I respect the thoughts of forum members so I am looking for thoughts on this opportunity.
DH and I have an opportunity to bid on a foreclosure SFH that could be a vacation home (about 2 hours from our home).
We saw it today and see that most repairs are updates etc that we have done on a previous home. So we know we can handle the work.
But it would require use of ROTH $$ or $$ out of an established HELOC.
We LBYM but this purchase would probably add $700 /monthly expenses (we can afford it) but I want to RE by 2020 or at least work part time.
DH is retired and can do all the repairs but the roof.
There may be VRBO potential but I don't think we should count on it.
We could Blow that Dough ! or live with current budget and rent vacation homes when we choose to.
Has anyone else bought a vacation home just before RE ?
Thanks for your thoughts.
DH and I have an opportunity to bid on a foreclosure SFH that could be a vacation home (about 2 hours from our home).
We saw it today and see that most repairs are updates etc that we have done on a previous home. So we know we can handle the work.
But it would require use of ROTH $$ or $$ out of an established HELOC.
We LBYM but this purchase would probably add $700 /monthly expenses (we can afford it) but I want to RE by 2020 or at least work part time.
DH is retired and can do all the repairs but the roof.
There may be VRBO potential but I don't think we should count on it.
We could Blow that Dough ! or live with current budget and rent vacation homes when we choose to.
Has anyone else bought a vacation home just before RE ?
Thanks for your thoughts.