Sunday, May 8, 2011

More 5/8 Expressions

I was looking at some real estate last night.  I found a foreclosure that is really interesting.  My husband and daughter thought it looked interesting too.  At this stage, we would really like to add to a nestegg for our daughter's education.  I wonder if we've become too conservative.  If we got it, we would withdraw money from our HELOC.  I believe the rate is still 2.7% and would pay it back in 24 months or less (if no other surprises came up).   So, I e-mailed the listing agent this afternoon.  I asked several questions.  I am wondering if it is even still available.  Hopefully, I will find out tomorrow.  I need to call the bank and ask if the rate on the HELOC is still 2.7% - it can change monthly - but only went up .1 in the last 3 years or so.  Meanwhile, we are hoping the bank's appraiser on the shortsale comes in around our offer.    I am also going to keep my eyes open on the local market for a foreclosure.  My husband's new job will pay closing/realtor costs of buying the shortsale - and for the sale of our current home.  We have 2 years to sell.  I'd like to put it on the market next year.  As it stands, the educational system here is better than the one in my husband's area.  Plus, there is a possibility that there may be cutbacks in my husband's area in the next 2 years.  So, as much as I would rather move and be a frugal housewife, it looks like I may just tough it out at least until our dauther is out of of high school.  So, once again, if we sold the current house, it could shore up her educational fund.  We could move into a smaller/less expensive house in the same school district.  Convert it to a rental once she is out of high school.  And that should do it, we should have properties paid for and hopefully getting a nice rental income; and have her educational fund.  I am thinking I would "quit" my job a few years early and perhaps withdraw from my 401K equivalent using rule 72T.  Then, when I hit retirement age, I can file for my retirement . . . I guess we shall see what the future holds.

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