Again, the guy is already stressed out and you want him to buy another place so that he can stress over again??? Stop the madness! Just say NO!!!
Here is another alternative: did you think about changing job to one with a better pay?
What kind of engineer are you? Civil/mechanical/software etc?
Dude inverting can be done in stocks too. Or he can use part of it to buy a rental in east bay that cashflows better.
His problem is the massive negative cashflow.
So sell the PH house. Pocket the 500k tax free and use it to invest. Not to pay off mortgage of his lamorinda house.
I guess my point is: You have an appreciated asset, and chances are, it’ll appreciate more.
Let it work for you, even if it comes at a cost of job change, or something.
manch, i will need the 500 k to pay off the mortgage at the PH home and the HELOC , not to pay off the Lamorinda debt. The immense negative deficit is the issue. 5-10% is doable i think for us but 25-30% is just too much to handle.
But. my original question still remains unanswered. Is it a good time to sell in SF or have the tables turned towards the buyers?
I actually don’t believe this is a good time to buy. Interest rates are heading up and people are leaving the area because it is too expensive here.
I would look at renting to working professionals or bring multiple tenants. Increase rent that way. It’s a hassle but hey you are young and can handle one rental or PM it.
refi both loans as one. My guess is yoiu used helix to fund your other property. Otherwise 5600 seems way high.
PM me as well, I can pick up coding pretty well even though I have moved to a software manager role.
: ) lol that’s definitely why i am pm’ing him sure
No, I wouldn’t pass up a Google offer. I’m in early 30s…few yrs younger than OP
Where do you work?
Let’s take it offline
My DTI is at 55% right now. I don’t think any bank with some sense of regulation would be willing to refi > 43%.
I am in for sell. It seems like it is a burden for you now for the cash flow and now is glorious time. You will feel so much more stressed in bad time and if the house became vacant. I don’t know how much reserve you have for bad times. Maybe use the proceed in some other asset that’s comfortable for you.
Well, inventory is still very low so if you decide to sell you should be fine. Stage it and price it accordingly to draw multiple offers. We are heading into the Spring selling season so it may be better to put yours out there before you have competition.
Is it after counting your rental income from your PH property? For your DTI??
Yes, that is correct.
OK Sell…dont pass up any value add opportunities to improve the house… remodel and find the area expert. Don’t sell with redfin :)