Sell or stay?

Feb 13 490 Comments

Bought house in bay area (2017). Overpaid for what turned into a fixer upper. 1.25m and dumped even more money into it. Biggest financial mistake I ever made.

Mortgage + property tax is $5,500 per month ($1,500 of that is principal).

I have the opportunity to rent a smaller place for very cheap (through family member) for $1,500 a month.

After accounting for the money I put into it and agent commission I would probably break even if I sell.

Sell or stay?

TC 350 (stay at home wife and 1 kid).

P.s wife wants to stay but I have the final decision.

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TOP 490 Comments
  • Walmart wassupdog
    You shouldn't be making final decision since your wife is the one who will be spending all the time in the house
    Feb 13 41
    • Zillow Group £
      Depending on the age of kids, the number of kids, and the kids’ medical needs, I wouldn’t say staying at home is easy work. You think she’s at home chilling, but there are a ton of chores, and dropping off and picking up the kids, and their activities, etc. it is a full time job. your comments assume she’s some kind of lazy gold digger that doesn’t want to work. What if she did? What if she did want to work but her income didn’t justify the cost of hiring a full time nanny? What if she gave up a job she loved to stay home and take care of the kids? She sacrificed her ability to get back into the workforce and continue to make more money because she chose to stay home. Some of these comments feel ignorant and sexist imo.
      6d
    • LinkedIn meowrawr
      Spend 8 hours babysitting 2+ toddlers and compare that with 8 hours at the office. IMO time at the office is way less exhausting than raising kids.
      5d
  • Google cottonball
    Your wife should have the final decision. You make big mistakes
    Feb 13 6
    • Amazon nyDG04
      With this comment
      Feb 15
    • Equifax MjWh00
      😂
      Feb 15
  • Samsung BuddhistMo
    Sell
    Feb 13 0
  • Microsoft topcontrib
    My wife is stay at home - she is the final decision maker
    Feb 13 3
    • Heck, he probably gets to wear nothing at all! Sweet
      Feb 15
    • JPMorgan Chase Anigav
      Im looking for someone like that. I too want to be a slave. Does your wife have a sister?
      Feb 16
  • Amazon tallyboy
    Your wife doesn’t work? What is this the 1920s? I’m a woman and think women who don’t contribute at all are PATHETIC. Apparently men love the lazy women out there. Tell your wife if she wants any decision to contribute financially.
    Feb 16 43
    • HERE uhvpkx
      So just wondering about the other side of this...what if a woman (*gasp*) was the bread winner and her husband stayed at home to watch the kids due to constraints on previous salary and covering childcare expenses. This isn't a standard topic here on Blind from what I can tell with the current user demographic.
      6d
    • Trellis Commerce themthey
      Other side works just fine for me ^
      5d
  • Facebook public2
    Never sell real estate. If you dont like the location rent it out.
    Feb 13 9
    • Facebook public2
      Lol, you get to sent the rent folks. Always set it to cash flow immediately and raise it each year. Real estate does return on average slightly less than an index fund but you get free 5x leverage on your real estate and that's before the insane tax deductions. Prop13 in ca most guarantees rental roi.
      Feb 15
    • Fitbit EFTn27
      Choose your tenants wisely...find someone who seems clean and will treat it like their own
      7d
  • IBM / Data bbWI22
    Rent it. Buy and hold in the Bay Area.
    Feb 13 2
    • Toyota / Eng Com Truise
      This. Unless all tech jobs abruptly leave the Bay, you'll be making a sensible investment
      Feb 15
    • Microsoft / Data kostMalone
      This. Great source of long term passive income.
      Feb 15
  • Which part of the Bay Area? Are you satisfied with it after doing the work? It sounds like you didn’t make out too badly if you’re able to break even now! Why not keep it and rent it out, while you and your family live in the cheap rental?
    Feb 13 12
    • Amazon b3zos
      I know a realtor who only charges 3k commission. I did sold my Seattle house through him. So, don't worry about paying too much for seller realtor
      Feb 15
  • LinkedIn / Eng INittoWin
    Maybe you having the final decision so far has not worked out so well and you should try to come to a decision together
    Feb 15 0
  • Disney jonny_qw
    Man , this post makes me jealous. I wish I had such problems in life . Some people are very lucky and they don’t even realize that .
    Feb 15 3
    • Google gnu4u
      OP
      Fair points to both of you.
      Feb 15
    • Microsoft appaiah
      $5,500/month is a very big expense. Imagine the stress OP feels with every job review and the need to work overtime. Even when the job goes away the house payment won’t.
      Feb 16

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