Hi all,
This is not something I'm in a position to do right now; but would be interested in maybe 2-3 years. I am a current stay at home dad with 15 years in residential construction and remodeling (still do part-time). Our plan was once kids get to school age I would go back to work full time. But now my wife and I love me staying home, doing the grocery shopping, cooking, cleaning etc. So we are brainstorming ways to make this continue to work and get onto some kind of FIRE plan (right now we are in a mess of debt and just staying afloat while I stay home).
So my thoughts are-
1. Sell current home and net maybe $50-60K
2. Buy new home (also closer to wife's work) needing work for 200-250K (putting 20% down to avoid PMI)
3. Spend 2-4 years remodeling and/or expanding and then sell for a profit
4. Repeat 4-5 times landing on our "forever home" which we could pay in cash
Basically my "job" would be working on the house, leaving me to still get kids off to school, be there when they get home etc. I understand as long as you occupy the house for 2 years you also pay No taxes right? So other than the obvious living in a construction zone, hassle of moving how does the idea sound?
Anyone done similar?