Buy primary residence or continue investing?
Aloha BP!
I'm currently in a crossroad between continuing to invest in real estate to build long-term wealth for my family or purchasing a personal residence and moving out my in-laws home. If I go forward with buying a home for us, investing will have to take the backseat for probably 2 years. Reason for that is Hawai'i real estate is ridiculously expensive so I won't even be close to having 20% down. I'll probably be closer to 5% but I am willing to work overtime at my job (less time with my family) to pay down the principal and eventually remove the PMI. We are still trying to figure out how to increase our down payment and have chatted with my wife's grandma and parents about taking a HELOC from their home to help us. No matter what, I will make sure they get paid back in full but that probably won't happen for awhile since we'd be asking for such a high amount (somewhere near $50k-60k). Suggesting a house hack won't work for us either, those are hard to come by in good neighborhoods. My wife and I agree that we'd like our 3 kids to grow up in a place they can call "home" and allow us to set the standards and rules for them vice having multiple different "parents" to listen to. Plus I know my in-laws miss having a quiet home.
On the other end, I don't want to take a break from investing for that long either. The longer I'm on the sideline, the longer it will take for me to remain at my job and not be able to retire earlier.
What are your thoughts on the situation? Has anyone been at this crossroad before? What did you do to overcome it? Thanks in advance.