Yeah.
I'm at the point where the only thing between me and this screen is that I don't mind having my assets in investments making greater than then 3% I'm paying on the small remaining amount on my mortgage. And every month or two I get that itchy trigger fingers that says "It would only take a SMALL sale of your company stock to clear that mortgage" and so far I have resisted.
My call in your situation would be to sell. You should make out a nice profit, and 120k saved up for retirement is probably okay at your age but not great. Selling keeps your options open, which is what I'd gravitate toward. From there I'd rent, but keep all the money I got keeping an eye open for something to buy that I'd like long term. Likely after I got my job situation sorted.
Dont touch 401k. Rent out the condo. Live with family, or find an extremely cheap place to rent. You'll need a job of course, but its a lot easier to accept a lower paying job when you no longer have a 2000+ mortgage payment hanging over your head. I know its not the most "relaxing", "comfortable" and "respectable" position to be in - but you only have to swallow your pride until you're back on your feet and at that point - you'll have never went "backwards."
Where is the condo located and what does the market look like there? You don't have to doxx yourself, just realistically evaluate the market there. Is this a continuing appreciation situation or is the market stagnant?
I was in telecomm, not government related. It is possible they overcut and might rehire, but unlikely. Company just bought out another telecomm and this was probably prep for the merger. Living with family isn't an option. I asked, and they said fuck off. I am literally alone in this.
It's a rather nice high rise in the middle of Denver Tech Center. Market here has been stagnant, but this is a fairly prime location. My money wouldn't be growing, but I could get a job relatively easy that would let me cover a $100-120k mortgage, and would be able to have it paid off in 15 years when I would be looking to retire.
Been dwelling on this today. I say change the way you're looking at it and view it as a personal challenge to yourself to spread your wings a bit financially.
Rents in this area are fucked up. I would still end up having to pay 500+ out of pocket just to let someone else live here. Selling and renting is an option.Been dwelling on this today. I say change the way you're looking at it and view it as a personal challenge to yourself to spread your wings a bit financially.
Get a well known property management company to rent your condo out for you. After HOA fee's and such, you might break even - but hopefully itll give you a little pocket change. That way someone that knows the in's and out's of rentals is in control and its not all on you to learn with trial and error.
Then rent yourself something small, closer to wherever you land a job you're comfortable at. After you've regained some stability and found a better job (you will) - you'll have a record of payments coming in from your Condo as additional income. The collateral from the Condo (roughly 60k according to you), the history of rental payments, and your new job, should "walk the walk" for you to purchase your next property.
My main priority for you is to let your 401k continue to grow, and you also have some random tenant paying your principal for you, which also lightens your bills and sets you up for success in the long run instead of walking backwards.
This is roughly how I built my first 4 unit apartment complex, so Im not talking out of my ass. Just find a job quickly, any job, and dont let depression talk you into moping around. If you at least entertain this idea and have more questions, you know how to reach me big dog.
This is true in a lot of the US right now. It's a renters market and you need to be prepared to handle losses for a while renting out newer properties. For some people it can be worth it, but you are in a far from ideal financial situation to take that risk imo.
I dunno man, Denver in particular has had a huge "boom" phase over the past 5-10 years due to all the $$$ flowing into tech. I'm not in tech myself so hard to say if this whole "tech industry doomerism" is legit or not but seems like condos in Denver might be prime for a correction if that industry is truly on a downswing.Been dwelling on this today. I say change the way you're looking at it and view it as a personal challenge to yourself to spread your wings a bit financially.
Get a well known property management company to rent your condo out for you. After HOA fee's and such, you might break even - but hopefully itll give you a little pocket change. That way someone that knows the in's and out's of rentals is in control and its not all on you to learn with trial and error.
Then rent yourself something small, closer to wherever you land a job you're comfortable at. After you've regained some stability and found a better job (you will) - you'll have a record of payments coming in from your Condo as additional income. The collateral from the Condo (roughly 60k according to you), the history of rental payments, and your new job, should "walk the walk" for you to purchase your next property.
My main priority for you is to let your 401k continue to grow, and you also have some random tenant paying your principal for you, which also lightens your bills and sets you up for success in the long run instead of walking backwards.
This is roughly how I built my first 4 unit apartment complex, so Im not talking out of my ass. Just find a job quickly, any job, and dont let depression talk you into moping around. If you at least entertain this idea and have more questions, you know how to reach me big dog.
The only comment here I can reliably make is that Remote jobs are simply a lot rarer now and will get more rare. They exist and you can get them. But its much more difficult. Hybrids are far easier to get because so many are competing for WFH jobs now. If you are willing to continue working in your industry this can be an advantage. We all love WFH but its just not like it was in 2021.
