Are we in the right path?

[Thelma Bal]

Hello, My husband and myself are 63 and 69 years old. My husband is ready to retire and frustrated. We have two rental properties in Los Angeles. One has a 162k mortgage, $1250 tax,Insurance,%3.5 30 yr, worth at least 750,000 LTR rent $3200, #2- Los Angeles worth   $750k as well just did a remodel of 150 K, mortgage is 75,000 payment $700.tax,Ins, Mtr/str hybrid. Just started with Cohost July.  It’s been bumpy with positive income. lots of expenses,  220 w batteryinstalled, utilities , gardener,  Water heater etc and cohost is eating up positive. More than a LTR. Just got Ins. relocation since Dec through Feb. LTR could get $3200-3400.

3-just purchased in August a townhouse in Costa Mesa California 3 miles from the beach walking distance from the back bay great location. Bought it for 917,000 yikes, put down 20% 0 665,000 6.6% ? $6k tax.Ins,hoa, not to mention utilities . took out a HELOC off of our personal home ( res.worth $900k, and a 260sq ft studio, mtr. $1450 mo.) for$ 220,000 for the deposit. Now I have a HELOC at 7 to 8% approximately $1900-$2000 a month. Killing us. My husband wants to sell the Orange County property. I feel like once you buy you can't sell a beach property. Our daughter lives three block from there and we thought eventually she possibly could move in there. But the mortgage is still too high. Is there anyway we can keep it? Should we sell one of the other properties? What should we do?Renting it out long-term gives us a $3500to 4000 monthly, we could rent out one bedroom to a nurse and the other to our daughter but still would be a negative. Currently have a cohost and have only rented it out one month,I did beautiful renovations and install.

The positive income is going to eat away at our retirement when he retires. Planning on living off of the positive income and then eventually on our investment. I’m still working but would like to retire in the next year or two. Hubby self-employed. .

stressed out,

Thelma