@Ethan Fowler - Welcome to the BP community!
It's not uncommon for couples to face such dilemmas during the house-hunting process, especially when it comes to the investment side. Here's my 2 cents:
1) Open and Honest Communication: The first step is to have a candid conversation with your fiancé about your differing perspectives. Try to understand each other's motivations and concerns. This will help both of you find common ground and potentially reach a compromise.
2) Financial Considerations: Evaluate your financial situation together. Discuss your long-term goals, such as homeownership, generating income, and building equity. Consider the financial impact of each option, including the costs of purchasing a single-family home, potential rental income from a multi-family property, and the costs of renovation. It may be helpful to consult with a financial advisor to get a clearer picture of the financial implications. For me, I've found that showing some actual numbers and projected returns on a given investment can be really helpful when pitching the idea of investment to a significant other that might be on the fence.
3) Compromise: Look for potential compromises that can address both of your desires. For example, you mentioned the possibility of buying a single-family home that needs some renovation. This could allow you to build equity while still living in a comfortable space. Alternatively, you might explore the option of purchasing a single-family home with a separate unit, such as a basement apartment or a guest house, that could generate some rental income. This is a strategy that works very well in Colorado. I've even helped couples get into their first single-family investment with a newborn using this strategy!
4) Long-Term Plan: Consider your long-term goals and how each option aligns with them. If your primary objective is to build wealth through real estate, purchasing a multi-family property might be a better fit (this can also be very tricky here in CO where multi-family prices are very high). However, if your goal is to create a comfortable and stable living environment for your family, a single-family home could be the right choice. Remember that these decisions are not permanent, and you can always reassess and make changes in the future.
5) Future Investments: If you decide to go with a single-family home that doesn't generate income initially, discuss the possibility of investing in a rental property later on. You could create a plan to save and invest in income-producing properties to help finance your future goals, such as upgrading to a larger single-family home. Investing is a long-term game so make sure to be patient with your goals, trust the process, prioritize your family first and the money will eventually come. This has always been a hard one for me as tend to want to get to my goals ASAP!
Good luck to you on the journey!
