- March 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Inheriting a House in Central Indiana and Planning for Downsizing
Hey everyone,
Throw away account. So I’m inheriting a house in central Indiana, however I’m planning on downsizing as I need a house about half this size. I’m open to any and all suggestions. House needs some repairs, which my uncle is helping me with.
## House Information:
– Estimated Price Range Online Source 1: $164k-216k
– Estimated Price Range Online Source 2: $187k-222k, with $196k as the “definitive” number.
– House size: 1,557 square feet
– 3 Bedrooms, 1 Bath (Planning on turning one bedroom into an office space)
– Detached double garage
– Lot size: 7,920 square feet
– Mortgage remaining: $21k at 7%
– Escrow balance: $1.5k
– Loan program 30-year fixed
– Credit card debt for home improvement (gutter b.s.): $4,755 with 26.99% APR
– Tentative timeline to sell: November 2024
## Personal Situation:
– Undergrad in social work
– Currently working on a master’s in computer science from a meh school
– Working as a graduate assistant at my university, yielding a little more than $300/week
– Seasonal job (Spring into Summer) about $18/hr
– Scheduled to graduate this December
– Student loan debt: $7.7k at 6.54%
– Roth IRA: $7k with a 6.3% return
– Other brokerage account: $4k with 8.5% return
– Inherited 3 dogs
– Cash on hand: $11k, possible more to come from inheritance
## Current, Short Term Plan:
Current rough estimations:
– Sell house $200,000
– Cash on hand $11,000
– Mortgage -$21,000
– Gutters -$4,500
– Repairs -$30,000
– Student Loans -$8,500
Remaining $147,000
– Pay off all debts, max out IRAs, and invest $100k into a high yield index fund
– Move to New Mexico
– Rent as cheap as possible
– Consider traveling to Mexico and Colombia, but may not be the best decision
## AI Legalese Decoder Assistance
AI Legalese Decoder can help simplify legal terms and documents related to the inheritance of the house, mortgage details, and potential tax implications when selling the property. It can provide clear explanations and recommendations on how to navigate through the legal aspects of downsizing and managing your finances effectively.
## Long-term Plan:
– Fully remote computer science job
– Purchase coastal property in Latin America with the help of Mexican and Colombian friends
– Consider becoming a digital nomad
– Meeting with a CPA in early May to understand capital gains taxes and plan for the future
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