# So what are you going to do?



## needshave (Sep 29, 2020)

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.


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## jerry old (Sep 29, 2020)

Your heirs will be happy to resolve your problems-do something, even if it is wrong.


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## Bethea (Sep 29, 2020)

If you're sure you want to retire I would sell all three if there's no heirs and use that money for you. Rent a ground level apartment or go into some sort of senior housing. Put that money towards that. Enjoy what's left of your time and the money you worked so hard for.


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## needshave (Sep 29, 2020)

Jerry Old,
You're so right. My biggest concern!


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## needshave (Sep 29, 2020)

Bethea, 
 Very concerned about moving into an apartment. I have had my hands into so much for so long, being idle in apartment is concerning. AS is senior housing, i'm just not sure I could do it. I'm very active and currently restoring 1850 and 1890's properties that I own that keeps me busy.  I'm very worried about the reduction in both physical and mental activities. On top of all my projects  I deliver meals on wheels and I bike 11miles a day.


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## Aunt Bea (Sep 30, 2020)

If the commercial building where you keep your toys is in a convenient location as far as access to stores, restaurants, doctors, etc...  I would consider keeping it and adding an elevator/lift to the second floor.  I would think that for the price of a new car you could probably install one that is suitable and have the peace of mind that you could live there as long as it suits you.

Good luck with your decision!


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## Ken N Tx (Sep 30, 2020)

I would sell and travel..


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## hellomimi (Sep 30, 2020)

What's your relationship with money? Do you like to hoard it and watch the numbers grow? OR Do you think its just a means to an end so it's there to "buy" you fulfilment, happiness or whatever you desire?

With or without heirs, you're free to decide what to do. If you sell but don't want to travel, I suggest you look into charitable organizations. One that comes to mind is Operation Smile where I've joined one of their missions as volunteer and it's so fulfilling to see kids' faces transformed that makes a difference in their lives. There are many organizations you can check online to find what resonates with your soul. Since you can't bring money to the next life, make it a means of fulfilment. Your joys will be unfathomable.

Have a wonderful life!


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## needshave (Sep 30, 2020)

Aunt Bea,
 Thanks for your thoughts. We have talked before, you always offer sound judgement. The elevator is certainly an option. I'm a previous engineer and I have scoped out the possibility it is certainly possible and there is a perfect location for it in my warehouse, that would allow us to drive into the warehouse, get out and take the elevator put to the sun porch of the apartments. it does make good sense. 
 The funny part was I was talking about the same subject to my Doctor, who replied "forget the elevator - keep climbing the steps as long as you can, in the long run its will be better, then when you have to use it use it."
  As far as location, I'm currently about 20 miles from my doctor appointments, (OSU). this location would take me to about 25-30 miles from the doctor.  There is a hospital there closer than what we have no. No real restaurants there that we would use, being a vegetarian they are pretty much few and far apart. 
 There is no outside maintenance to the building, so from a senior perspective it a great hands off location. No grass to take care, all brick. There are some tenants that are close by, that may be questionable in character and that may be the biggest concern, but the area is very safe. it has a small parking area in the rear, that we would never use but very well light with street lamps on the property. I will try and post a picture of the interior. It has all I like, 12' pressed tin ceilings, wood flooring, etc...


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## needshave (Sep 30, 2020)

Texas Ken,
 Yes, travel has been our goal each year. We have used the commercial space I was trying to explain to Bea, as a place we store cars etc. when we travel. It has always been in our plans that that location was a safe one to leave for extended stays elsewhere and not worry so much about leaving it.
  But this is the first year we have not planned on a winter cruise. We have taken longer and longer cruises each year until this year and with the pandemic it appears that travel is off for a while. With my heath risks, I just worry about the exposure. But certainly travel is our goal, we just returned from Ireland, before this pandemic hit.
 But back to your thoughts, If I sell it all, where do I live? Reading about assisted living or just an apartment is a costly venture.


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## asp3 (Sep 30, 2020)

I would talk to a financial advisor, I'm sure you can find one there you can trust.  The money you pay to have the different financial options to choose from may help you sway your decision one way or another.

