Using rentals to replace income of stay at home parent

[John Stone]

Hey everyone, I am planning to rent out the house that I am in starting next fall (i know bad time, i try a lease thst ends in the summer and then switch to a year term) our goal is to get enough rental income to partially replace my wife's income in 5 years so she can stay at home when we start having kids. Is there a group of people or even someone else that has created a strategy around this goal or who wants to talk through a strategy focused on that goal?

I'm happy to talk more if anyone wants to! I studied economics, grew up in a constitution/commercial real estate family, and I've studied rental properties for a few years so I have some basic basic skills but I am excited to learn more and begin our journey!

[Brian G.]

@John Stone

Dude, that's an awesome reason to pursue rental income. If you pull it off, your kids will thank you one day and you won't regret it! My wife has been a stay at home mom for 20 years and we are very grateful she's had the freedom to invest so much of her life in our family. We would do it all over again. We didn't achieve this through rentals but from financial discipline and living a simple lifestyle. Not sure I'm much help when it comes to strategy other than encouraging you to study the concept of "house hacking" (search this phrase on BP). This is where you buy a house or preferably a 2-4 unit property and live in one unit while renting the others out. If you occupy a unit the down payment is much lower (5% as opposed to 25%). If I could turn back time, this is exactly what I would do. It's more challenging once the kids come. House Hacking is a very efficient and safe way to begin or take your next step. Dude, I'm rooting for you to hit your goal.