{ "media_type": "text", "post_content": "Just got engaged 😊😊. Need some advice. We both have two homes already. \n1. Is it always better to get a third home ? \n2. If yes, is better to rent out or sell the other two homes? Both homes mortgages are $1250 & $1450 and 1500 sqft & 2200 sqft respectively. Both homes are 3 bedrooms. \n3. If we are getting a third home what price range is recommended? \n\nWe are based in Houston and HHI is going to be $380,000(including bonus & rsu) & $300,000 base. We are 27F & 30 M and no kids yet.", "post_id": "61eca0ea2189f1003570182f", "reply_count": 27, "vote_count": 5, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Just got engaged 😊😊. Need some advice. We both have two homes already. 1. Is it always better to get a third home ? 2. If yes, is better to rent out or sell the other two homes? Both homes mortgages are $1250 & $1450 and 1500 sqft & 2200 sqft respectively. Both homes are 3 bedrooms. 3. If we are getting a third home what price range is recommended? We are based in Houston and HHI is going to be $380,000(including bonus & rsu) & $300,000 base. We are 27F & 30 M and no kids yet.

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Do you want to be a landlord? Do you have cash for a down payment on a third house? I would probably move into the 2200sf house and rent the smaller one and see how that goes for a bit.

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That’s a good point

live in the home thats harder to rent out or is making less profit, or just live in the nicer one tbh

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rent out the other one duh

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I think because the market is hot right now, I will just move into the bigger place. 3 bedrooms is plenty for two people. When the market settles, you can buy a 3rd one if that's going to be your long term house (5 years). In other to keep the two places, you need to have enough down payment to buy a third. If you have a dp, you can easily afford all three mortgages assuming you don't have debts besides the mortgage and the third mortgage is less than $5k a month all in.

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I think it is FOMO. You have your properties as shield and you can always sell later on. If you are worried about interest rate. Refinance both of your properties now.

We just sold our house in Houston after renting it for nearly three years. Renting brings its own challenges, and even though our tenants were excellent, the cost of upkeep on the house negated the benefits. If it were me, I would sell both of your old houses and buy a third one together that’s yours. Focus your efforts on your work and the market. (Full disclosure that I do not agree with the general “wisdom” on this board that the way to build wealth is to invest in real estate. To me that requires a lot of luck and work when I’d rather just let my cash ride the market gains.)

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Hi, thanks for the inputs. Where you profitable on a month by month basis? Please can you also expand on some of the challenges you faced with renting? Both properties are fairly new 2020 & 2021, so I was going with the logic that they will be little repair cost over the next 2 years

Why would you want a 3rd house? Pay off one of the houses and rent the 2nd out Do you guys have any debt besides the 2 mortgages? When you say traditional as in you guys cant move in together until you guys are married? Like you cant sleep over? In that case, both of you guys stay at your respective houses - focus on the mortgages by renting out the rooms, pay off debts if any, invest, and save up for the wedding I would not get a 3rd house until you guys are married

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If that is the case, i would say have your fiance sell his house and focus on getting a house at least 2200 sq ft for you guys to start a life together 2200 vs 1500 is a huge difference Then for your house, you can sell it or rent it out This takes out the cultural aspect where his family would approve Other option is yes get the 3rd house together that is at least 2200 sq ft - get it now since mortgage interest rates will go up

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Exactly in the same situation so here’s what we did. I (M) refinanced my place and used this + savings from both sides to get a third place. We’re planning on renting out our two initial places

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It was a mix of two things: 1. Financial - Optimistic about the market and betting the property value to be higher in the future. 2. Headache to sell the property right now (i.e. process to show and coordinate everything vs. refinancing. Also, easier to rent out).

Following and also congrats!!!

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Thank you

- How much would each house rent for? What’s the all-in cost of each (including taxes, insurance, etc.) - how much equity is in each house? - If you bought a third house, do you have money for a down payment? Or would you need to pull some money out of one of the houses to fund a down payment?

I’d definitely try to keep those 2 properties and rent them out. Rent tends to go up over time, the fact that you have solid equity AND cashflow after expense makes it a great wealth builder.

If you will have kids soon and want a bigger house, sell both and buy a new house. If not, sell his house and have him “buy” yours. Houston prices are high now, but who knows how long this will last. Timing the market sounds stressful (especially since you already own real estate and can sell for a higher gain).

Ok that makes a lot of sense. I always underestimate the amount of work that goes into kids. Thank you this was extremely helpful

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I would suggest buying third home and rent or other two (with a property manager of course).

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