Ok here is my problem

I had my first son (5 now) when I was 19 and my second (4 now) at 21. We decieded for me to be a SAHM. We owe a little under $16000. A car and careless spending.

We only rent we pay $250 a week, we live in a fantastic location beach is at the end of our street. Rent is really good for here. Hubby has a good job We are living paycheck to paycheck. And no savings

Here is where I need some help

My dad has a house about 90min away. There is a cabin in the garden that he lives in. He offered us to rent the house for $150 a week, he would put $75 away for us towards a home deposit and $75 for him ( he is going through hard times as well).
He also offered in 3-5 years he wants to sell and he will give us 50% of the captial gain.

So we could walk away with alot of money to help us buy our own home. The problem is the area is not very nice, there is not much there. It's in the country (which I am not used to). There is also not a lot of career op. Alot of retail and vingard jobs. Hubby doesn't want to go But I really think this is a great op for us.

Would you move to help set yourself up or would you stay and wait till times charge and you can do it yourself ?

Depends on how well you and your dh get along w/ your dad. I know for me personally no matter how good of a deal it was I would never live w/or on the same property as my parents or inlaws only b/c I know that it would never work. Is there some place else closer to where you live now that the rent would be cheaper that you could move to?

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SAHM to Elias 3/00, Camdyn 7/03 and Teagan 5/08

First rule of real estate: Location, location, location.

I would do it if the area may be worth something in a few years via development. Otherwise, if it won't make you happy, No.

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Make someone's heart smile today.

I came into a situation like this with my in-laws. They had a home in one city and were retiring to another home they bought in another state. They asked if we wanted their first home (rent free) until we were ready to buy one of our own. It was really tempting but we knew it was not going to be ideal for numerous reasons. First, the home was run down to the point of safety issues and needed alot of work, secondly, they would stay with us when visiting for LONG periods of times, and thirdly, they were going to keep most of their belongings there so we never would truly feel it was ours. I'm happy with our decision and we were able to move into our own home within a year of the offer so it was the better choice for us to stay where we were at. Lots to think about when you agree to that type of situation.

My dad bought the property in 1998 for $58,000 it was run down and he did work to it and got it valued lst month for $210,000. The area is growing there is a uni being build in the next year, they are reopening the minds and the freeway is being extened that way as well.

The area we live in is beauitful it's about a hour out of Sydney, on the beaches like I said but the prices are going up here a lot of ppl from the city are moving up here. So by the time we are able to buy here it will a huge morage.

If we move to a cheaper rented property I have been looking they are all run downed 2 bedroom homes and we will only be saving about $20-30 a week. Were I am is about 10min walk to school which saves me money on gas. A walk to the shops and they beach So I don't think moving to another property to save money is worth it.

Catch 22, I don't want to move in with my dad I like our freedom. But on the other hand it might be a good investment for us.

I'm so confused and stressed about money. I have only in the last month beccome serious about our finances and I found my first GREY HAIR i'm not even 25 yet.

Tell me it gets better

If you look at pure numbers, does it work?

will you really save that $100/month? if so, $175/month for 5 years at 4.5% is $11844. Of course, that depends on what type of account you put it into.

Can you make as much money there as you do where you are now?

what about schools? are they any different?

does your dad really need you? if so, it may not be a financial decision but emotional.

Don't think about the money first. The bottom line is going to be your happiness. Without that all the money in the world isn't worth a penny. If you truly don't think you would be happy in the country living with your dad, don't do it.

That said, I can't personally imagine paying $1000 per month for an appartment I didn't own. Is there somewhere else you can move that would save you money and give you the independence you enjoy?

Can't your dh commute to the job he has now? My dh drove 90 minutes for years.

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~Happiness is a large family~

$1000 a month rent is not a lot here, and alot of ppl cant afford to buy their first home. We have a 3 bedroom house, garden double garage, 2 bathroom, We can get something cheaper but they are not very nice and we will only be saving about 20-30 a week.

The cheapest house around to buy here is about $300,000 which the repayments are about $2000 a month. . DH wage would cover it I have talked to banks about a home loan and we would only give us approval for $150,000. So that is not a option.

DH wont be able to comute to his current job if we move he already travels over a hour so 2 1/2 hours will just be a waste of money and he will never see our kids.


We made a choice for me to be a SAHM and buy a house later, when I will be able to work again. It will only be a year and half till that I have been home for nearly 6 years. Really thinking about it we won't be happy there with my dad (hard to say). I think now being aware of our finacial problem we need to grow up really grow up and take control. This is where we are and we need to find a way to make it work.

Thanks for all your help and advice, it's nice to be able to talk not judgements.

Your hubby doesn't want to, so I would advise, "No."

Before you start thinking about buying a house, I recommend you significantly reduce your debt.

As for your dad's hard times, tell him to rent the little cabin to someone else and keep all of the money.

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"I've been rich and I've been poor but independently wealthy is where it is at."