I just put my house up for sale and no one I know understands why

[jakeG]

Yeah I feel you. At that age I wanted to be down in the thick of it too. I had a place up on the hill in Southside about 20 years ago. (This was long enough back when Five Points was still happening and not liable to get you shot...)

I get the impression that things have changed a lot since I lived there. Even back when I left, the closer parts of Shelby like Pelham or Alabaster and even spots Hoover were still affordable without being too far out.

Oh cool! Yeah everything is coming up. Especially in the last 3-5 years. The new mayor has put a ton of effort into revitalizing the city. Alabaster and Pelham are still super affordable but are kind of suburban-rednecky and Hoover is too expensive for the nice areas. I also grew up in Hoover so don't really want to move back there

 

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[jakeG]

So, this thread seemed to be going pretty well. Then, all of the sudden... crazytown!

You're not saving money because you're selling your house.
You're saving (a little) money because you're getting a roommate.



Sorry, this just isn't going to happen. You're digging up all sorts of rationalizations to justify it. Sell your house if you want, but don't pretend that you're doing it because you're going to pocket an extra 30k/yr.

I love how most people just look at that one number. Rent vs Mortgage, like it is the only number that is changing.

I also stated earlier that we are not set on that new place. There's a likely chance that I move in to her apartment. Which has a total rent of 900. So please continue about my justifications

 

[deepestblue]

Congrats on having a gf with a similar outlook and philosophy - it's the only way imo. I'd sell and move to her apt if I were you. Renting it out would take up mindshare that should be focused on building your business up.

 

[rogue synthetic]

I hope everything works out for you @jakeG but one more piece of advice.

As a fellow local who couldn't wait to get out of town, some of your chosen destinations aren't what you might think.

Let me tell you from experience that moving from where you are to South Florida isn't going to turn up roses like you might think.

Once upon a time, I made that same move. It turns out that Miami has great weather and beaches...

...and everything else about it is a nightmare. The people, the rents, the traffic -- take your worst nightmares about traffic on 459 and multiply it by 10. Lovely weather, nastient human beings I've ever run across on the planet.

You're in a unique space which has its problems but in the scheme of things is pretty good. Don't be so quick to squander it (I say to myself 15 years ago).

 

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[NaPal]

$2k month rent? YOUCH!

 

[steelandchrome]

I'm actually looking to sell now as well and will cash out $185k or so (I put down a bunch but still $125k in gains over 3 years so tax free). I'm looking to lock in the gains as well but planning on moving to a slightly more expensive area closer to the city (I live far out of town). I am planning however to only put the 20% down to kill PMI (maybe $90k ish) and having a higher payment but better quality of life and save 30 min of drive time per day as well. Plus I'll keep the extra +/-$100k out for investing purposes (not sure exactly what yet)...

I know that is the opposite of your plans but I've done very well with real estate over the years and unless I was doing a lease purchase to risk manage a bit I'd rather buy again and not worry about the market as I have plenty of reserves to cover even if a big crash happens.

 

[PizzaOnTheRoof]

In 2003 I sold my house and moved back in with my parents to do this same thing. My reason was that I couldn't rent my house out for cash flow. I ended up moving to AZ in 2004 after that and the rest is history.

BTW, I sold for $345k, and then in 2011 it sold for $280k, and was just listed at $360k. So $15k appreciation in 15 years? It's not always good to keep your real estate for appreciation sakes, you never know what will happen.

I think the average house returns just 1% per year. Definitely NOT an investment for 99.99% of the population.

That said, I would like to own a home one day strictly because I like to build and improve things, and don't plan on leaving Texas ever. My GF and I know exactly what kind of kitchen layout and colors we want too lol.

Of course, this wouldn't happen until we're very, very financially secure, and the reasons that I want a house is strictly NOT financial...which I think is important, because the financials of owning a house are a$$.

But I couldn't imagine a better day than waking up to work on our dream house....while the $$$ keeps rolling in...

Different strokes I guess.

 

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[jakeG]

UPDATE
The house has sold and I close on Monday. Moving in to the gfs apartment. Rent for her apartment is 950. My mortgage/rent is being cut from 1375 / month to 475. Sold a lot of my big ticket items (Big Green Egg, home gym, etc.) and donated a lot of the cheap stuff to Salvation Army.

