I am married with two kids (4 and under) living in Southern California. My goal in life is to earn passive income from single to multi family rentals until we can reach financial freedom and quit my full time job.
We bought our first home in 2015 for 515K, downed 250K with my in laws' help. We lived there for 5 years and ended up purchasing our 2nd home at the end of 2019 (832.5K, downed 294.5K, with my savings). We rented out our 1st home to my sister under market price because she was having financial problems, so we're just breaking even and not making ant income.
My husband had just gotten laid off at the end of March. He doesn't think this but I thought this could be a blessing in disguise because he would have more time to search for rental properties while we can still survive on my income alone. My first question is: Should I try to convince my husband to not find another 9-5 job and start working towards our financial freedom with real estate?
I save about 5K every month in my RBC account, which I now have a little over 100K. My second question: Should I use that 100K as a down payment on another home, or take out some equity from my 2 homes as a down payment? I'm afraid now since my husband is not working, it will be harder to get a loan, which brings us back to my first question of him finding another 9-5 job...
What would be my most efficient way to go about a 3rd property?
Thank you so much in advance!
-Julie Chai
