I've made this thread before but since it's /biz/ answers vary in quality but I'm looking at selling a townhome, one that needs quite a few repairs. I have an offer on it for a good enough price, I could relocate and cut living costs renting a room at a house.I was laid off and had to pivot to sales and food delivery, and the delivery job is about 1k short on my bills at the house due to credit card debt. I could declare bankruptcy and default on the cards but my credit would get fucked up which makes any major vehicle issues harder to solve. My sales job has one deal for me in the works, and a few other leads that haven't closed yet. Deals can take 3-6 months or up to a year if there are legal complications as are common in the industry.I have enough savings to carry me until June which would give the first deal 7 months, and the other leads time to get signed, but it's a bit of a coin flip. If the deals take longer, I'm fucked. Now, if I declare bankruptcy this would eliminate the credit card costs and I could stay, but this all depends on sales income and deals not falling through. If I liquidate my crypto and stocks, I hold out until June, and if I also declare bankruptcy, probably can hold out until the end of the year or close to it. What should I do at this point? I'm afraid if I do move, a new environment can hinder my sales calls.
>>61521766sounds like you have fucked yourself. You're in debt, you have a low wage job, your home is in need of repairs and will be difficult to sell. At this point in time you need to cut down all costs and maximize all cash flow. If you have things you don't need or can't afford, it's time to get rid of them.You know what you need to do so just do it.
>>61521766Can you rent it for enough to cover the mortgage and insurance plus a profit so your jobs and rental income is enough for you to live off renting somewhere else temporarily. Check with your accountant regarding write off for owning rental property.
>>61523017Part of the kitchen is torn out and the floors aren't completely installed and there are some other repairs needed so I don't know that anyone will rent it out from me >>61522500I'm about a grand short every month for my other job unless a default my credit cards, so should I sell the house to reduce falling off a financial cliff before commissions hit? This has been a long time in the making, a lot of the equity was lost in crypto scams and paying down previous credit card debt, and getting me through unemployment times a few years ago
>>61522500I have an offer already for a pretty fair price, are you saying I should sell?
>>61521766Can you just stop paying the mortgage long enough to wipe out the credit card debt? How much is the credit card debt? Depending on what state you're in you can get away with not paying the mortgage for a pretty long time before they're going to evict you.
>>61523214Also are you making any gains from selling the place? If it's a crazy high amount of debt, the Dave Ramsey tier advice would be to sell the house, use the gains to payoff the credit card debt, and never use a credit card again.
>>6152321490 days before they can start foreclosure, 30 days late and my credit starts getting fucked. I was late once but it looks like they reversed the late payment reporting at my request since I pay period I paid 700 a month in credit card minimums and about 650 on the mortgage every month but it's a variable rate HELOC so it's not like I'm in a great loan anyway
>>61523234Not really, the sale price is about as much less as the market value as the repairs are, with the high balance on the loan doesn't leave me more than like 15K. It's a small town home. I have 20K credit card debt
>>61523237Well I'm not a financial advisor, but I think selling the house would be the responsible answer if you can't get rid of the credit card debt with it. Also 650 a month on a mortgage is crazy low, I don't know where you're living that you can find something cheaper, short of living with your parents or something. I don't know enough about bankruptcy to give an informed opinion about that though. You can keep a primary residence through a bankruptcy? I always figured they made you sell the place.
>>61521766If you declare bk they're going to take your savings and pay them towards your credit cards
>>61523265650 for the basic principal only payment on the heloc but insurance is almost 200, taxes 120, utilities 150-250, HOA 160
>>61523283>>61523265Renting a room in a nicer house is about 600 a month
Bump
If you have a decent offer, take it now. It's getting harder to sell in most places, inventories are growing, house-rich boomers all want to unload their bags and retire somewhere cheap. A house in poor condition will become impossible to dump if there's lots of better options. Get yourself in good financial shape for the shitstorm ahead, there will be plenty of opportunities for those that can afford it.
>>61526448I have a job selling commercial roofs and it can take 3-12 months to get paid. I thought about staying since I could liquidate my crypto and stocks to stay until June but if it doesn't pay before then, I'm at net 0 having to scramble to sell. Plus I'd be relisting the home so buyers would be bidding lower I would think.
>>61526448I'm conflicted because my cost of living would be lower and all my cash could go into crypto, stocks and metals but on the other hand housing will probably go up a lot after any sort of crash we have
