life planning/real estate advise

[Jeffski]

BTW, how bad can the neighborhood be if it has $400,000 houses in it?

[sunofthebeach]

BTW, how bad can the neighborhood be if it has $400,000 houses in it?

My $400,000 house is 2300 sq ft brick front no basement on 1/3 acre. 1200 sq foot town houses go for $200,000 and the older 820 Sq ft Split foyers go for $330,000. All of the houses are way over priced, but they keep selling.

The mansion I plan on buying will probably be a 2600 sq ft house with a basement on an acre.

The cost of living here is outrageous.

[dawndenise]

I strongly second Poconos' advice to talk to a couple of financial and legal professionals.

Renting out your primary residence and then selling it at a later date has significant tax consequences, depending on when you do it, especially since you say it has appreciated 100%. Even with the neighborhood and town going downhill, you may still have an "a s set" that's appreciated substantially whenever you do decide to sell.

Go talk to the pros.