I’m torn on this. It’s my child hood home. 20 acres, 2500sqft and a barn. I love the property. Problem is I’m not sure we could afford it.
They are selling for 700,000. I could probably buy for 500,000.
I currently own 2 houses( one rental cash flowing 500$ a. Month, and one primary residence) , with about 400k in equity.
It’s the majority of my net worth, and both properties are easily rentable.
What scares me is being that heavily invested in one asset class. Especially I don’t know how many people would want to rent 20 acres after I move as I love a lot for work.
I feel it’s a bit risky, but I have such a strong connection to the property.
Posted by ghostcaurd
2 Comments
Do you need all 20 acres ? Could any of it be sold off?
Are you contemplating buying your parents’ house as a third home, rather than selling your current primary residence to buy it?