Should I Stay or Should I Go?

Question

No pun intended.

I'm currently throwing away money renting an apartment.  Looking for a duplex to purchase, however I've got a meager (at best) emergency fund.  If I stay for another 6 month lease I'm out $4,500, but if I stay in the hopes to "save up some more", I'll only save about $2,300.

I don't want to buy a duplex and shell out for repairs on day one, without a decent emergency/maintenance fund in place.

(Lease is up in 2 months.....need to give 60 day notice, if applicable, in the next week or so..)

Not sure what the smart move is, if there is one.

Anyone have some advice?

Thanks in advance!

Mark

Mark Douglas · Answer

Wow thanks so much everyone!  I think I'll go for it.  I don't want to look back in regret!  *takesdeepbreath*

Brian Flack · Answer

@Mark Douglas You have to decide what level of risk you are comfortable with. If it were me, I would go for it. I have wanted to "house hack" for a while now. Unfortunately, duplexes near me are $1M and up. I would need to move the kids to new schools. If you are in a situation where you can swing it financially, go for it! I wish I were in your shoes. Good luck and keep us updated on your path.

Elizabeth Colegrove · Answer

I can tell you that investing has been the scariest, nerve racking, praying to god moments that I have ever done! It is also AMAZING when I cash the check each month and realize that I make 25% of my working come on 10 hours a month!

You will be surprised what you make happen when you HAVE to succeed. We have baby stepped our way to success but trust me there have been moments! Like right now with 3 houses turning and non tenant in sight lol! Especially when I just reduced the rent! So its not "easy" but SO worth it!!!

So go in with your head up high! Do what you know is right and don't get analysis paralysis!

You got this!

Blair Poelman · Answer

you'll be uncomfortable and nervous making this kind of change, but folks don't get rich sitting quietly in their comfort zone.

Just do it!

if you keep doing the same thing you did yesterday, tomorrow will never be any different.

Mark Douglas · Answer

@Wayne V.

Hey thanks!  I feel like I could go for it and get by for a couple months if need be..  may not be the safest move I'll ever make haha

Wayne V. · Answer

Hi Mark,

I lean  more toward risk and can do the rehab myself so if it were me I would go for the duplex and scramble