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Updated about 11 years ago on . Most recent reply

User Stats

38
Posts
7
Votes
Lync Jones
  • Investor
  • Eagle Mountain, UT
7
Votes |
38
Posts

Getting Started... Would you move or stay?

Lync Jones
  • Investor
  • Eagle Mountain, UT
Posted

We currently live in a small SFH and am looking to move into a larger home to accomidate our four children. I see having two options:

1) Purchase a larger home which will in turn take more of my income from my corporate job to pay the mortgage, but make my wife happy. This option is doable, but we will then be living more paycheck to paycheck instead of creating savings each month.

2) Stay put and invest in a multi-family property (haven't found yet). By staying put the mortgage would be lower on my current home versus a larger home thus allowing me to maybe get another property quicker.

Thoughts?

Most Popular Reply

User Stats

40
Posts
13
Votes
Jesse Hyder
  • Boise, ID
13
Votes |
40
Posts
Jesse Hyder
  • Boise, ID
Replied

@Lync Jones

1) Paycheck to paycheck... keep saying that over an over again until you are resolved to not be in that situation. Have your wife say it too again and again. I know you dont want that, noone does. Will your wife be 'happier' that way? Well we barely made ends meet again but our house is so huge!

Dont be this guy

https://www.youtube.com/watch?v=PV_YAeXOSiw

2) Have you considered also living IN the multifamily you purchase? I'm not kidding either. I know here in Boise there is a 4/1 1400 sq ft with 2 700sqft apartments in the basement. I dont know how 'small' your current house is but having some one else pay for your primary home is always a score. Additionally you can find things like lots with multiple homes on them or a property with an accessory dwelling unit over a garage for extra income.

Are you willing/able to move to SLC or Provo anywhere in between? I'm in Boise now but I lived in SLC for 5 years :-)

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