Early 40s, duel income with 2 kids. Currently living in a 2 bedroom condo in a gentrified neighborhood. We bought conservatively, so our current mortgage, HOA fees and utilities are a 1/3 of our take home pay.
A few years ago we bought a multifamily home in a different part of town with intention of moving when we needed the space (currently rented out). Neighborhood is quiet and safe but not nearly as lively as our current 'hood. If we moved into the multifamily, we would occupy one unit while continuing to rent out the other. The rent would cover about 75% of the mortgage, and we'd get an extra bedroom and parking. If we did that, we would also rent out our condo.
We don't have any debts except our mortgages. I want to accelerate our savings, and the only way I see that happening is by house hacking (living in one unit and renting out the other). My SO loves our current neighborhood and isn't keen on moving until much later, if at all.
I should add that we max our our ROTHs, 401ks and have nearly 6 figures in cash savings. We share a used car that we paid for in cash. The schools in both neighborhoods are equally good.
Am I being too fixated on saving more?
September 04, 2017 at 03:40PM