This has been a pretty stressful process trying to figure out what all to get rid of and how.

The gf has two possible jobs lined up. One still here in town but another in Tampa. So we could be here for another month, or for the foreseeable future.

What I am most excited about is being done with this process so I can get back to full time focus on my app.

Thanks for the guidance TMF fam

 

[DustinH]

UPDATE
The house has sold and I close on Monday. Moving in to the gfs apartment. Rent for her apartment is 950. My mortgage/rent is being cut from 1375 / month to 475. Sold a lot of my big ticket items (Big Green Egg, home gym, etc.) and donated a lot of the cheap stuff to Salvation Army.

This has been a pretty stressful process trying to figure out what all to get rid of and how.

The gf has two possible jobs lined up. One still here in town but another in Tampa. So we could be here for another month, or for the foreseeable future.

What I am most excited about is being done with this process so I can get back to full time focus on my app.

Thanks for the guidance TMF fam

Awesome! Congrats

I like the minimalist approach to life. You don’t need all that stuff.

 

[Suzanne Bazemore]

I like the minimalist approach to life. You don’t need all that stuff.

I agree, @DustinH.
@jakeG, I am glad you got that albatross off your neck. With that under control, you won't be pinned down by bills and you can pursue your fastlane life.

 

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[SYK]

‘Grats on the sale! In a very similar position. Bought a place during the height of my 9-5 indoctrination 4 years ago for $508k. Owe $420k on it and sale value of ~$520-530k. Rent ($2470) covers repayments but still feels like a liability hanging over me. Family urging me not to sell but feel things would be much cleaner to get it off the books. Would also allow me to clear all debt in my life.

 

[jakeG]

UPDATE

It's been an insane year to say the least. Shortly after my post last April, my girlfriend and I moved in to a larger apartment. After being in that apartment for NINE days, the apartment complex pulled the rug out from under the entire building and all residents. We were all FORCED to leave the building due to safety concerns. The building had burnt in the previous year and the building had not been properly rebuilt. The building owners knew that the "renovated" building had flaws, and was potentially inhabitable, but continued to sell leases. You can read more on the story here and here. We're (over 100 residents) currently in a legal battle with the building owners and we will likely see some type of damages paid out to us within the next 18 months. Anyway, this forced us to move again. This time we had very little options available. We ended up moving out to an apartment in the burbs.

In the past 12 months I've been able to build a cash cushion of 50k. Several posters here said that would be impossible just from selling my house but I digress. Last week I submitted my notice to my employer and will be leaving my job at the end of June. I'll be doing freelance development work (shakeyg.com) to pay the bills while focusing most of my time on my app.

It's also noteworthy that my girlfriend found a job right as we had moved in to the previous place. Our current place is less than a 5 min drive for her so that worked out nicely. But ended up not mattering because she too left her job a few weeks ago. In 6 short months (worked on her business while employed full time) she has grown her business to a point where she is now earning way more (25% more) than she was at her job. She has amassed most of her clientele during this pandemic, so she is doing an incredible job.

Anyway, I'm following the plan that I put in to place about 2 years ago. House sold -- built a cash cushion -- left job -- full time on my own #feelsgoodman. Now the real fun begins.

 

[WJK]

UPDATE

It's been an insane year to say the least. Shortly after my post last April, my girlfriend and I moved in to a larger apartment. After being in that apartment for NINE days, the apartment complex pulled the rug out from under the entire building and all residents. We were all FORCED to leave the building due to safety concerns. The building had burnt in the previous year and the building had not been properly rebuilt. The building owners knew that the "renovated" building had flaws, and was potentially inhabitable, but continued to sell leases. You can read more on the story here and here. We're (over 100 residents) currently in a legal battle with the building owners and we will likely see some type of damages paid out to us within the next 18 months. Anyway, this forced us to move again. This time we had very little options available. We ended up moving out to an apartment in the burbs.

