Hey there, folks! So, here’s the deal – I’m in a bit of a pickle and could really use your thoughts. I’m married, have one bio kid, and three stepkids (joint custody). Right now, we’re living it up in Orange County, CA, in a family-owned crib that costs us a sweet $1,700 a month – way below market rate, thanks to the in-laws cutting us some slack. My hubby technically owns 10% of the place and chipped in some cash before we tied the knot. When his folks pass on, that’s when he’ll cash in on his investment. We don’t own any property together, and buying in Cali ain’t happening with our income. On average, we rake in 4-5k monthly (it fluctuates ‘cause we run our own gig).
We’re toying with the idea of snagging a $320,000 home in Idaho as a smart investment and maybe a future move. A buddy of mine is a property pro over there, so we’re thinking of renting it out at first and possibly shifting there later on. Here’s our financial scoop:
– Retirement stash: about $400,000, chilling in investments with a cool 10% yearly return.
– Home price: $320,000.
– Down payment: 25% (roughly $80,000).
– Mortgage amount: $240,000–$250,000 (we can swing up to $250k).
– Estimated monthly mortgage, taxes, and insurance: $1,700.
– Expected rental income: $1,900–$2,100 monthly.
– Both our rides are free and clear, no car payments.
So, what do you reckon – is this out-of-state investment a savvy move or a big ol’ flop waiting to happen? Got any burning questions or need more deets? Hit me up with your thoughts! Thanks a bunch!