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Updated over 9 years ago,
My opinion - her opinion?
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.