Hi! I am getting married in 7 months (August 2018). However, the lease for my apartment is up in May. I am not sure whether I should find an investor and jump into my first real estate deal so that the $12k I would end up paying the current place I'm renting (someone else's pocket) went into my own investment. Or, do I wait until after the wedding, when things will have calmed down a bit, our combined incomes could possibly get us a better mortgage rate, and we can have more money saved up for a larger down payment (minus that $12k for an entire year's rent). If this wasn't my first deal, I probably wouldn't wait, but I would be jumping into uncharted territory. Yes, I've listened to nearly all of the podcasts and read some books, but knowledge only gets you so far. (Insert the quote that Brandon mentions a lot about billionaires with 6 pack abs.) I've heard the last month or 2 before the wedding is the most stressful, so do I want to throw the stress of a new expenditure on that? If only my current lease ended in December...
Side notes: My parents won't let us move in with them for a few months. His parents don't have the option of us moving in with them. I've looked into a less expensive apartment, but I have to be within walking/biking distance of work and I have a dog; I couldn't find one that fits those parameters. Also, the apartments I'm in now do month-to-month, however, it makes the rent roughly $1,500 vs the current $1,000. I would pay the same amount in 8 months. If I can't find a "deal" by the end of 2018, I might have well just stayed for the full year at $12k. If you leave your lease early, they make you pretty much pay the remaining year's rent.
Any and all input is highly appreciated!! Thank you!
Get married at the courthouse , take the money from the honeymoon and reception and use for down payment . Start looking now by the time you find a deal the lease will be up
@Carrie Strehlow Eh, in your shoes I'd make it through the wedding and then figure it out. Weddings are stressful for everyone involved and if you're buying for the first time going through all of that crud (qualification, due diligence, inspections, etc.) will all be new. Everything that's "new" seems like it's takes twice as long the first time. So I'd imagine that everything will take more time, be more stressful, while you're trying to do the seat arrangements for the reception and worrying about who is going to be Auntie Marge up at the airport.
I know it's not exactly going to be a popular sentiment on here but I'd worry about getting your wedding and marriage off to a great start. The "missed opportunity" cost to an investment...paying $12K for rent...all of it pales in comparison to the cost of a canceled wedding or divorce because your were emotionally MIA from your fiance to focus on finding your first duplex...
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