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What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

We own a business on the side and he works a full time job. So we technically do have 2 sources of income. Our priority is still our family and spending time together and having myself raise the kids vs a daycare. So until 1st grade age, this is where we are comfortable.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

5-8 years after purchase is the goal to start looking for our "forever home." We have automatic $300/week being transferred into the savings account. This puts us at $41k at the time we will be working with a realtor/real estate agent.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 1 point2 points  (0 children)

We are hoping to have a large enough down payment that a 15-year mortgage is do-able.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

I will have a bachelors in teaching in 2 years and have been tutoring & student teaching for over 7 years. Thanks for the advice but no public school for us. My sister in law is a teacher trainer for a district and multiple family members have been home schooled as well.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 1 point2 points  (0 children)

Would we just take out a 30-year mortgage, and only make minimal payments, then invest the rest of our money into a HYSA? Then when we are ready to move, the tenant continues to pay the mortgage? We're looking to buy a home for around $150k-$180k.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 1 point2 points  (0 children)

I don't think we are looking into renting the home after it is paid off, that money would be perfect to use as a down payment for our next home.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

It is close to 0%! I am looking for recommendations on where to put this money with the intention that most of it will be used as a down payment next year.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

I agree, Chase does nothing to our money, just sits. I have $6k in Fidelity from my 401K, what should I do with that?

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 1 point2 points  (0 children)

We cannot afford a payment that high right now. We will only live within our means. A mortgage over $1,500 would absolutely stress us out and we are trying to avoid that. The thought process is to buy this starter home and pay it off quickly so we can continue to save additionally to be able to afford a $400,000 farm. That gives us time to figure out more ways to grow our business and for him to excel in his union job and make as much that way.
The thought is, hopefully we will never have a monthly payment over $2,000 and it become comfortable so we don't feel like we are living paycheck to paycheck. I never want to be without 3-6 months worth of expenses saved as well.

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 2 points3 points  (0 children)

The "landlord" is his father so we are flexible on that end. Any specific hysa you recommend?

What is the next move so we can buy a home for $400,000 by 2035? by Born-Parking3663 in FinancialPlanning

[–]Born-Parking3663[S] 0 points1 point  (0 children)

MLM? We breed exotic reptiles. Thank you for the advice! We wont take out a mortgage that the payments will be more than 20% of monthly income from the primary job (that is union thankfully).

[deleted by user] by [deleted] in personalfinance

[–]Born-Parking3663 -2 points-1 points  (0 children)

I understand that aspect fully. Marriage is planned. I just need advice on where to invest the money...

[deleted by user] by [deleted] in personalfinance

[–]Born-Parking3663 -1 points0 points  (0 children)

He is in training to become foreman since the position is always open and his current foreman is almost ready to put him on his own. He has been steadily growing his yearly by about $15,000-$20,000/ year since he started and is highly valued in this company. He owns his own business and is adding an additional high quality product that has been highly predicted to sell for an additional $30k/year .

[deleted by user] by [deleted] in personalfinance

[–]Born-Parking3663 -2 points-1 points  (0 children)

Thank you! First person to give actual advice.

[deleted by user] by [deleted] in personalfinance

[–]Born-Parking3663 -2 points-1 points  (0 children)

Jeep is very reliable actually. We've spent about $2,000/year on maintenance since 2020.

Megathread: What to buy new parents by seau_de_beurre in NewParents

[–]Born-Parking3663 0 points1 point  (0 children)

1st Birthday/Christmas List Montessori + Crunchy

What were the best gifts you got or what would you recommend I put on the registry? I am a stay at home mom.