Would you give up the opportunity to own a home in the next year for $250k?

NEXT TWO YEARS****

The situation:

We bought our home for $435k in an extremely hot market, our state touches California. We live in a gated community in a suburb.

Our house today is worth about 750k.

Moving in we put about $35k-$40k into updating and renovations. We use roommates to float the mortgage while we put money into the home, pay off previously accrued debt.

I work as a realtor. My wife is a teacher. Our net income fluctuates aggressively. I make 80% of. my yearly income in a 5 month window.

The house is 6/3.5/2 3200sqft. We don’t love this area. We’d get the fuck out tomorrow.

We moved here with the intention of building equity and moving into an area we wanted to actually be in. (Downtown).

LIFE CHANGE:

Wife wants to change industries and so do I.

We decide to try a cash out appraisal since we put some work into it and see if it helps us take a break, me get a degree, her polish the resume and get a little room for error.

UH OH:

Appraisal comes in at 600k. Comps show high 600s-low 700s.

We had the opportunity to pull out 35k and drop our payment a couple hundred bucks. Or optimistically; 80k and keep it the same with a lower rate. That gives me almost a calendar year to slide into a job I’m having nearly spoonfed to me. (Paying low 100s on a salary, keep doing real estate as the beer money).

Now that the appraisal came in low, we’re defeated; tired of feeling house poor, tired of cutting fat ass tax checks And wonder if it’s worth just selling and renting and not worrying about money.

Average 3/2/2 1200sqft is pushing 500k in our city now. Which we’re fine with, we don’t go in three of our rooms. We also want to explore moving out of our hometown with the job changes.

I would also need another year of max taxable to qualify for a mortgage (IE a fat fucking tax bill I’m tired of paying.)

TLDR: Spent 2 years being house poor in anticipation of a big cash out refinance, plan went to shit, wondering if we should just pocket $250k and not anticipate owning for a few years for the peace of mind of not being house poor, doing bullshit homeowner shit and projects, grinding job changes, being young (27M, 27F) Combined income is $90k in a city with average home prices of $500k.

submitted by /u/Markymaze
[link] [comments]

NEXT TWO YEARS**** The situation: We bought our home for $435k in an extremely hot market, our state touches California. We live in a gated community in a suburb. Our house today is worth about 750k. Moving in we put about $35k-$40k into updating and renovations. We use roommates to float the mortgage while we put money into the home, pay off previously accrued debt. I work as a realtor. My wife is a teacher. Our net income fluctuates aggressively. I make 80% of. my yearly income in a 5 month window. The house is 6/3.5/2 3200sqft. We don’t love this area. We’d get the fuck out tomorrow. We moved here with the intention of building equity and moving into an area we wanted to actually be in. (Downtown). LIFE CHANGE: Wife wants to change industries and so do I. We decide to try a cash out appraisal since we put some work into it and see if it helps us take a break, me get a degree, her polish the resume and get a little room for error. UH OH: Appraisal comes in at 600k. Comps show high 600s-low 700s. We had the opportunity to pull out 35k and drop our payment a couple hundred bucks. Or optimistically; 80k and keep it the same with a lower rate. That gives me almost a calendar year to slide into a job I’m having nearly spoonfed to me. (Paying low 100s on a salary, keep doing real estate as the beer money). Now that the appraisal came in low, we’re defeated; tired of feeling house poor, tired of cutting fat ass tax checks And wonder if it’s worth just selling and renting and not worrying about money. Average 3/2/2 1200sqft is pushing 500k in our city now. Which we’re fine with, we don’t go in three of our rooms. We also want to explore moving out of our hometown with the job changes. I would also need another year of max taxable to qualify for a mortgage (IE a fat fucking tax bill I’m tired of paying.) TLDR: Spent 2 years being house poor in anticipation of a big cash out refinance, plan went to shit, wondering if we should just pocket $250k and not anticipate owning for a few years for the peace of mind of not being house poor, doing bullshit homeowner shit and projects, grinding job changes, being young (27M, 27F) Combined income is $90k in a city with average home prices of $500k. submitted by /u/Markymaze [link] [comments]

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