What do you think?

[bigtime916]

So, I sold my shop and complex few years ago for a decent amount. I took half lump sum and that's still in a money market account. I also get 3k a month from the buyer, my best friend. Its cash money each month. Anyway the wife does pretty well and I do side work here and there still at the shop for past customers. We're talking 10k paint jobs. I pay booth time and shop time and I bank about 9k each car. Takes me about a month with cut and buff.

We have zero debt 300k equity in our home and mofos are setting up tents for new releases here. Its crazy, my neighbors home sold in a week for all cash. Market on fire.

Now here's the deal. We want out of state. Many know we found a house we want and are flying out Feb 2 to look at it.

We have zero debt but our house payment. The home we want received a offer last week and it fell out because they wanted a barn in front of the home. It was a no go for community guidelines.

Market there seems to be climbing. Wife and I talked last night and if we were to put down 100k right now and buy the other house both house payments would be 3400.00 and we would have about 3000.00 left for food and play money. So plenty of cash to play with. Plus I get my cash from the shop on top of it all.

The plan would be to sell our home but lock in the other house. Then plop down 300k on the new home after we sell our NV home. This way there's no rush to move. We can chill and take our time. This would pay off the new home.

Or we can just fly out look at the place then start the loan process while our home is on the market. Im sure it will sell in a week. We have a bigger home than the other that sold and we're the last home in the cul-de-sac 3l4 of a acre lot. Would be only asking 25k more than the other house although realtor told us we would probably get over asking. Then its rush around and move in a hurry.

I'm asking on here because when you really want something sometimes you can let your wants get in the way of doing the right thing. We just really like the other home. If we were to have one built it would be just like it. Don't want to lose it to another buyer.

I do feel buying both homes would be the best thing to do. But I want to see what you donks say.

Thoughts?

 

[Milford King]

Burn it to the ground and collect fire insurance that way all the blue voters fleeing their “haven” can’t scoop up your property and turn your former community into a desolate shithole.

just my warped opinion.

 

[heckler7]

I would rent first, you may like an area but down the road wish you lived in a different part of town closer to something you need to deal with like work or schools

 

[Jaxz]

I'd take my time just to make sure anything is right for the move

 

[maxmuscle1]

No offers , escrow , earnest money. Just wait; it it is meant to be it will happen. Two mortgages suck unless you do it for a Living. Safe route.


Max

 

[Multislacking]

If and only *if* it is completely safe for you, would I recommend 2 mortgages. I've done it and loved the smooth easy "move when you're ready" mindset. I actually went back to the previous house and made improvements and increased the value for a nice flip.

The one down side I see in your story is the friend. Is it coincidence the 3K he pays you is also what the budget of "play money" ends up being? Probably not. If something bad happens to him...unemployment, accident, etc, what would you do? As a friend, you would cut him slack and let him slide probably. This is why people recommend NEVER doing business with friends and family. It can end up putting you both in an awkward situation with hurt feelings and crappy bank accounts down the road. Age old advice, but it's true. My $.02

 

[AMA rider]

Can I suggest a bridge loan if you are sure this new home is what you want ? Go to the new bank for the bridge loan, as it will save you a ton of cash, and they will want you as a new customer. There will be a time limit to sell your old house, but it will be nearly free.

 

[Brutus6688]

If and only *if* it is completely safe for you, would I recommend 2 mortgages. I've done it and loved the smooth easy "move when you're ready" mindset. I actually went back to the previous house and made improvements and increased the value for a nice flip.

The one down side I see in your story is the friend. Is it coincidence the 3K he pays you is also what the budget of "play money" ends up being? Probably not. If something bad happens to him...unemployment, accident, etc, what would you do? As a friend, you would cut him slack and let him slide probably. This is why people recommend NEVER doing business with friends and family. It can end up putting you both in an awkward situation with hurt feelings and crappy bank accounts down the road. Age old advice, but it's true. My $.02

100% agree with multi
Please tell me you have a signed contract with your “friend” I’ve seen many disasters with friends/family with business deals.

 

[bigtime916]

If and only *if* it is completely safe for you, would I recommend 2 mortgages. I've done it and loved the smooth easy "move when you're ready" mindset. I actually went back to the previous house and made improvements and increased the value for a nice flip.

The one down side I see in your story is the friend. Is it coincidence the 3K he pays you is also what the budget of "play money" ends up being? Probably not. If something bad happens to him...unemployment, accident, etc, what would you do? As a friend, you would cut him slack and let him slide probably. This is why people recommend NEVER doing business with friends and family. It can end up putting you both in an awkward situation with hurt feelings and crappy bank accounts down the road. Age old advice, but it's true. My $.02

Naw that 3k is on top. So like 6k spending money per month after bills.
We did this when we moved from CA to NV. We bought the NV home while owning the CA home while I got it ready to sell.
It worked our really nice. I dunno the wife and I have lived together for 23 years and we've always had that if its meant to be it will be so that weighs on us as well.
We don't want to push but man everything just seems meant for us, including the home. I mean I'm 46 and to own a 450k home out right or very close to it would be nice.
We've also talked about renting our home in NV out. But I don't know if I want to deal with that.

Ugh decisions!

 

[bigtime916]

100% agree with multi
Please tell me you have a signed contract with your “friend” I’ve seen many disasters with friends/family with business deals.

Oh its solid, it was high six figures up front and 3k a month for 15 years. We've been best friends for 20 years and seriously, he's a legit bestfriend. He also has a side thing going on if you know what I mean and I have a LOT of his cash in my safe. For safety reasons.
Hes a multi millionaire and a legit dude. His son is my God son. He shits 3k lol. With having his cash he just has me take the 3k out of the safe per month.

Either way thats just side money for us. The wife has also been killing it on bonuses. This month 6200.00 just in bonus. Shit has been insane. We just don't spend any money plus no debt it stacks up pretty fast. We're not rich or anything lol.

The goal as if you can't see it is to just live life in a really nice home with a pool and no stress. Harvest our own food by choice and just relax with zero debt.

I know a lot of people don't understand this because it's small town living. But we don't go out or do anything. We take a nice vaca once a year but we can do that from any state. Other than that I don't know what would be much different. Other than just working on shit to keep busy. Maybe dig a nice pond lol.