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Wednesday, November 19, 2008

Sell the Condo and Buy a Duplex? Advice from Mom

Our oldest son and his bride have a condo. She bought it before they met. He was asking us did we think they ought to sell it and buy a duplex so they could rent out half of it. His idea was that he could rent the other half to a buddy.

Here's what I think-- Well, first of all, the baby, little Ruby is due in early January. She won't need a little yard to play in til she is about 3ish. We lived in an apartment when our oldest was born until he was 4 and it worked out.

Right now--if you have to sell--you probably will lose money. BUT on the other hand--if you want to buy --you could do ok.

If I were him, I would make sure first credit was in order and try to get top $$ for the cute condo. Then I might consider getting a fixer upper duplex in a safe neighborhood. I would not however rent the other half to a buddy.

Why? Well its one thing to have a tenant its another to have the tenant be your best bud--especially if you both have new wives, babies etc..

Its easy enough to get along with your buddy when there's nothing on the line. Add in a wife that might not get along with buddy or his wife.. add in someone maybe getting laid off--
potential nightmare and friendship buster.

Think hard about decisions and talk about them together. Get advice --from people who are succeeding financially--not from just anyone! In the meantime--sock away

all
you can while you wait for the time to be right to act.

Don't be lured off into 'Rosey pictures' of the future. Earning and saving money and trying to get ahead in life is HARD WORK--period. Expect that and do it.

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