In the past 12 months I've been able to build a cash cushion of 50k. Several posters here said that would be impossible just from selling my house but I digress. Last week I submitted my notice to my employer and will be leaving my job at the end of June. I'll be doing freelance development work (shakeyg.com) to pay the bills while focusing most of my time on my app.

It's also noteworthy that my girlfriend found a job right as we had moved in to the previous place. Our current place is less than a 5 min drive for her so that worked out nicely. But ended up not mattering because she too left her job a few weeks ago. In 6 short months (worked on her business while employed full time) she has grown her business to a point where she is now earning way more (25% more) than she was at her job. She has amassed most of her clientele during this pandemic, so she is doing an incredible job.

Anyway, I'm following the plan that I put in to place about 2 years ago. House sold -- built a cash cushion -- left job -- full time on my own #feelsgoodman. Now the real fun begins.

Good luck! I like the fire in your belly...

 

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[MJ DeMarco]

UPDATE

It's been an insane year to say the least. Shortly after my post last April, my girlfriend and I moved in to a larger apartment. After being in that apartment for NINE days, the apartment complex pulled the rug out from under the entire building and all residents. We were all FORCED to leave the building due to safety concerns. The building had burnt in the previous year and the building had not been properly rebuilt. The building owners knew that the "renovated" building had flaws, and was potentially inhabitable, but continued to sell leases. You can read more on the story here and here. We're (over 100 residents) currently in a legal battle with the building owners and we will likely see some type of damages paid out to us within the next 18 months. Anyway, this forced us to move again. This time we had very little options available. We ended up moving out to an apartment in the burbs.

In the past 12 months I've been able to build a cash cushion of 50k. Several posters here said that would be impossible just from selling my house but I digress. Last week I submitted my notice to my employer and will be leaving my job at the end of June. I'll be doing freelance development work (shakeyg.com) to pay the bills while focusing most of my time on my app.

It's also noteworthy that my girlfriend found a job right as we had moved in to the previous place. Our current place is less than a 5 min drive for her so that worked out nicely. But ended up not mattering because she too left her job a few weeks ago. In 6 short months (worked on her business while employed full time) she has grown her business to a point where she is now earning way more (25% more) than she was at her job. She has amassed most of her clientele during this pandemic, so she is doing an incredible job.

Anyway, I'm following the plan that I put in to place about 2 years ago. House sold -- built a cash cushion -- left job -- full time on my own #feelsgoodman. Now the real fun begins.

Congrats man on the progress!!! Turns out selling the house might have been a good idea if the economy starts to turn south.

 

[DustinH]

UPDATE

It's been an insane year to say the least. Shortly after my post last April, my girlfriend and I moved in to a larger apartment. After being in that apartment for NINE days, the apartment complex pulled the rug out from under the entire building and all residents. We were all FORCED to leave the building due to safety concerns. The building had burnt in the previous year and the building had not been properly rebuilt. The building owners knew that the "renovated" building had flaws, and was potentially inhabitable, but continued to sell leases. You can read more on the story here and here. We're (over 100 residents) currently in a legal battle with the building owners and we will likely see some type of damages paid out to us within the next 18 months. Anyway, this forced us to move again. This time we had very little options available. We ended up moving out to an apartment in the burbs.

In the past 12 months I've been able to build a cash cushion of 50k. Several posters here said that would be impossible just from selling my house but I digress. Last week I submitted my notice to my employer and will be leaving my job at the end of June. I'll be doing freelance development work (shakeyg.com) to pay the bills while focusing most of my time on my app.

It's also noteworthy that my girlfriend found a job right as we had moved in to the previous place. Our current place is less than a 5 min drive for her so that worked out nicely. But ended up not mattering because she too left her job a few weeks ago. In 6 short months (worked on her business while employed full time) she has grown her business to a point where she is now earning way more (25% more) than she was at her job. She has amassed most of her clientele during this pandemic, so she is doing an incredible job.

Anyway, I'm following the plan that I put in to place about 2 years ago. House sold -- built a cash cushion -- left job -- full time on my own #feelsgoodman. Now the real fun begins.

Nicely done. I think we both know that things should be a little safer and calm in the burbs rather than in the Lakeview district, anyways.