Hi All!
New to the forum, making some aggressive moves, want to hit the retirement button asap.
Heres my situation:
Self Employed in Los Angeles, and ideally want to live ~ 10 miles ( ~ 40 minutes in traffic ) from office, to minimize commute.
Married about 2 years now, and we purchased a home about 1 year ago. In an amazing part of the city, 2.6M. 5b/5ba. 10 miles from the office. As far as I would like to go. We put ~ 200k in remodels after purchase.
The monthly nut on the property is do-able at this point, but pretty high, and obviously pushing me away from retirement any time soon.
Currently , just me and my wife. Looking to expand the family soon hopefully with little rascals .
Median home price in or around my office is ~ 2M. even townhomes and condos are in the 1.9 - 3M mark.
Spoke with my realtor, could POSSIBLY sell the home for ~ 3m, which would break us even with realtor fees/ remodel expenses etc. But it aint over until its over, so this number is a maybe until its not.
If we sold, bought something for 2M, moved , fees etc, I dont know if we would be saving enough to justify it.
the LA real estate market is comically high compared to the rest of the country, so these numbers may sound ridiculous but its the norm in LA.
Question:
1. What would you do re: the primary home ? Luckily my wife is on board with almost anything.
2. Keep the home for now?
3. Sell the home and then just rent for awhile , knowing I am " throwing away" money?
4. I also recently got rid of an expensive leased vehicle, so only one car payment currently, which is my wife's lease, and this is done in about 1.5 years , and very affordable generally speaking. My DD is paid in full and gets the job done.
Any and all thoughts or questions welcomed and appreciated.
Thank You !