tag:blogger.com,1999:blog-2445523662180116681.post8290345793255686436..comments2024-03-28T15:14:39.600-07:00Comments on The Hawaii Plan: Selling our rental property - what's next?Hawaii Plannerhttp://www.blogger.com/profile/04760426766801381563noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2445523662180116681.post-28218022874741246292017-04-05T09:14:54.139-07:002017-04-05T09:14:54.139-07:00That's a great suggestion - we will definitely...That's a great suggestion - we will definitely look into recasting!Hawaii Plannerhttps://www.blogger.com/profile/04760426766801381563noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-54721584981541113492017-03-31T13:21:15.880-07:002017-03-31T13:21:15.880-07:00You should actually check into this. Most mortgag...You should actually check into this. Most mortgage companies don't advertise this but many will do a reamortization of your existing mortgage with keeping the same terms for a low fee ($250-500) if you pay it down a significant amount. It's worth checking into. This can also be called recasting.Nd.chichttps://www.blogger.com/profile/09918828872616125907noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-52563979838918707522017-03-31T06:22:29.739-07:002017-03-31T06:22:29.739-07:00I'll have to do another budget post soon, beca...I'll have to do another budget post soon, because the difference between California income tax & property tax compared to other places is stunning. It's $100K more than we were paying in Washington! Hawaii Plannerhttps://www.blogger.com/profile/04760426766801381563noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-28292951119660665312017-03-31T06:17:23.837-07:002017-03-31T06:17:23.837-07:00Unfortunately, paying down our primary residence d...Unfortunately, paying down our primary residence doesn't reduce our monthly cash flow. We continue to look for other options that free up cash flow while earning interest. More to come on this! And, we have an LOC, but it's tied to our rental property, actually. ;-) Hawaii Plannerhttps://www.blogger.com/profile/04760426766801381563noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-1901811811014431792017-03-31T06:15:44.384-07:002017-03-31T06:15:44.384-07:00There's a lot of worry that comes just from ow...There's a lot of worry that comes just from owning it, even if things go well!Hawaii Plannerhttps://www.blogger.com/profile/04760426766801381563noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-64754400919252484722017-03-30T10:07:03.697-07:002017-03-30T10:07:03.697-07:00Your plan makes a lot of sense. While it is making...Your plan makes a lot of sense. While it is making a bit of money, and there is opportunity for it to increase, with two young children, living in another state, the peace of mind to me would be worth the potential growth. Of course, the house could also depreciate, as much as that is unlikely, it is a possible. Your story highlights how while costs and wages differ in parts of the country, parts of the world, there is no right way to do anything, but having personal comfort is key. SAMhttps://www.blogger.com/profile/16485146123969622896noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-70872902155404844842017-03-30T09:52:20.068-07:002017-03-30T09:52:20.068-07:00Touch choices, I would probably pay down the mortg...Touch choices, I would probably pay down the mortgage on the primary residence after paying off the vacation home versus putting 200,000 more in investments, but you want more liquidity and I get that - it gives you more freedom. None of my beeswax but do you guys have a line of credit? Hubby and I have always each had individual ones (from before we were married that we kept $20,000 each) and a joint one $100,000. All 3 mean instant access to money and we pay absolutely nothing for having it. That allowed us to put all our money that was not retirement savings into the mortgage thereby allowing us to pay it off much faster. Anyway, lots to think about! You guys have your head on straight so you will do fine. I don't like rentals, we have one now but my Mom doesn't really count as a renter :) pretty much zero downside other than the fact that we don't charge her the market rent on the condo as she is a low income senior. It can't be rented to non-family so will be liquidated should she ever want to move out of it (probably 10 years or so when she wants to go into senior living facility). I think you are right by selling the rental as $4500 annually is a very low amount after paying everything, one small repair could obliterate that.Cheapchickhttps://www.blogger.com/profile/15158208632054014311noreply@blogger.comtag:blogger.com,1999:blog-2445523662180116681.post-53622876053940774232017-03-30T09:37:39.330-07:002017-03-30T09:37:39.330-07:00We had a house we kept as rental property for many...We had a house we kept as rental property for many years. I was thrilled when we got rid of it, even though the area had appreciated very much and the rental was about 5 times the original mortgage. Anne in the kitchenhttps://www.blogger.com/profile/01533249631969001657noreply@blogger.com