All Forum Posts by: Brea Christopherson
Brea Christopherson has started 1 posts and replied 6 times.
Quote from @Nick Thomas:
@Brea Christopherson Hey Brea! So sorry to hear about your divorce. It seems like selling the property might be your best bet. You can then live with family while you house hunt which will save you a considerable amount of money and depending how long you stay with them rates may go down. (Or you might be able to find seller financing to keep the low rate)
Then you can downsize the home and be left in a pretty good financial situation for you and your children. I wish you the best!
Quote from @Kyle Dugger:
Hi brea, hopefully I can make some suggestions that could help you out in your situation. If you need the cash from the sale of your house as soon as possible. I would also recommend listing with an Agent on the MLS. You will be able to get paid out from your equity and roll that into something else. If you have no plans with the funds after the sale of your house. DM me and I can review some creative options for you that could not only help you find a similar house down the road but help you get the most equity out of your place now. I don't recommend refinancing your house and wiping out your retirement. Interest rates from your new loan would make your monthly payments higher than it is now and would make it hard for you to cash flow on a rental.
Hope this helps.
Zierry- Thank you! I did get comps from a realtor, as well as looking to see what houses around me are selling for. And yes, I'd have to split the net income with my husband.
Jeff- Thank you for your response. These are all the questions I've been asking myself. We are settled in the house and friends with the neighbors, etc. I have thought about buying a townhome or something smaller than our current home, so that's probably the route I would take if I couldn't find a duplex-type property (which are rare in my area). Your last sentence about having a negative cash flowing property is my biggest concern.
I forgot to add- if I kept it, I'd have to buy my husband out, and the only way to do that would be to refinance and lose the 2.5% interest rate to take cash out of the equity, or to basically wipe out my retirement savings.
Hi all-
I need some advice from the BP hive brain. I am currently going through a divorce and trying to figure out whether I should keep our house or sell it. It's a four bedroom/three bathroom SFH in the Denver area. We currently have a 15 year, 2.5% mortgage for around $459,000. The monthly payment is around $3700. Comparable houses on our street are selling for $750-775,000.
If we sell it, we have around $290,000 in equity that we could split (minus closing costs).
If I kept it and lived in it, the monthly payment is a stretch for me, but I could swing it with my W2 income. I could also rent it and probably get $3000 a month for a long-term lease. (I have kids and there is no place in the house that could be lived in as a separate space, so house hacking is not an option). I also have the option of living with family and not paying any living expenses right now, saving money, and buying something down the road.
One concern is that if I do sell, the way that house prices have gone up, it would be hard to get into anything comparable in the future; ie, a nice SFM for me, my two kiddos, and various animals. On the other hand, I do not have my kids 50% of the time, so I have thought about buying a house to house hack closer to work and living in it when I do not have my kids.
Can anyone offer advice on my situation? Thank you very much in advance.