What to do: opportunity to buy a 400k home for 215

[Jacek Blaszczyk]

Hi all, my wife and I are at odds. She has a family member who is looking to unload a second home that's worth roughly 400k. They would let us take over the remaining mortgage of 215k @3.75%. It needs some updates but the home is good condition on the lake. I want to buy and hold and rent or possibly flip and sell. My wife does not want it as an investment but t ok live instead and do repairs while we live there. Our current home has 200k mortgage @3% is a 4 bed 2.5 bath 2000sqft. The new house is 2500sqft 2 bed 2 bath. What would you do? Lastly there are no rental single family home comps in the area of the potential new home.

#monroe #michigan #noob #secondproperty

[Jay Hinrichs]

seems like a no brainer if you buy it and flip it and make a quick 50k would the family member be upset. ?