Updated almost 9 years ago on . Most recent reply
How to get spousal support
Here is my situation: i bought a condo in 2015 because i was broke and it was what i could afford. it isnt in the best of neighborhoods and i assured my girlfriend (now my wife) that i would not take long to get out of it and turn it into a rental. fast forward, she got over it and doesnt hate it as much as she thought. now, we are currently shopping for a new primary. I shop based on the numbers (just like BP taught me!), she is very emotional. we agreed that if we cant find a location that we thought was "forever home", then we would do something similar to what we did last time, buy something, add some value, live in it for 12-18 months, and move on. we live in san diego, ca. our jobs and debt-to-income only allow us to go so far. everything we are seeing doesnt scream "forever" to us. we went to see a fixer upper yesterday and seemed to be on the same page. if we bought it, made it livable, it would cash flow day one if we left (even though we plan to live in it). however, there is a duplex i have been looking at (in a C neighborhood), but would cashflow almost three times as much as the single family. Here is where i need advice (i apologize for the novel), i dont want to live in the duplex. I would buy it, make it rent ready, and rent it out. Thus, we would have to stay in our condo, which she was so excited to leave, at least for maybe another year. i showed her the numbers, but i could see all the excitement she had yesterday quickly drain from her soul. i know the phrase happy wife happy life, but i cant get past the numbers. Help!!!
Most Popular Reply
You are a very wise man for seeking a solution that your wife will be satisfied with. Sleeping on the couch is never ideal - regardless of ROI.
Having said that; I think you are already doing a marvelous job at garnering spousal support. Not everyone is in a position (economic, Marital, or otherwise) that allows them to execute a full-fledged "traditional" investment strategy.
In cases like this; I have found that it's all about finding the situation you and all other involved parties are comfortable with from a livability standpoint - while still offering ample upside as an investment.
Don't get me wrong; when you bring the personal/emotional element into the purchase decision it definitely makes getting deals to pencil out more challenging. While your returns may not be as high as they would on a deal bought strictly for its investment potential; that doesn't mean you can't make it work. At the end of the day, if you're able to improve your financial situation (even if it's to a lesser degree) while keeping the wife happy - it's a no brainer in my book.
Feel free to shoot me a message if you'd like any assistance tweaking your strategy and making this purchase work for you guys. Always happy to help!
Good luck!