THE STORY:So I am for personal reasons considering/trying to achieve a fresh start out in the Midwest. This is a goal I have had for a long time and I have continually found a reason not to do it. Lately, things kinda reached a personal low for me (breakup), and I feel like I'll never be quite this free of regional attachments again- the longer I stay, the more entrenched I will be in responsibilities around here. My friends/family are in support of this move, but financially, they don't have anything to spare to make it happen. At most, a place to crash for a few intermittent days or a week or two MAX if I sell my home before I am able to move out to OH, but it would have to be a very short term situation.However, talking about personal financial responsibilities, I bought a condo a year ago, and goddamn has it been a TERRIBLE decision. I hate the area. I hate home ownership. I was not ready, financially or otherwise. I do not have the skills for DIY home maintenance. I do not have the funds to hire someone for every small repair. And I owe 106k on a 108k property because I qualified for 100% financing, so selling it is going to be a challenge. Redfin estimates the value having gone up to 122k but, it is not in perfect condition, with some cosmetic issues I am just plain old not handy enough to fix without making them worse, and a majorly damaged retaining wall from a storm this past summer.At this point what I need is help figuring out how to financially get out from under this huge weight of a mortgage with a condo in a slight state of disrepair, with a looming 7k assessment repair bill for common area repairs, and then get my ass somewhere new for a fresh start.THE FINANCIAL SITUATION:Nuts and bolts time.Liabilities:106k mortgage7k special assessment coming up "sometime before 2021"Maybe 2k in handyman cosmetic repairsTotal of 115k in condo-related debt/expenses.11k student loans, 6k private 5k federal- started with about 30k, and I have been very aggressive about paying them downNo credit card/auto debtMy car is on its last legs, and I realistically need a new one in the next 3-6 months at latest. I drive my cars into the ground, but this car is NOT gonna pass inspection if I re-register it in a new state.Assets:1.5k in checking, roughly one month's bills9k in savings, my six month emergency fund- once I reached this milestone it all got dumped into loansI own my car outright, an 05 Prius with 190k miles, multiple dents, collision historyMy home is estimated at 125k on Redfin and 118k on Zillow. I know selling means paying 6% in realtor fees at minimum, so even if I sell on the higher end, getting those cosmetic repairs, making concessions for the huge looming assessment, I am likely looking at a loss. I need strategies to minimize that loss.I own some furniture, but whether that is a liability to bring with me or an asset to sell is debatable. I think I have 2 dining chairs, a recliner, a love seat, a small dining table, and a mattress that I have any attachment to taking with me and not just ditching back in MA.I have a few grand in retirement accounts.Income:I make 48k base salary working in the financial services industry (ironically enough I am coming here because I don't believe that if I tell my clients they can't be objective about their own finances that I can be objective about my own) and my annual bonuses usually bring me up to around 52k total, but I would need to stay until January to get my bonus, and I hope to be gone by then. If I leave after Nov 1st I will have a ~$900 unused PTO payout added to my last check, that will be, after taxes, about $630.After taxes, 401k, and health insurance, my current take home is about 2400/mo. Who knows what I will be able to find for work out there. I do not love the industry I am in. I am not picky about what I do, so long as it is financially viable with some upward mobility. I have applied to tons of jobs out there.Budget:Mortgage: 700/moHOA fees: 275/moUtilities (internet/electric): 200/mo (electricity is expensive where I live...)Student loans: Total payments 155/mo, private loans are 80/mo as federal loans are deferredGroceries and toiletries: 200/moAuto insurance: 116/moGas: 50/mo (living that hybrid life)Pet supplies: 50/moCell phone: 35/moSpotify: 11/mo"Fun" money: 150/moMisc expenses usually tally an additional 200/month.I usually am pretty creative with my money and usually only spend around $1500/month, stocking up on coupons and deals, but I over-budget.Forecasted expenses:I think expenses in OH would go down long term but spike short term. I calculated that my car insurance would go slightly down minimally, to around 110/month. Rent out there would be, based on apartments.com, around the 500-700 range depending on where exactly in the state I end up, and no HOA fees, and lowering housing expenses is the biggest draw. Also, I would, in the next 5 years so as not to repeat this current mistake, be able to buy a much nicer home than I ever could afford out here on the coast. Electric is cheaper, and I'd likely downsize to a one bedroom and need less electric for heat in the winter. Gas there is, from what I've Googled, comparable, but I am guessing my commute would shorten, also, realistically, half my gas expense comes from "commuting" to see my best friend who lives an hour from me- moving Midwest would mean probably driving less. I do forecast groceries/pet supplies going up for the first few months as I get used to the deals out there, and I also assume my fun money budget would increase as I explore the new city. Misc expenses would skyrocket short term.Key Questions:How do I find a way out of this mortgage?How do I land a job cross country and arrange a start date contingent on my move?How do I forecast expenses for such a drastic move?How do I budget cash for the actual process of moving (with my cat)?How fast can a cross-country move be completed with finding a new job and finding a new place to live and selling a mortgage all having to happen at the same time? via /r/personalfinance https://ift.tt/2Gz3sR8
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