Advice For Managing Budget With 2 Houses

Both my husband and I own separate homes. Mine was bought in 2003 for 62k @ 5.9% before we got married and his house was bought in 2006 one month before we got married for 161k @ 7.0%. What should we do since both houses are 30 yr mortgages and our combined income in 72k yearly. Any suggestions? Note: I recently invested a personal inheritance of 5k in Money market and Roth IRA. Was this wise?

Lytrell from Florida

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September 11, 20070 found this helpful

May I ask why second home was bought right before the wedding?

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September 12, 20070 found this helpful

My first thought is this is not the place to seek financial advice. I would find a good financial advisor and BOTH you and your new spouse visit them. In the world of the Internet, there are far too many scammers out there just lurking to get your personal info, gain your confidence and then clean you out, steal your identity or worse. Yes, it happens. Call me a stick in the mud, but this topic is just way to sensitive to seek answers here.

I also suggest that you seek legal counsel on how you can protect yourself should this new marriage end up going wrong. I tell my women friends that one woman's financial status may be their little nest egg but someone else's kingdom. Proceed with all caution and care. This is very serious in your financial life.

Best of luck!

Granny

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September 12, 20070 found this helpful

In what area do you live in Florida? I live in Florida also, we cannot afford to buy a house, we would like to rent IF rent is reasonable the most we can afford is 400.00 per month, if it's in or close to Melbourne FL. Is this out of the question?

I do hope not. We have lived here in this house for 22 yrs, we have to move the land lord is selling, we don't have the money to rent or buy, I can't live in another state COLD, can't move when it's cold got arthritus. pspurgis AT cfl.rr.com contact me will you?

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September 12, 20070 found this helpful

I agree that this isn't the best way to acquire financial advice, and that in this situation, a financial advisor may be your best move.

However, if you'd like generalized financial information, try www.bankrate.com . Another good site with tons of helpful information is http://www.clarkhoward.com .

But if I were in your situation, I would call my bank and ask them for information on reputable advisors. Good luck.

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September 13, 20070 found this helpful

I'd rent one of them out, probably the smaller one. Make sure that rent would cover the house payment, insurance, taxes, and maybe a small amount to put aside for repairs. You would be able to be picky, since it is your home that you plan to move back into at a later time, and are not merely a landlord (loop hole). If you choose to sell at a later time, hopefully the home's value will have increased, giving you a positive cash sum to put into your retirement account for your future.

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September 13, 20070 found this helpful

If you didn't own two homes today, would you go out and buy an extra one? If the answer is no, maybe you should consider selling one of the houses--it's essentially the same question.

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September 28, 20070 found this helpful

Ric Edelman is a financial expert that has answered many of my questions. His website is ricedelman.com. He also has TV and radio shows worth listening to. His company has given me very valuable information at no cost.

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