ItsAllBull
New Contributor
Hey Fastlaners , Need some advice on my next move.
I have been approved for a mortgage and I have 2 options :
1. Buy a low priced condo
2. Buy a duplex , triplex or quad .
The reason I am considering a mortgage at this point is because its cheaper to buy than it is to rent in my area (Atlanta , Ga) at this current time. The Main goal is to reduce or eliminate my living expenses so I can save more cash and quit my job to focus on my entrepreneurial career and take some risks in that area.
My current salary at my job: 60k (I work 50-60hrs a week if that matters)
Living expenses outside of rent :$ 550 on average
My current Rent:$950 for a 1br apartment (Insane!)
Total Expenses : $1500
Avg Money I save : $1000
Now let me layout the options
Option 1:Buy the condo .
Right now there are multiple deals I can get on a condo within or around the city of atl in a B-class area for about 35-60k.
The Plan If a Buy a Condo:
If I buy a moderate priced condo of 30-50k my monthly mortgage plus hoa fees range from $350-480 (roughly) total.
I would Then take the difference ($450-$600) and add it to my normal monthly saving of $1000 thus giving me $1450-1600 savings a month which is $17400-19200 in cash ill be able to save a year. Giving me the options to just save and quit my job or experiment with business ideas with the extra cash while working.
Cons to this strategy:
I HAVE A MORTGAGE! However , If I lose my job or my business attempts fail even getting a part time job at Mcdonalds would give me enough cash to to cover my new monthly expenses totaling around $1000 a month. Or with the cash im saving I could easily pay it off.
Option 2: Buy the Multi-Family
The Plan if I buy the Multifamily :
I would be house hacking and living for free and having $0 housing costs thus bringing my avg monthly expenses would be $500 ish This allowing me to save $24000 a year in cash.
Cons to this strategy:
Multifamily prices in Atl are high. They currently at about 50k a unit in a c pr b-class area. Also the rents I would be able to get would be only enough to cover the mortgage plus a few hundred left over for maintenance (CapEx ) . This is true for the duplex and triplex. If I got a 4plex id have a small profit of about 200-400 a month however main con is multifamily units are a challenging to find in Atl will take time. My lease expires in 6 months I would like to have made my move by then. Another thing to consider is do I really want to land lord? Which will also have certain costs if i have to evict and also in time spent every month managing the property Which if you consider that it would bring my 24k in savings to about 20k or so.
So which one of these moves would be the best viable option all things considered?
I have been approved for a mortgage and I have 2 options :
1. Buy a low priced condo
2. Buy a duplex , triplex or quad .
The reason I am considering a mortgage at this point is because its cheaper to buy than it is to rent in my area (Atlanta , Ga) at this current time. The Main goal is to reduce or eliminate my living expenses so I can save more cash and quit my job to focus on my entrepreneurial career and take some risks in that area.
My current salary at my job: 60k (I work 50-60hrs a week if that matters)
Living expenses outside of rent :$ 550 on average
My current Rent:$950 for a 1br apartment (Insane!)
Total Expenses : $1500
Avg Money I save : $1000
Now let me layout the options
Option 1:Buy the condo .
Right now there are multiple deals I can get on a condo within or around the city of atl in a B-class area for about 35-60k.
The Plan If a Buy a Condo:
If I buy a moderate priced condo of 30-50k my monthly mortgage plus hoa fees range from $350-480 (roughly) total.
I would Then take the difference ($450-$600) and add it to my normal monthly saving of $1000 thus giving me $1450-1600 savings a month which is $17400-19200 in cash ill be able to save a year. Giving me the options to just save and quit my job or experiment with business ideas with the extra cash while working.
Cons to this strategy:
I HAVE A MORTGAGE! However , If I lose my job or my business attempts fail even getting a part time job at Mcdonalds would give me enough cash to to cover my new monthly expenses totaling around $1000 a month. Or with the cash im saving I could easily pay it off.
Option 2: Buy the Multi-Family
The Plan if I buy the Multifamily :
I would be house hacking and living for free and having $0 housing costs thus bringing my avg monthly expenses would be $500 ish This allowing me to save $24000 a year in cash.
Cons to this strategy:
Multifamily prices in Atl are high. They currently at about 50k a unit in a c pr b-class area. Also the rents I would be able to get would be only enough to cover the mortgage plus a few hundred left over for maintenance (CapEx ) . This is true for the duplex and triplex. If I got a 4plex id have a small profit of about 200-400 a month however main con is multifamily units are a challenging to find in Atl will take time. My lease expires in 6 months I would like to have made my move by then. Another thing to consider is do I really want to land lord? Which will also have certain costs if i have to evict and also in time spent every month managing the property Which if you consider that it would bring my 24k in savings to about 20k or so.
So which one of these moves would be the best viable option all things considered?
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