Downsizing | Imamother

amother

Amethyst

Wed, Dec 13 2023, 3:17 am

I don't know where you are and how much your home is worth, but there are parts of Cleveland that you can purchase a 3-4 bedroom home for just under 200k, and if you are willing to go out of the frum area's but still walking distance to minyanim, they can be closer to 150k.

They may not be the biggest homes, or in the nicest condition, but selling your home and downsizing to something that costs less can bring down the price of monthly payments that can give your in-laws relief, and possibly you can afford to pay it yourself.
Something like this would have a monthly payment of just under $1,200 a month, even with the high interest rates, and if you put a higher percentage down (because the home you are selling is worth more) you will be able to get the mortgage payments even lower.
https://www.zillow.com/homedet.....zpid/

Jobs are a problem, but if you both get a remote job, even minimum wage, you would be in a better place. Also - there is always a need of babysitters, if that's something you can do.

Another low investment money making thing that I have done is flipping furniture.
I find free items on facebook marketplace or craigslist, or on the street, restore/ paint/ update (there is a ton of info online how to do this) and then sell on facebook marketplace for way cheaper then a similar new item would be.
Its a lot of physical work, but I usually make a couple hundred dollars a piece - and basically the only investment (besides my time) is the paint and striping solution (I only bought my electric sander after I had done this a bunch of times) and new hardware.
You do need to be meticulous and artistic enough to figure out how to make an old piece more "up to date" and do a good job with the painting and restoration to sell the pieces.

wiki

Wed, Dec 13 2023, 10:51 pm

Don't switch to a rental unless your in-laws ask you to. Don't switch to a cheaper home unless they ask you to, either.

Right now they are not blowing $3,000 a month, they're paying off a mortgage and collecting equity in a home that is hopefully a good investment for them. They are kind of paying themselves.

Do try to figure out how to earn more money as a household.

amother

Vanilla

Wed, Dec 13 2023, 11:00 pm

If you sell this house....who makes the money you or your in laws? How will you get a loan on a new home with not so much income?
You need to try to increase your income. How much can you actually afford monthly in housing? Maybe pay that much toward the house every month so your in laws don't feel they are paying fully each month.