Personally I would look at the things I love to do and want to keep doing, the things I've always wished I could do and take an objective, critical assessment of my current physical condition and my most likely future physical changes and then make my decisions.


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## Aunt Bea (Sep 30, 2020)

needshave said:


> Aunt Bea,
> Thanks for your thoughts. We have talked before, you always offer sound judgement. The elevator is certainly an option. I'm a previous engineer and I have scoped out the possibility it is certainly possible and there is a perfect location for it in my warehouse, that would allow us to drive into the warehouse, get out and take the elevator put to the sun porch of the apartments. it does make good sense.
> The funny part was I was talking about the same subject to my Doctor, who replied "forget the elevator - keep climbing the steps as long as you can, in the long run its will be better, then when you have to use it use it."
> As far as location, I'm currently about 20 miles from my doctor appointments, (OSU). this location would take me to about 25-30 miles from the doctor.  There is a hospital there closer than what we have no. No real restaurants there that we would use, being a vegetarian they are pretty much few and far apart.
> There is no outside maintenance to the building, so from a senior perspective it a great hands off location. No grass to take care, all brick. There are some tenants that are close by, that may be questionable in character and that may be the biggest concern, but the area is very safe. it has a small parking area in the rear, that we would never use but very well light with street lamps on the property. I will try and post a picture of the interior. It has all I like, 12' pressed tin ceilings, wood flooring, etc...


Your doctor is probably right and the day may never come when you need it.

I would keep the plan in the back of my mind and set aside the money in case things change.

It sounds like you have several good options don't overthink it just relax and do what feels right for now.


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## needshave (Sep 30, 2020)

Thanks Aunt Bea, I appreciate your thoughts. If I go that way, to the commercial space that is, I will probably put the elevator immediately  and not use it unless I need it. I'm trying to be accommodating to my wife and the place I end up in is really dependent upon accommodations for her, I can adapt. I will probably just be working on something anyways. But there is a very nice senior center 12 miles away in a larger city and its easy to get to and will provide her the much needed interactions.


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## needshave (Sep 30, 2020)

Aunt Bea, 
This is a picture of the commercial space, just so you have a feel for the space. It's large and has the warm feeling of natural woodwork.


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## Knight (Sep 30, 2020)

Sounds like type A need to be going & doing all the time. Permanent sedentary  retirement isn't something you are going to enjoy. 

Selling your properties ? With no plan or input about where or what you think you will do. If you retire as long as those aren't costing you revenue hold on until you get your mind around what retirement is going to do to your present lifestyle. 

At 70 and active there is no guarantee. Get busy & figure out what you want for these last years.


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## Aunt Bea (Sep 30, 2020)

One obvious idea that we may have overlooked is if you have the cash flow to maintain your current situation and enjoy what you are doing then just keep at it until it's not fun anymore.


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## needshave (Sep 30, 2020)

Knight, 

Yes, definitely a type "A". 

"Selling your properties ? With no plan or input about where or what you think you will do."  

I'm not sure if this was a question or not, but My thoughts or plan was to work on & continue to restore my antique vehicles during the summer months, then travel via one of the antiques from Ohio into the Florida/Georgia area during the winter months then travel back in the fall. It would be a great road trip and lifestyle. My wife has a antique BMW convertible that would be great for a road trip. Additionally we typically take a cruise in December-january time frame but with the pandemic we have elected not to do that this year. WE had a customer, 51yrs old, pass from Covid19, he was a non-believer and refused to take any precautions for himself or others. His passing and previous actions made a believer out of us, so we are taking very effort to restrict our exposure. SO our goal of traveling, at least for the present, is halted.


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## Knight (Sep 30, 2020)

needshave said:


> Knight,
> 
> Yes, definitely a type "A".
> 
> ...


Actually it does sound like you have plans. Just ones the due to the pandemic have been altered a little.

 I think Retirement comes in 3 favors
1. Ready and anxious to retire <---- us 25 years ago
2. Not really ready so part time works
3. Not ready at all.

