Financial freedom or Live Close to Family?

Question

Just curious what people think - let's say your family lives in a high cost area. You are relatively young (mid-30's) but could have financial freedom from your RE if you moved back to a lower cost area (about 700 miles from any family). Thoughts??

Jacqueline Carrington · Answer

Motto: short term sacrifice for long term gains.

Tracey Hill · Answer

Go with the lower cost of living. That, plus any cash flow or profits made from your RE sales and/or REIs, will give you the money to visit family.

I'm looking to move to a lower cost of living area myself.  Not spending money is the same as making money.

Bhekizwe M. · Answer

Great question.i would move to low cost area for financial freedom then later ,consider moving back

Gino Barbaro · Answer

@Melissa Nevich

Hi Melissa,

I am in your neck of the woods and have the same dilemma.  I have six kids, and am relocating to Jacksonville.  Had a business here in NY for 20 years, but the state has become unbearable on several fronts.  My entire family is in this area, so it was an extremely difficult decision for me.  i just think that my children will be unable to afford to purchase a home here with the taxes and the cost of living.

I can always move back if the family doesn't like it, but I would regret it if I didn't try.  It is going to be difficult to pack everything, but I see so many others making the move to down south.

Good Luck

Gino

Thomas S. · Answer

Family ? Why does family have anything to do with where you choose to live. They are never any further away than a phone call scype or e-mail.

Jack Hoffman · Answer

I think my family & people close to me stock me.They hide in plain view...LOL

I would go anywhere if the opportunity looks good.

Melissa N. · Answer

Thanks Larry! I'll definitely check it out.

Larry K. · Answer

great question. I have thought about this since my basis is buy and hold with some rehab for renting. You and I are pretty much in the same area.

If you are young and can move regarding family and work then I would have some fun with it and move to one of these places where there is a fertile ground for your type of real estate investing. Listen to Leon yangs podcast. Not saying Vegas has to be your choice but he went through the same thing you are considering.

Melissa N. · Answer

We just moved back (to the high cost area). Now we are second guessing that decision. No eawy answers. Just curious what others think.

Chris Dengel · Answer

I would do it. You can always move back, but you will always wonder if you don't try it. Kentucky is a fine place! Cheap costs of living, good rents, lots of industry, colleges and jobs in bigger cities. I like the commuter towns that people excape to, to get out of the city. These towns tent to grow exponentially over the course of many years too.😊

Financial freedom or Live Close to Family?

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