I have retired several times, but it never did gel. I'm about to turn 70 and this time Im going to force myself to retire. But there is a problem. I have two commercial buildings, (paid Off) with apartments upstairs. I have my residence which is over 10 acres and is capable of being split and divided. The property taxes on the residence is getting just out of control, and the area is rapidly being developed. SO what do I do If i retire, where do I wisely reside? Im about to sell or at least post one property for sale as well as the business I have in it. The other commercial property, we thought about moving into the upstairs apartments and keep it, since it has a big warehouse attached with all my toys. But the apartment is upstairs and there are a whole lot of steps.Then we thought about selling that commercial building as well and remodel and pay off the residence. But the area is growing quickly and the taxes are just getting out of control and it's net value is way more than I can even imagine. SO what do I do? DO I sell al three and look for a rental? Senior housing? I'm having a terrible time with it. Since all of the properties have increased value and I continue to pay on and enhance them, but......What if something happens? WE have no one we want to leave it to. It has all the bells and whistles I need as far as my toys, meaning antique cars, woodworking, metal working etc. But with my age should I consider selling it all and get into a rental or do I keep the commercial space and borrow against, Reverse Morgage, as you see advertised on tv all the time to get the value out of it.
I'm working hard now to get one property for sale, But I would love to hear your thoughts, recommendations and fears! I appreciate your thoughts and help.
I'm working hard now to get one property for sale, But I would love to hear your thoughts, recommendations and fears! I appreciate your thoughts and help.