The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: seanohara on July 17, 2016, 03:40:59 PM
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Moved to Lake Tahoe after getting a job there as an xray tech. We looked for rentals of any modest home (we didn't want an apartment because we have a very active outdoorsy 2 year old and another baby due in September. Rentals were expensive (1400/mo for a very modest 2bed/1 ba.) so we bought a house. 329k fixer upper. we have put daily work into for exactly a year now. We only put 5% down but were able to avoid PMI because of great credit. Still, our monthly mortgage+ taxes+ insurance are too high for me to save hardly anything (it seems). Our options for phone service is Verizon or att because the smaller carriers don't seem to work up here. I barely drive now thank goodness. Previous commute was 2 hours daily pre-mustachian wisdom.
To help with $ we airbnb our side bedrooms and my family lives within 600 sq. feet of the 'main' house. It works out well we don't even see our renters much and turnover isn't too much work. It's been an extra 2k a month which is great!! but the wife wants the whole house available again when the second baby comes. no more side hustle. We're pretty frugal in every way I just don't seem to be able to even begin to dream about FIRE.. feeling like im just spinnin the ol rat-cage wheel.
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We only put 5% down but were able to avoid PMI because of great credit.
How did this work? Was it through a credit union?
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Welcome to the way of the mustache. I too live where I vacation, although post-FIRE (much older than you, so don't despair).
Congratulations on the sweat equity you are putting into the house, getting rid of the long commute and the lucrative airbnb side-hustle. The baby years are the most difficult to save big sums of money in, so no need to despair: this too shall pass.
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Sounds like you're doing it right. You're living where you'd pay to spend your time, you've got a great house and a great family and an income that will support them. What more could you possibly desire!? Don't miss out on the exploding volcano of awesomeness your life is NOW while chasing after FIRE in the future.
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First and foremost, I agree with what other have said about enjoying what you have.
At the same time I would not give up $2K of monthly side hustle money for more space for a baby. I guess living in 600 SF with 4 people is tough too. Could you add on a porch, little more outside living space cover it, screen it in, put a fan out there, area rug, some outdoor couches, a screened gazebo/play house? That could add value and would pay for itself relatively quickly at $2K/month.
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We only put 5% down but were able to avoid PMI because of great credit.
How did this work? Was it through a credit union?
I believe it was through a union, I wish I knew more but honestly life was a bit of a haze at the time. I had extreme back pain for that whole year up until emergency back surgery 3 months ago.
Thanks everyone for the encouraging words; you're right, happiness does not have to depend on our ideal circumstances. I need to be more thankful for how for we have come.
First and foremost, I agree with what other have said about enjoying what you have.
At the same time I would not give up $2K of monthly side hustle money for more space for a baby. I guess living in 600 SF with 4 people is tough too. Could you add on a porch, little more outside living space cover it, screen it in, put a fan out there, area rug, some outdoor couches, a screened gazebo/play house? That could add value and would pay for itself relatively quickly at $2K/month.
Yea if it were up to me it would be year-round renting. I will not hinder my wife's 'nesting' desire just to make some extra cash even if it means more freedom in other ways. I'll show her the benefits, maybe let her make that choice; but I can find ways to make the money without hindering her desires. It's pretty cold here in the winter so they're more cooped up in the house. I believe we will do the rental every summer though because it's much easier to be outside everday! Thanks again for the encouraging words!
I want my life to obviously show that my family is more important to me than making money or my career. If for any reason I am away from home 5 days a week for the next 30 years I feel as if that makes me a hypocrite. Thanks gurus and peers