tessaduncan
Recycles dryer sheets
- Joined
- May 31, 2012
- Messages
- 74
I've been lurking for months, posting a few times, and thought I should say "Hello". DH (IT nerd) and I (SAHM/'on-call caregiver' to elderly in-laws) are both 56yo and living in Michigan. Our plan was to retire as soon as FI'ed (about 5 yrs or so). Well, due to circumstances (i.e. "life") everything has been accelerated. A few months ago, DH took EER from MegaCorp. After enjoying a few months of 'rest' he's looking to get back to w*rking part-time as a consultant/contractor... eventually ;-)
Our original plan was to be "snowbirds" - with a winter home in Texas Hill Country for a few years, eventually full-time when we 'really retire'. Our son lives in downtown Austin, renting a crappy 1 bedroom apartment which is too expensive but 'where the action is'. He just told us that he wants to move in a few months when his lease is up because his rent is going to jump 50% (apparently a lot of Californians used to high housing costs are moving in to the area).
I am wondering about the feasibility of purchasing a 2 bedroom condo to rent to our son for about what he is paying now ($1200/mo). We'd like him to stay there at least a couple of years and then we'd either rent it out or sell. We have no desire to live 'where the action is' - still looking at Hill Country eventually.
Any advice as to whether we should pursue this now? One problem we have is since DH is not w*orking is there is no income... could we even get a mortgage? We could pay cash but with rates so low, I don't want to raid our nest egg. DH wasn't going to look for a j*b for a few months yet but maybe he should get going? He would very likely find ideal w*rk in Austin but his parents need us (at least me) here & we don't want to live apart -we discovered that we actually like being together 24/7 after 35 years
Any advice??
Our original plan was to be "snowbirds" - with a winter home in Texas Hill Country for a few years, eventually full-time when we 'really retire'. Our son lives in downtown Austin, renting a crappy 1 bedroom apartment which is too expensive but 'where the action is'. He just told us that he wants to move in a few months when his lease is up because his rent is going to jump 50% (apparently a lot of Californians used to high housing costs are moving in to the area).
I am wondering about the feasibility of purchasing a 2 bedroom condo to rent to our son for about what he is paying now ($1200/mo). We'd like him to stay there at least a couple of years and then we'd either rent it out or sell. We have no desire to live 'where the action is' - still looking at Hill Country eventually.
Any advice as to whether we should pursue this now? One problem we have is since DH is not w*orking is there is no income... could we even get a mortgage? We could pay cash but with rates so low, I don't want to raid our nest egg. DH wasn't going to look for a j*b for a few months yet but maybe he should get going? He would very likely find ideal w*rk in Austin but his parents need us (at least me) here & we don't want to live apart -we discovered that we actually like being together 24/7 after 35 years
Any advice??
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