The basics:
Family of 3
Income: $50k
401k: $30k
cash: $50K
(yeah it needs to be invested, and I've been studying all things Wall Street for the last year and have even began paper trading, but I'm still hesitant on taking the plunge)
Monthly bills: $1,000 (a bit higher in the winter and summer, and a bit lower in the fall and spring)
electricity/garbage/internet/insurances/Netflix/heat/gas/diesel/cells/etc./etc.
Food and other expenses: $1,000 (avg. monthly)
This is on the high side, because of some larger and rarer expenses, i.e. work done on the well and pump house, a couple of new appliances, additional vet visits
Residence: 750k paid for
Investment property: 750k-1.2m paid for
The residence generates enough money to pay property taxes on both places
Phew, ok now to the issues:
Would like to sell the investment property, but need to figure out the asking price. When it was zoned single family, it was valued at about $750-$900k, now it's zoned mixed use, which makes it more valuable, but of course harder to find a buyer, and finding a buyer at the lower end was going to be an uphill battle already.
So, the question do I price it lower to sell it 'faster' or do I price it closer to it's true value and just grit and keep paying those ever raising taxes?
Also, I got a large sign and I'm going to try selling it on my own, but how long would you wait till giving in and getting an agent and giving away 3-6% in commission?
Any thoughts, advice, opinions are welcome.