Paycheck: +$8500 per month after all deductions Primary mortgage (including taxes, insurance): -$4500 Rental mortgage (Including taxes, insurance): -$2500 Rental income from above: +$2300 Rental mortgage (India): -$1500 (still under construction and will give to parents so no rent) Food: -$1000 (I just HATE cooking and suck at it) Car expenses: -$700 Other expenses: -$600 Monthly Savings: $0 Debt: Mortgage primary remaining: 500k Mortgage secondary remaining: 450k Mortgage India remaining: 250k Car: 20k All my houses have negative or break even equity. Cash / emergency fund: 30k Investments (RSU + 401k) : 300k Net worth: 330k?? Some bad decisions for sure. I believe when rates go down one of my mortgages will refinance and reduce the cost. And hopefully my income also goes up so I should be safe, if I stay frugal. Or am I fucked? How do I rebalance things to manage my finances better. YOE: 8 TC: 300k MCOL
Years of experience?
How is your home worth Here
The homes should be included in equity. Also how are you in the red given how the housing market is?
Bought at the top :/
Sell the RSUs and pay the debt! You’re stretched way too much already
Shouldn’t I sell only if I have to?
don’t sell your rsu unless you really need them or for other investments. I feel you are good with your investments. buy 1 more investment property.
Stupid to have these expenses. 1 disaster and you are out
Suggestion?
Learn to start liking cooking.
Tc 300 and monthly only 8500? You are probably getting good RSUs as savings right?
Not really, I thought this was usual
Over leveraged, who approved those mortgages, LOL. Debt to income should be less than 40% Married? Second source of income?
Single and one income
If you are single and have space in your primary (given the price I guess), you should consider renting a portion to help with cash flow
Sell the rental property.
Wont help my finances as rent and mortgage evens out
Limits your risk though. If your renter stops paying rent for whatever reason, you’re f****d
Not much point in keeping a investment property that looses money. Set a deadline and cut your loses. 200$ a month is not too bad though. You will be fine as long as you keep your job and grow your income. Hopefully the rent you get will go up over time.
🤞
Sell everything and reclaim your life
Definitely realizing how suffocating debt can be
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Go full Dave Ramsey on 1000 food + 600 others. Rice and beans. Stop 401k temporarily. Leave everything else as is. Full Dave Ramsey is full retard. Don't go full retard
Collect cash. Build the 30k emergency fund up to 6 months and ideally 12 months of buffer. Prepare for a few months without rent payments. Sell vested RSUs to reduce exposure. Ride it out until the car payment goes away, interest rates drop. You are in high risk territory. Manage it for as long as you can.
Mortgage payments don't go down if you reduce debt. Car payments can be eliminated relatively easily. Maybe with a few months of RSUs