All Forum Posts by: Kate B.

Update.  I decided to sell the house in NY, first fixing it up with the carpenter from my new home in Worcester.   Since the NY house is where all my family is, I will see how life goes and what I can do with day trips, and build on that.  (Need overnight?  How often?...)   I will try to sell the VT house at a reasonable price but I do not have to sell and will only sell at an excellent price.   If it's still mine after a period of trying to sell, I'll rent it.  The VT house is unusual.   Without making any effort to sell, three people have asked me about buying it.

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I am looking for guidance and views on a problem that has bedeviled me.    The numbers can work any way, renting or selling or keeping and renting out rooms -- three options.    I have spent countless hours --- my own version of analysis paralysis -- trying to decide.   Every time I make a decision, I "wear it" for awhile and change my mind.

My very first home is in a city where all my family is within 15 miles.   I am semi-retired from my small law practice, and most of what's left is within an easy drive of this house which is close to highways in all directions.   Great location, in eastern NY.

My life is taking me away from this.   For the past three years the work that interests me most is two hours east, in MA.   After not finding a place to rent for myself and two dogs, I bought a 3 family home and live on one floor.  (Right now, I have people I hired fixing it up.)

I just don't know how much I will need a home in the first place, and what options I have that are different than what I outlined.

My questions are:

1. How to stop analysis paralysis?

2.  Is there an option I missed?

Thanks for reading and being willing to respond to a big problem for me that doesn't matter at all for the world.

Beautiful!

Steve, those are excellent points.   But I have a funny story to share.  It took me awhile to find a carpenter.  I heard who NOT to call.   Finally found my guy for the 3 family in Worcester, and the stores to get supplies.   Guess what I learned just by asking a question.   He is willing to work on BOTH of my other properties, in NY and VT, because his second home is between them and he used to live blocks from one of my properties.   So, right there I have a flexible member of my team, and he told me who to call in my NY area for reliable reasonably priced electrical work, because he used to work with him.  I'm sensing my areas are not so far apart, and that with my small number of properties it could be reasonable to try and see if it works since I already own them.   I have a hunch I'll sell them in 5 to 7 years even if it works but the easier course is to try it out first.   It helps to think it through.

Thanks Kimberley!   That was really helpful to hear.   I was especially struck by your deciding to see how it goes with decisions before making more decisions.   This is how I am leaning too.   I have enough to learn about the 3 family I bought, so waiting to buy another 3 family feels right.   During this time, I can test the waters on making my two other properties (single family homes)  rental properties and just see if I like it.  Thank you for telling me about your situation.

I make the best decisions for my situation when I have information, but I am struggling with something I don't have enough information about.   I hope this makes sense.

Right now I own three real estate properties, each bought intentionally for my use for reasons, in three different states, two single family and one three family.   For example, my other work was taking me to Worcester, MA regularly from upstate NY, and I kept finding it difficult to find a place to stay with two dogs.   Three years of trying!   After I decided to buy a property (my third), I decided a multifamily was best, and to rent out two floors to pay for it.

I purchased real estate other times for excellent reasons, and now I am trying to decide what to do about the first two places and what role geographic diversity has in my decisions when I personally do not need the properties anymore.  Rent or sell?

I will be asked about the numbers, but the numbers are attractive enough on the face of it to rent one, and a close call on the other, if they were both down the road from me here in Worcester.   I just keep picturing the loop, from Worcester, to eastern upstate NY to southwest VT, then the loop back to eastern upstate NY and back to Worcester (there is no better direct road from SW VT to Worcester) to check on property -- and I cannot decide if it's a good life.   I can do it, and most of the year it's beautiful.   (FYI, I have to see property and cannot manage it on the phone.)

But I picture what else I would be doing if I wasn't doing that.   Would it be better to sell both properties and buy another property in Worcester solely for investment?   Or is it a bad idea to own two old 3 families in Worcester with ancient sewer systems?

Does anyone have any stories, insight or data to share about whether there is a benefit to be diversified in location?  I need to understand it better.

Thanks for reading this wordy post.

 And you aren't going to say what it is? :)

Congrats!  I love your story!

Welcome, Steve!   I'm new too and I have a lot to learn.