[fredo4]

How does your wife feel about selling?
If she is OK with it I would sell NOW and below your neighborhood comps so you’ll be sure to get the house off your hands.
Next year prices in your area will be deeply affected by the resetting alt-a and option arm loans that were given out to higher end buyers. Get out while you still can and rent for a while until this thing plays out. Then you can repurchase again in a couple years and probably buy a better house than you have now at a cheaper price.
Nothing is worth the stress that you’re going through now. When you are an old guy looking back on your life, how big your house was will be the least of your concerns, your health and spending time with your family is what matters most.

[fredo4]

How does your wife feel about selling?
If she is OK with it I would sell NOW and below your neighborhood comps so you’ll be sure to get the house off your hands.
Next year prices in your area will be deeply affected by the resetting alt-a and option arm loans that were given out to higher end buyers. Get out while you still can and rent for a while until this thing plays out. Then you can repurchase again in a couple years and probably buy a better house than you have now at a cheaper price.
Nothing is worth the stress that you’re going through now. When you are an old guy looking back on your life, how big your house was will be the least of your concerns, your health and spending time with your family is what matters most.

[fredo4]

How does your wife feel about selling?
If she is OK with it I would sell NOW and below your neighborhood comps so you’ll be sure to get the house off your hands.
Next year prices in your area will be deeply affected by the resetting alt-a and option arm loans that were given out to higher end buyers. Get out while you still can and rent for a while until this thing plays out. Then you can repurchase again in a couple years and probably buy a better house than you have now at a cheaper price.
Nothing is worth the stress that you’re going through now. When you are an old guy looking back on your life, how big your house was will be the least of your concerns, your health and spending time with your family is what matters most.

[fredo4]

How does your wife feel about selling?
If she is OK with it I would sell NOW and below your neighborhood comps so you’ll be sure to get the house off your hands.
Next year prices in your area will be deeply affected by the resetting alt-a and option arm loans that were given out to higher end buyers. Get out while you still can and rent for a while until this thing plays out. Then you can repurchase again in a couple years and probably buy a better house than you have now at a cheaper price.
Nothing is worth the stress that you’re going through now. When you are an old guy looking back on your life, how big your house was will be the least of your concerns, your health and spending time with your family is what matters most.

[patb]

[quote=Homeschool2Boys] I would like to cut my hours (80-90 per week) and therefore, my income, to spend more time on my health and with my kids. Wife doesn’t work (homeschools), so can’t afford to scale down with our current $5200/month mortgage. Should I sell, and buy a $500-$600K house with cash? Am I crazy? My blood pressure is 190/120 and I need to start taking better care of myself! Any advice? Thanks! [/quote]

Doc

it’s just my advice but i think you said the magic two phrases

1) you are working 90 hour weeks

2) your BP is 190.

lets do the math, you are burning the candle at both ends,
and at some point you will burn out.

if you cash out, you can work a more reasonable schedule
and make decent coin.

[patb]

[quote=Homeschool2Boys] I would like to cut my hours (80-90 per week) and therefore, my income, to spend more time on my health and with my kids. Wife doesn’t work (homeschools), so can’t afford to scale down with our current $5200/month mortgage. Should I sell, and buy a $500-$600K house with cash? Am I crazy? My blood pressure is 190/120 and I need to start taking better care of myself! Any advice? Thanks! [/quote]

Doc

it’s just my advice but i think you said the magic two phrases

1) you are working 90 hour weeks

2) your BP is 190.

lets do the math, you are burning the candle at both ends,
and at some point you will burn out.

if you cash out, you can work a more reasonable schedule
and make decent coin.

[patb]

[quote=Homeschool2Boys] I would like to cut my hours (80-90 per week) and therefore, my income, to spend more time on my health and with my kids. Wife doesn’t work (homeschools), so can’t afford to scale down with our current $5200/month mortgage. Should I sell, and buy a $500-$600K house with cash? Am I crazy? My blood pressure is 190/120 and I need to start taking better care of myself! Any advice? Thanks! [/quote]

Doc

it’s just my advice but i think you said the magic two phrases

1) you are working 90 hour weeks

2) your BP is 190.

lets do the math, you are burning the candle at both ends,
and at some point you will burn out.

if you cash out, you can work a more reasonable schedule
and make decent coin.

[patb]

[quote=Homeschool2Boys] I would like to cut my hours (80-90 per week) and therefore, my income, to spend more time on my health and with my kids. Wife doesn’t work (homeschools), so can’t afford to scale down with our current $5200/month mortgage. Should I sell, and buy a $500-$600K house with cash? Am I crazy? My blood pressure is 190/120 and I need to start taking better care of myself! Any advice? Thanks! [/quote]

Doc

it’s just my advice but i think you said the magic two phrases

1) you are working 90 hour weeks

2) your BP is 190.

lets do the math, you are burning the candle at both ends,
and at some point you will burn out.

if you cash out, you can work a more reasonable schedule
and make decent coin.

[Author]

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