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Updated over 7 years ago,
Colorado or overseas?
Hi BP nation!
We are a married couple in our late 30s/early 40s. She works in higher education in Greeley, and I work in consulting (lots of travel, and spend a good portion of my time in Virginia). We keep our finances very independently of each other and so far pay separate rents due to my frequent absences and travel.
We just submitted paperwork to get approved to buy, and will start looking at properties soon. The original plan was to buy a full duplex in Greeley, CO to rent the other side, but they seem to be rare and over our budget (we qualify for 300s up to 400). The new plan is to buy a smaller, single family, to build equity and give our finances a break (I will be living rent-free during my stints in VA, and re-directing that money towards our property). Thoughts on this strategy?
I also have the opportunity to invest overseas, let's call it Fantasy Island, where I could purchase a decent apartment for $90K and rent it out for $800/month. It seems that every dollar invested yields a higher return in Fantasy Island, but my wife also needs a place in Greeley where she won't be tied to a $1200 rent, and I can use the potential appreciation for an eventual profit.
So, do we focus our efforts in one of these? Which one? Any strategy we are not seeing here?