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Updated over 8 years ago,

User Stats

47
Posts
15
Votes
Ben Winchester
  • Troutdale, OR
15
Votes |
47
Posts

How do I get my wife on board??

Ben Winchester
  • Troutdale, OR
Posted
Hello, I'm running into an issue with getting my wife as excited about this as I am. I don't expect her to all of a sudden have the passion for real estate that I do, but I'm worried I won't be able to capitalize on our current opportunity. Let me back up and tell the full story. A couple months ago we decided to sell our condo and buy a single family home that we can move to, an upgrade if you will. We bought our condo 2.5 years ago for $137,000 as a foreclosure. We currently owe $124,000 (give or take a few hundred bucks). We recently (yesterday) fell out of contract with a buyer who was going to purchase the place for $211,000.. after closing costs, giving us a nice profit of +- $70,000. During the time of selling I found BP and have been binge listening to the podcast. I would love to be able to use some of our profits to invest and find another property, she would love to invest the entire amount into our next home so we could live in a nice place. I've slowly been discussing the idea of investing to her and she's completely on board with investing, but she would rather do the comfortable option and use the profits to put into OUR next home. The way I see it, I have several options (probably more that I don't see as well) We could sell and use the entire profits to put into our next home. From there, I would have to find different funds to start investing with. This option is viable, I figure that it will just prolong the beginning of the investments that I want to do. We could sell, use some of the money for a new home, and then some of the money to invest. If we do this, it lowers our price range of a new home, which is proving to be a difficult find with my local market being near the top. We could stay where we are and refinance, using that money to invest. I like this option because our current interest rate is 4.75% and right now, a refi rate is lower than that, making our monthly payment stay relatively close to what it is now, while being able to get a good chunk of money to start investing. My wife wants a nice home, and so do I, but I also want to be able to set us up for financial success in the future. I'd rather start buying investing properties now, earning more money for us to buy, or build, our own home in the next 5 years. Any advice, thoughts, personal experiences, etc. are welcome! I love BP because it provides so many people a platform to be able to discuss many issues involved with RE. Thanks in advance for any responses. Ben

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