So Currently my wife and I are renting, we have been renting for 8 years and I'm just growing tired of it. Family of 5 and tired of having little in savings. Combined salary of just over 60k. Rent is $1100.
Our friend (Mine of 8 years and hers of almost 15) has come to us with an investment option. Going in on a house together. Finding a house that has potential for equity through upgrades and remodeling where needed. She owns a tax company but would like to endeavor in the real estate side of things. A house within our budget and a mortgage that we could tolerate if she backed out at any time.
We would split the down deposit 50/50. First time home buyers program probably ( we are still looking at options ). I know that if I take her up on this I would be able to put away another $500 a month. We plan on staying in this house for 3-5 years. I could save 1k a month for as long as we are there. Sell the house collect the ROI, do it again or simply invest the profits elsewhere. Has anyone done this?
She is completely okay with dishing half the mortgage out every month as are we of course we'd relocate here. It's closer to our jobs. Less commuting, about 5 hours less commuting a week. In my head it all makes sense, I'm just not sure as I've never bought a house. This would be strictly for profit. Any advice is welcomed. Thank you.
Btw my wife and are in the process of paying down our credit cards and getting back on track being debt free. We have a car payment of 500$ but that's the only major reoccurring bill.