Ok, so here's the story. I'm a pretty new mustachian. I'm almost debt free - about $500 credit card debt that should be gone in another month or two. I've got basically zero savings. All the cash I had saved up got dumped into my business that I started in January. I'm supporting two people on less than $20k/year take-home from my still full-time day job right now. I'm hoping in the near future that my business will start to bring in around $2k/month gross, and jump a substantial bit higher than that once I leave the day job behind. My significant other has a chronic illness and can't hold a steady job in her condition at present.
I recently came into an opportunity to purchase a house. I'd be paying roughly $90k for it. Assuming that zillow is accurate the house is worth roughly $140k. So, I'd be stepping into something like $50k in equity. I know what you're thinking, what's the catch? The catch is it's the house I grew up in. I'd be purchasing the place from my mother - the Queen of All Anti-Mustachianism. As of late I'm coming to the conclusion that she doesn't even know how the concept of money works. like, I think in her eyes she just gives money without any sort of numerical amount attached to it, and in return she gets stuff. Anyhow, she's recently figured out that she can't afford this place anymore due to a huge pay cut. She's decided to sell the place. Why she's willing to sell it to me for the pay-off instead of getting full-price on the free market, I dont know. I guess she wants to keep it in the family.
I'd be stretched super thin if I bought the house. Of course, I'd be looking for a room mate as soon as I could get one to help. So, I'm looking for a sanity-check here. I'm already broke, and working 80 hours a week trying to get a business off the ground. Is this worth the added stress? There's bound to be some things I haven't thought about, and I'm sure I've left out some information. What do the mustachians think?
