Laid off and employed part time, not much in savings right now. Should I liquidate my townhome? If housing prices fall further and I continue to not find a salaried entry level IT position, I'm completely screwed. I just haven't had to rent or room with people for almost a decade. The place I found seems chill and I figure I can stabilize there before rebuilding my finances. I could stay but I'd have to default on credit cards most likely, or wait for commission payouts. May not be worth the risk.
if you are a poorfag never sell the only asset that keep you out of the street dummy
>>61434414Roommate options are cheap and plentiful where I'm at, and carrying the cost of the mortgage is draining me. It's not sustainable.
>>61434166move in with roommates and rent your house to a tenant.
>>61434693The place is missing cabinets and flooring. Unfortunately I don't have the cash to fix it. If I did rent it out, it would only barely pay for itself, maybe with a small loss each month. This strategy would work with higher equity and repairs done. But repairs and vacancies would fuck my ass. Unless I've missed something here?
>>61434702if you can’t rent it in its current state, can’t afford to fix it up and make it rentable, and can’t afford the monthly payments on your own either, then you obviously can’t afford that place and should sell it and reinvest whatever you can get out of it in some other way. on the other hand, you could get a job any day now and in ten years you may look up how much that place is worth and wish you hadn’t sold it. idk your exact situation enough to tell you what to do.
>>61434802Well let's compare a 140k townhome in ten years versus 10-20k of BTC in terms of value. Which one looks better?
>>61434823Assuming 100k is owed now on the townhome I mean
>>61434823btc would have to at least 10x, maybe 20x in that time to match the value of the townhome. but the home could also be generating rental income, adding to how much btc needs to go up to match it. hard to say, I’d call it more or less even. but if you really don’t have the money for repairs or to pay both your rent and the mortgage if the house sits empty for a few months, that might tip the scales in favor of selling.
>>61434880Renting in a better area would currently be only 45% the cost of carrying the HELOC. It will also go up by 400 a month when principal kicks in, in 2029. I've also changed industries which delays qualifying for a refinance. You might be first logically sound anon I've talked to about it.
>>61434880My only jobs are food delivery (not enough for all bills including credit card debt) and commission sales. Commission sales can pay out big but I haven't gotten my first deal closed yet. It can take months in this industry for a deal to close and I'm fucked after Feb-Apr range of time. It's all on a knife's edge right now.
>>61434853ok so 40k in equity, which would be getting paid down a few percent a year by the renters and also going up due to appreciation by a few percent a year. but will eventually be paid off completely in the long run.versusaround 15k DCAed into btc. I guess I would probably sell in your situation. but don’t come back here and blame me if it doesn’t work out. you gotta make your own decisions. >>61434913all in all I think I lean towards selling but owning real estate is such a sure way to beat inflation long term that it’s tough to recommend selling unless you really just can’t afford it. which it seems like you probably can’t and your rent being so much lower than your loan payment would probably ease a lot of pressure on your finances.
>>61434933We also have to factor in that this property is in the sun belt which has been seeing a decline in values. If we saw a meltdown, it would take years to recover and BTC/stocks would probably outpace it and be a more stable/flexible path for my situation. But yes I hate giving up the equity and the stability. It kills me inside.
>>61434948I'll add to that by saying the actual effective sale price is about 125k since the HVAC, kitchen, floors are all fucked and it needs a couple windows and some other cosmetic stuff including some electrical.
>>61434948I live here as well, and imo interest rates coming down is bullish on prices. we have already seen condo/townhome prices flat-to-down for a couple years. that might be it. not everything is the next 2008. the unaffordability has largely been due to high interest rates. I looked into buying a rental property and with rates being as high as they are you’d have to put down like a 75-80% down payment in order for the rent to cover the mortgage. I’m not trying to fuck with your head or anything but there’s a chance you’ll be selling the bottom. on the other hand if your place needs as much work as you say and you can’t afford to do it then it still might not be worth the cost. I think if I were you I would maybe just wait another year if I could afford to and see how things look in the housing/rental market at that time.
>>61434995Yeah I'm afraid of missing out on gains but this video for instance had me wondering about a crashhttps://youtu.be/nM6YJ7eHseo?si=b8j1Iw2hDFhNjwhoIt doesn't help that my mental health has been shit for a long time and worsening finances also compounds the issue in a never ending cycle. I'm just afraid that things won't get any better even if I move.
>>61435034looks like a clickbaiting permabear. if I were in your situation and I could afford to wait until trump gets his new guy into the fed and they lower interest rates, I would do that. if you can’t afford to stay there for another year or two, then you can’t afford it and I guess the decision is made for you. either way, the future is bright for anyone who holds hard assets, whether real estate or btc, because desperate governments always print money.
>>61435138I've been setting leads which can pay off 10k, 20k each but they take months to close with no certain timeline in sight. They say 3 to 9 months. I set my first one in November. I could gamble time and wait around but if it doesn't close before Spring I'm fucked. I don't know what to do.
>>61435182like I said: if you can’t afford it, then you can’t afford it. it’s not the end of the world to sell a house. it will probably feel like a huge weight off your shoulders to get rid of it. and you’ll be in a much stronger financial situation to move forward.
>>61435197It feels like such a loss because if I'd sold in 2021-2023 I'd have been able to buy a BTC or two and have enough to buy another home outright and reinvest. Now I'm starting over with like 15k at the end of the sale, factoring in my meager savings. My first deal should pay around 10k though and I have a couple other 20k ones that could go through. I could buy a quarter acre for $5k and start building an actual home base. It would be a relief for sure, just hope I don't look back and regret it.
>>61435214sounds like you will be all set up to build something much better as soon as you get out from under the debt and stress of your current place, anon. I think it’s the right decision.
>>61435214>I could buy a quarter acre for $5k and start building an actual home base.this is often impossible depending where you live. where I'm at you'd need a construction loan of about $300k in hand just to get permits to do anything on your land.
>>61435236In Oklahoma there's plenty of cheap land. Of course you have to pay for grading, a water well, solar and some sort of storage shed or something at the very least just to get started. But running the numbers, I'm seeing I could put a modular home and be self sustaining for less than 75k.
>>61435279true but you'd be in oklahoma.
>>61435223So, defaulting on credit cards just to carry the mortgage would be pretty dumb right? Then if I needed to finance a vehicle later I'd be screwed. I've always heard it's better to keep your credit afloat no matter what, because it's there for emergencies and large purchases.
>>61435290Since my other job is remote, as long as I'm bringing in income that way, I could care less. Being out in nature away from civilization is great, as long as you have everything you need.
>>61435292yes it would imo. like I said: if you can’t afford to keep the place then you can’t afford it.
>>61434166Liquidate and put everything into link. If you have enough savings from now like 20-30k put that all into Link. You’ll have a multi racial harem by mid 2027.Bitcoin? lol. You think it’s 2015?
>>61434439then get a roommate inside the house you currently own
>>61435335>>61434702
>>61435318Is your conviction of Chainlink that strong? What are we looking at per token?
>>61434880nigga you think your UNFINISHED TOWNHOUSE IS GOING TO 10x-20x?
>>61435302>>61435318I actually have the home under contract and the buyer is taking it as is. Hell of a deal, especially if we do see a sun belt meltdown.
>>61435380congrats, anon