You IMO fit #3. And there is no reason you should stop doing what you like as long as you are able.  We've traveled & taken cruises but for true enjoyment road trips were the most enjoyable. Stopping at something unique not advertised in travel magazines like a town fair in the middle of Nebraska or a snowball fight at the top of Bearclaw mountain are good memories. 

I've seen quite a few Netflex programs featuring antique restoration by Canadians. Maybe a trip to some of those to share stories and tips would fill some time.


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## gennie (Sep 30, 2020)

Aunt Bea said:


> If the commercial building where you keep your toys is in a convenient location as far as access to stores, restaurants, doctors, etc...  I would consider keeping it and adding an elevator/lift to the second floor.  I would think that for the price of a new car you could probably install one that is suitable and have the peace of mind that you could live there as long as it suits you.
> 
> Good luck with your decision!


I like idea of upstairs apartment.  If elevator too much of an investment, consider a wooden ramp.  They make walking the ups and downs and moving things so much easier.


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## needshave (Sep 30, 2020)

Hello Bea...

The upstairs apartment has some attraction. The upstairs is about 2300 square feet, not including the upstairs foyer and sun room and it is very secure. In todays world that is very important. All hardwood floors and exposed brick in some areas.

It would probably be an elevator, for several reasons.
For one the downstairs ceilings are 12' above floor, 14' above grade outside grade, 2 entrances. So there are a bunch of those stairs!  My wife would have great issues trying to use them on a daily basis.  Moving items as you said up those stairs is not for the faint of heart! But in all honesty....... I want to install the elevator, if not build it. A chance to use that engineering degree.. I know, try and back off a bit...

Thanks for the thoughts...


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## Lethe200 (Sep 30, 2020)

I'm curious: have you considered just selling one of the commercial properties? You'd have capital gains to pay, but even so the profit would pay for the elevator as well as the overhead on the remaining property.

Reverse mortgages are NOT available for any property containing over 5 units; that # is the definition of "commercial property" - even if you live in one of the units. (see What types of property qualify for a reverse mortgage?)

As you don't sound ready nor interested in retirement, if I were you I'd stick with the property that holds all your toys. Keeping mentally active is as critical as physical activity, and you won't find the kind of "elbow room" you seem to need in a standard apartment or even SFH.

I WOULD add the elevator, for the simple reason that it will facilitate the move-in/move-out process. See if you can locate it where it would be convenient for you to take the elevator up, but get off a couple of floors below, and then take the stairs the rest of the way.

The reason why you don't want to wait to put in the elevator? *Cost and time.* If you (or your wife) have an accident and can't manage any stairs at all, even for a short while, there's no guarantees that in an emergency you could get one installed in two days or even a week. After all, who would have ever thought we'd be stockpiling TP in the USA in 2020?

I broke my leg in a compound fracture from a fall, and was pretty shocked at how weak I was after surgery and 3 days in the hospital. There were only *4 stairs* up to the front of the house - and I couldn't manage them for almost two weeks! I was only in my mid-50s at the time and boy, was that an eye-opener.

We were fortunate a pro contractor/relative of my Spouse lived nearby and built a quick ramp to the front door for us.

Anyway, just something to think about. Your situation gives you a lot of possibilities and I wish you the best of luck. It's a big decision to make. Just remember, what you do and want now, may be a lot different 15-20 yrs from now. Keep those options open!


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## needshave (Sep 30, 2020)

Yes, We are going to sell one of the commercial properties. This one is being finalized now, with all new herring bone brick sidewalks, wrought iron fencing, new restored front, side and rear porches with spindles machined to match the orginal 1850 design. It has a carriage house, where I have done all of the wood working and metal working. It will be missed, it was built in 1850. 
 But I think the elevator is a key part of any solution for a senior. The other commercial has two areas ideally suited for an elevator, one is ideal as we can park inside right next to the elevator and walk to the elevator some 5' away. it is ideal. If I decided to use the stair case I would park inside, walk to the front of the building, 75 to 80' away and take the stairs. If I use the other, the stair case would go away and an elevator shaft would be installed, no stairs at that point.
 additionally, We have a local senior center for the community, it is small but they deliver hot meals on wheels every day to seniors in the area. We have a EMS within one mile of this building and that is some what comforting as well.
 It's hard to imagine not having hundreds of things to do in any given day. Not sure I can get there.

