Help… Should we sell, or stay???

[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.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[bsrsharma]

To be honest, I think you are worrying that you may die soon. I agree that it is a rational fear. My suggestion would be, take 1,200K – 420K = 780K, invest it wisely in a high yield safe diversified investments, move to a lower cost locale with slower pace of life, live a more stress free life so that you can postpone your funeral. As a physician, you should be able to make a good living almost everywhere. California is overrated.

[bsrsharma]

To be honest, I think you are worrying that you may die soon. I agree that it is a rational fear. My suggestion would be, take 1,200K – 420K = 780K, invest it wisely in a high yield safe diversified investments, move to a lower cost locale with slower pace of life, live a more stress free life so that you can postpone your funeral. As a physician, you should be able to make a good living almost everywhere. California is overrated.

[bsrsharma]

To be honest, I think you are worrying that you may die soon. I agree that it is a rational fear. My suggestion would be, take 1,200K – 420K = 780K, invest it wisely in a high yield safe diversified investments, move to a lower cost locale with slower pace of life, live a more stress free life so that you can postpone your funeral. As a physician, you should be able to make a good living almost everywhere. California is overrated.

[bsrsharma]

To be honest, I think you are worrying that you may die soon. I agree that it is a rational fear. My suggestion would be, take 1,200K – 420K = 780K, invest it wisely in a high yield safe diversified investments, move to a lower cost locale with slower pace of life, live a more stress free life so that you can postpone your funeral. As a physician, you should be able to make a good living almost everywhere. California is overrated.

[bsrsharma]

To be honest, I think you are worrying that you may die soon. I agree that it is a rational fear. My suggestion would be, take 1,200K – 420K = 780K, invest it wisely in a high yield safe diversified investments, move to a lower cost locale with slower pace of life, live a more stress free life so that you can postpone your funeral. As a physician, you should be able to make a good living almost everywhere. California is overrated.

[fredo4]

I agree. Just rent a nice place in your area. There are fantastic rentals now since so many people are renting out their houses.

My husband and I were in a similar situation a couple of years ago. We lost our biggest business account and were struggling with our high mortgage in L.A.
We decided to move down here to S.D. and rent until the market settled– and I’m so happy we did. We are way happier and will be able to buy a much better house when we do buy.

[fredo4]

I agree. Just rent a nice place in your area. There are fantastic rentals now since so many people are renting out their houses.

My husband and I were in a similar situation a couple of years ago. We lost our biggest business account and were struggling with our high mortgage in L.A.
We decided to move down here to S.D. and rent until the market settled– and I’m so happy we did. We are way happier and will be able to buy a much better house when we do buy.

[fredo4]

I agree. Just rent a nice place in your area. There are fantastic rentals now since so many people are renting out their houses.

My husband and I were in a similar situation a couple of years ago. We lost our biggest business account and were struggling with our high mortgage in L.A.
We decided to move down here to S.D. and rent until the market settled– and I’m so happy we did. We are way happier and will be able to buy a much better house when we do buy.

[fredo4]

I agree. Just rent a nice place in your area. There are fantastic rentals now since so many people are renting out their houses.

My husband and I were in a similar situation a couple of years ago. We lost our biggest business account and were struggling with our high mortgage in L.A.
We decided to move down here to S.D. and rent until the market settled– and I’m so happy we did. We are way happier and will be able to buy a much better house when we do buy.

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