Considering buying my second investment property—a duplex that we will also occupy for the first year or so depending on mortgage terms for a primary residence.

I feel a little ridiculous because my Midwest big law salary will tip over a quarter million this year and I feel like I’m being ridiculous not just getting a nice single family. None of my peers will be living like this. But I think it’s the right choice after being able to cash flow my first rental. Am I nuts?

likesmart
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Do it - you'll have plenty of time later to get a fancier place. And before kids having a lot of space isn't really necessary. If your coworkers are being nosy just find some ridiculous mansion on Zillow and say it's yours. No one goes to coworkers houses anymore anyway.

likefunny

It could be smart but at your income level also think about whether it’s worth your time. In lower col markets I doubt the profits would be worth the potential headache once you move out unless you have property mgmt

likefunny

I live in a Midwest metro that has really tight housing inventory. It’s not quite like east coast or LA but I definitely wouldn’t call it lcol

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Those same peers are going to be jealous of your sick lake house in ten years that you buy with your rental profits and real estate appreciation

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I hope so. I hope so. But it certainly is pretty not glamorous for now.

33–spouse but no kids.

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Not nuts at all. Making decisions based on trying to keep up with the Jones’s is a horrible way to live. I feel you though- we bought a house that cost half our HHI. All my husband’s colleagues have huge houses. Sometimes I feel a twinge of envy but then I figure we’re being true to what we want - not what others want - and that’s all that matters.

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The bigger question is why do you care what your peers are doing?

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That’s a good question. I’m trying to noodle through that one myself. Maybe it’s because humans are social beings and we look to each other for what is acceptable behavior?

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How old are you? Have a family?

If not, it's smart

I’m fairly certain that once your primary home mortgage closes, there’s no mortgage police that come by to check if you are living there.

The challenge I would be worried about is closing yet another mortgage because of debt to income ratios.

At $250K salary you should have no issue if you’re putting 20% down on rentals and whatever suits your future needs. We live in the same house we bought making <$100K and added rentals as income grew. So far so good! Best of luck and congratulations on your home ownership!

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