Updated over 6 years ago on . Most recent reply
Inheriting a home in about 15 years
My wife and I have three young kids, have lived in our first home for 13 years, and do not currently own any investment property. We both have full time careers (not in real estate) and some debt as well. I am 40 and my wife is 39. We would like to get rid of our debt, and we have also outgrown our current house. We would like to move into a bigger home, but would like to do it in the smartest way possible. We are looking at 3000 sq ft homes plus. I know it’s different for everyone but this is what we are needing/wanting for our family.
It would have been best to start house hacking in our 20s when it was just the two of us, but we didn’t do that. Now with five of us, our priorities have shifted to being in a good school district in a house with enough room for our family. We would like to increase wealth and cash flow through owning real estate. My parents are in their late 60s, and although I don’t like to think about them passing or getting old enough to not be able to live independently, they have told us that we will inherit their property when they can no longer live there. We have no idea how long that could be. It could be from 1 year to 30 years, but I am thinking most likely scenario is 15ish years. What strategy should we take to maximize cash flow, pay off debt, and acquire properties, knowing that we will inherit a mortgage-free home in the future?
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@Andy Grove step 1. Never assume an inheritance until you have it. Statistically speaking one or both of your parents could live into their 90s. That’s a long time from now.
Step 2. Create a plan and goals around your current situation, ignore the potential inheritance house