Thanks so much,


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## Autumn (Sep 30, 2020)

In your position, the first thing I'd do is find a capable financial planner and take a good look at all the financial options available to you.  I wouldn't even try to advise you without knowing about the current and projected value of each property.  This isn't just a lifestyle decision - you need to make the best financial decisions possible in order to finance your lifestyle.


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## needshave (Sep 30, 2020)

There are a group of us that pal around that are investors in properties. Over the years we found out after a transaction has been completed about the healthy commission check the FIA planner/advisor received for offering their advice. This happened on more than one occasion by different reported leading advisors. No financial planners for me. I'm a slow learner, but once I got it, I got it. Thanks for responding.


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## needshave (Oct 1, 2020)

I'm in shock! Trying to research the possibilities as much as I can I spent much of the day researching on line and visiting houses that I might rent If I sell all the properties. I looked at primarily ranch type, 1 floor properties, and as small as I could find ranging from 1250 to 2000 sq. ft. and all had a two car garage.They required a 2 year lease and it required I take care of the grass and landscaping, which is a deal breaker. I might as well keep my property. But the price per month! They ranged in price from $1800 to $3150 per month. I guess I have been out of touch, I just really had no idea that a house that was nice, certainly not great and obviously dated, but nice would qualify for that amount of money. That certainly sheds new light on the subject. I will look at apartments next, but as some suggested that may not work for me.


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## Knight (Oct 2, 2020)

Among other things you mentioned this.

Quote
 "I have my residence which is over 10 acres and is capable of being split and divided."

Seperating an acre for your self to build a home that suits what you want eventually could be an option. Only you can understand what selling everything including the cars would do to your taxes & feelings for what you think about those cars.

Then you mentioned travel in one of your antiques. 

Once you get a handle on tax implication & what you feel about the cars maybe this thought would work for you.

Buy something like this to travel while getting a residence built on that acre. Once you have traveled everywhere you ever considered seeing, sell it. That could accomplish seeing America & beat paying a lot to rent something you clearly didn't think has the value.






We had a motor home & enjoyed the comforts of home yet the freedom of moving around to see America. 

I'm not promoting that particular motor home it's an example.


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## needshave (Oct 3, 2020)

Thanks Knight!

I was traveling back this AM and drove past a RV center at an intersection, and was just thinking I wonder what it would be like? Its a great idea. I have no experience with an RV or traveling with anyone that had one, so I'm a bit uncertain what it would be like. 

Any reason why you stopped traveling in your RV? it certainly is an interesting thought, thanks for sharing the idea.


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## Knight (Oct 3, 2020)

needshave said:


> Thanks Knight!
> 
> I was traveling back this AM and drove past a RV center at an intersection, and was just thinking I wonder what it would be like? Its a great idea. I have no experience with an RV or traveling with anyone that had one, so I'm a bit uncertain what it would be like.
> 
> Any reason why you stopped traveling in your RV? it certainly is an interesting thought, thanks for sharing the idea.


Age & spinal surgery that left me with my left arm & hand totally crippled. We traveled all over the U.S. and recouped about 75% of what we spent on the motor home. But if you pit that against apartment rent at a permanent location we won big time.  Little things like tubing on the water outside Cades Cove in Tn. or a snowball fight at the top of bear claw mountain exiting Yellowstone. Pictures of us under Delicate rock & biking slick rock are only a few memories. Imagine while at Yellowstone you get to walk around Old Faithful to a mound on the backside & you get a view that so many don't get. Or seeing the majestic face of El Capitan in Yosemite. You might even come across a small town in middle America that is having a town picnic. We did and enjoyed some of the best food people in the middle of Nebraska make. 

As for travel there are a lot of people more than willing to help you with what you need to know. If travel  adventure has not been part of your life then it's not to late to see all America has to offer.


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