Most of you are not interested in this level of detail, but I need to keep this stuff straight to stay organized. (If you do read this, please let me know if you notice any errors in my work and/or thinking!)
Goal Date for RV:
My goal is to be in the RV by May 1st. That gives me about one month to test out living in it full time before I leave for the Arctic Ocean.
I think I’ve gotten just about everything done with regard to my house, besides scheduling the roof. The roofing company (which is also a remodeling company) is going to do the last few things that my brother was going to do. (Mostly the fascia/trim across the front.)
I’ll call my real estate agent after the holidays to get her opinion on the upgrades and list price. Fingers crossed that the upgrades are adequate for a high list price! I hope to have the house on the market in January.
Including all upgrades (past and recent; approximately $22K total), here are the numbers with regard to the sale of my house. With about $284K in, I break even* around $305K:
Descriptions of the headers on the chart below:
- Selling Price: self explanatory
- Net: Estimating 7% in costs, so netting 93%. (This might be optimistic; taxes are pre-paid.)
- Cash net: Estimated cash I will get at closing (orig. mortgage calculated at $239K, but actually about $238K now)
- CC Debt: Estimated credit card debt (orig. calculated at $50K, but actually about $45K now)
- RV payment: 20% down payment for RV (at $50,000)
- CC Paid Off: How much credit card debt will be paid off at closing
- CC Debt: How much credit card debt remains after closing
- Gain/Loss: Overall gain/loss on house including all upgrade expenses
|Selling Price||Net (93%)||Cash Net||CC Debt||RV Pymt||CC Paid Off||CC Debt||Gain/Loss|
*not calculating the bloated mortgage payment of two years
Renting my House:
I can rent my house for about $1,500 a month, so (with a payment of $2,300) would need $9,600 a year to subsidize a rental. If a sale price loss gets much higher than this number, I will consider the rental option for a year. (Hoping the market improves.)
If I have to rent my house, I will try to borrow $10,000 from my company for the RV down payment.
- American Express: $31,534 at 9.23% (increased from fixed to variable prime + 6%)
- Bank of America: $13,120 (1.9% until March; then 16%)
- Total: $44,654
Current Monthly Income: $5,206 (net after taxes; profits distribution from my company, an S-Corp)
Expenses Removed after home sale and departure from Austin:
- Mortgage plus: $3,000 (includes utilities, yard, cleaning, alarm service, etc.)
- Credit card servicing: $600-$1,000
- Psychoanalysis: $500-$1,000
- Total expenses removed: $4,100-$5,000 (Wow, I haven’t even bought food yet. No wonder I’m broke.)
Expenses Added after moving into RV:
- Payment/Insurance: $680 (estimating financing $50,000 at 10% over 12 years, plus insurance)
- RV Parks: $350 (staying put) to $1,000 a month (traveling; that’s $35 a night for 30 nights. With Walmarts, etc., I seriously doubt I will ever spend that much.)
- Fuel: estimated at 8mpg or .40 per mile; it will be close to $4,000 for my Arctic trip of 10,000 miles (yikes!), but that should be an annual number going forward.
- Total expenses added: $1,430 (staying put; still includes driving 500 miles) to $2,880 (traveling; RV parks every night; driving 3,000 miles)
A Thousand Miles in the Arctic:
I have to figure out what I am driving up the Dempster Highway. It is about 460 miles (each way) of what many describe as a very slippery and dangerous road. (I’ve heard it is like driving on grease mixed into several feet of sharp gravel).
You are supposed to take two spare tires, and plan to use them. (Just not when the grizzly bears are walking by.)
Most who are familiar with it have said I should not take an RV unless I want to slide off the road.
So, should I trade in my economy car (a 2005 Scion tC) for a Jeep Wrangler? I love my reliable (and paid off) car, so am not sure that I want to trade in for just that trip. I’m also looking at a used 4WD Honda Element like this one. (It would be an even financial trade.) Any thoughts?
Should I rent a car in Whitehorse? It seems many may prohibit taking the rental on the Dempster, and, even then, the rental pricing for a four wheel drive looks like it could be close to a thousand dollars.
I’ve made my reservations for Yellowstone National Park! (They recommend you book early, so I booked a ten day reservation. I will narrow it down to three days when I am more certain about exactly when I will be there.)
If you have read this far, I apologize.
You’re the best!
Countup: 13 days of no drinking!
Countdown: 143 days until I move into my RV!