Never really posted before but love reading all the great info and opinions. I am a residential real estate broker that hates my job but have done well at it. I'm 57 and husband is 60 and he wants to keep working which is fine. I'm trying to decide what to do with my assets...here goes
Commercial rental property 1 - income of $26,000 net per year. I have a small mortgage of 70k on it..valued at about $400,000 I think.
Commercial rental property 2 - Income of $18,000 net per year. Only owned for 3 years - have a mortgage of $210,000 and it's valued at about $400,000 as well. Was a fixer upper... Has about $46,800 gross income but have been fixing it up and hopefully the net will start to increase dramatically this year since fix up expenses are pretty much done.
Personal residence valued at $625,000 - have a mortgage of $55,000 on it.
My 401K has about $600,000; my hubbies has about $500,000.
Cash on hand $80,000.
I make on average $150,000 per year - hubby makes $70,000.
We bought a 23' camper and truck a few years ago and our main hobby is camping - plan on traveling the country when we retire in it. Hubby wants to keep house forever - which is fine by me.
Our expenses are pretty low - we have health insurance through husbands work, have no debt other than mortgages listed above, love to cook so food is a bigger than normal expense. Health club $83/month and life and property insurance monthly is about $400. I think we live well on $6,000/month
Hubby wants to sell both rental properties and roll money into Schwab index funds - I'm on the fence because I would kind of like to try to live on the income to see if it is sustainable in retirement. I'd like to be done working in real estate right now but wouldn't mind getting a part time job doing something else.
I'm terrible at spreadsheets, etc. and have been spending money on non essentials so this is the year to control spending and decide whether I should keep the real estate or sell it.
Any opinion would be welcome.