My opinion - her opinion?

My opinion - her opinion?

Vicksburg, MS · Member since 2014 · 26 posts · 3 votes
So I have wanted to get into real estate investing for the last two years and just don't have the capability on my salary to save a dime. All but a few of my expenditures are deemed completely necessary for everyday life but I can still come up short if me or my wife miss much work. Anyway, we discussed a option of moving to a smaller house to relieve some of our financial issues. I mentioned that we should try to keep our house if at all possible because it was a great buy when we bought it, the note is really low and to be honest there are some sentimental value there to (i worked my *** off fixing the place up over the last two years and we brought a baby home to this house). We could rent it out for about 400 bucks a month profit as long as everything holds out without breaking. So she says maybe we should sell the house and hopefully make about 50k off the deal. We would pay off our credit cards, get me a nice used truck($10-17k) so I can more easily do side work(landscaping and grass cutting) that I do all the time.(I drive a 96 model explorer and let's just say it isn't quite as spritely as it used to be). And she wants a boob job($5k after two kids) and use the rest to put down on the smaller house that we will rent out eventually. We would be able to live in her grand parents house when they leave it to us and would be able to then pursue the rental empire that I want when we don't have a house note because their house was paid for in cash when it was built. What do you guys/gals think is the best option? I at first completely disregarded it as an option but the more I think about it the more it sounds like a good deal. I believe there is merit to paying off all our credit cards and getting a nicer vehicle and honestly I don't see anything wrong with her body but she has put up with all of my **** for the last 10 years so at this point if it makes her happy thats fine. But what if her grandparents live for another ten years. That would be great but where would that put us financially. I guess we would be able to save some money in a smaller house.
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  • Scottsdale, AZ · Member since 2014 · 659 posts · 536 votes
    11y

    It is really hard to tell people the direction that they should take in their life.  The options and circumstances cannot all be easily communicated.  The feedback you will get will be very dependent on the other individuals life experiences.

    You need to look deep down at your goals and dreams.  Live your life in your own direction. 

    It sounds like you want to put money aside for investment purposes.  You also want to be able to make more money to help you accomplish this goal. 

    Keep looking at your plan.  There are other ways to make chunks of money that may not require you to change your living style.

    Good luck with this process.  It is a positive sign that you are thinking about all of this!

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    11y

    1) I think my wife would bludgeon me with a dull object if I publicly talked about her wanting "cosmetic" surgery. Lol. Brave man. 

    2) If you get 50k in profit from the house resist the temptation to blow it. Use it to improve your situation. Lower your monthly expenses/set aside money. 

    3)If you sell the house where would you move to? If you can do what you did again (buy a house fix and sell) that could be a decent strategy. They call it a live in flip. You would have to tolerate moving every couple years. As would your family. 

    4)I agree with @Steve Olafsonin that you need to look at your goals and dreams. There is a difference between job security and life security. 

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