If you had to pick just 1 car to keep, which one would you keep? (993 vs 740i)
03-10-2010, 12:02 PM
#211
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I would liquidate the $85k, sell or cash in what I needed to to scrape up the rest (but not touch the IRA), pay off the house mortgage, open a reasonably sized HELOC on the house that you can tap in dire emergencies as opposed to keeping $85k in a money market, use the rent income to pay the taxes on the house, and wait for better things to come.
Or, since you're interested in being a realtor, market and sell the house on your own and "earn" the $65k in commission you would have otherwise paid out on it.
If you think you are just going to wind up buying another 993 in a year or two, I wouldn't sell it. I drove a 993 daily for two years through Boston winters and the car thrived on it. Stick a set of snows on around Thanksgiving and you'll never have a problem.
You are still quite a ways away from retiring, and even so, starting out with a $900k house that is completely paid for, you are in pretty good shape.
Or, since you're interested in being a realtor, market and sell the house on your own and "earn" the $65k in commission you would have otherwise paid out on it.
If you think you are just going to wind up buying another 993 in a year or two, I wouldn't sell it. I drove a 993 daily for two years through Boston winters and the car thrived on it. Stick a set of snows on around Thanksgiving and you'll never have a problem.
You are still quite a ways away from retiring, and even so, starting out with a $900k house that is completely paid for, you are in pretty good shape.
03-10-2010, 12:05 PM
#212
Rennlist Member
03-10-2010, 12:40 PM
#213
Well Steve, if you do really sell; that car will always be known on Rennlist as your car. So you get the both of worlds, it's still your car but someone else gets to maintain it. Now lets talk PPI and get a deal done on your 993 before I leap onto some flea bay hunk of junk 
03-10-2010, 02:27 PM
#214
Nordschleife Master
Other Rennlisters may have also gained insight into potential solutions their financial issues ... My recommendation is now to Close this Thread.
03-14-2010, 03:49 AM
#217
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Refi - Refi - Refi ...... this is a no brainer.
30 yr fixed rates are <5% use the banks money and let yours grow in your 401k, IRA whatever. Even with the recent downturn I bet your average return has for exceeded 5% annually over the past 10-15 yrs.
Point 2 - the housing market is still depressed in most areas so when, not if but when, the housing market picks back up a 20-30% increase in value of your current home will yield a much better return in absolute dollars that a lesser home.
DONT sell your home at the bottom !!!!
30 yr fixed rates are <5% use the banks money and let yours grow in your 401k, IRA whatever. Even with the recent downturn I bet your average return has for exceeded 5% annually over the past 10-15 yrs.
Point 2 - the housing market is still depressed in most areas so when, not if but when, the housing market picks back up a 20-30% increase in value of your current home will yield a much better return in absolute dollars that a lesser home.
DONT sell your home at the bottom !!!!
