Sell both of my properties, or ride it out?

[Anonymous]

What kind of other debt do you have? You should be fine on $260K with a PITI of $4700. That is many, many people's normal (even without free child care in the mix!)

You want to ensure that your housing costs are less than 28% of your pre-tax income and your overall debt payments are less than 36%. So for you, that's less than $6066/month for housing and less than $7800/month overall for debt. (So if you have very high loans from law school, you may need to bump the housing cost down to stay under $7800/month, for instance.) In your shoes I would also peel out the $400/month that is the difference between your parents' rent and the PITI on that house--I'd consider that part of your child care costs, not part of your housing costs.

Now, you might well prefer to save more than you're currently saving in exchange for a longer commute by moving farther out. But that's a different question (and one that people grapple with at all income levels).

[Anonymous]

Anonymous wrote:Would it be possible to use the equity from your parents house to build an addition onto your current house that would work as separate independent living space for them? They could pay a smaller amount in rent and your monthly obligation goes down, your commute stays the same and you maintain some space independence.

What about building an accessory dwelling unit (ADU) on the property of your current home for your parents?

[Anonymous]

I’d sell the rental and add onto your current home, even if it means digging out the basement and adding larger windows and an egress.

There’s no way I’d willing go into that commute. You will never see your kids M-F.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would it be possible to use the equity from your parents house to build an addition onto your current house that would work as separate independent living space for them? They could pay a smaller amount in rent and your monthly obligation goes down, your commute stays the same and you maintain some space independence.

What about building an accessory dwelling unit (ADU) on the property of your current home for your parents?

Can you live in an ADU in Arlington? I know you can run electricity to it, but I don’t think you can run plumbing. And, if that’s the case, op should see the ‘can I put my mother (or mil) in the garage thread.

[Anonymous]

I’m assuming you make most of the money? My recommendation make no changes for one year also to see how the new job goes. No reason to add the stress of a move and long commute to a new job. I went in-house a couple of months back and it’s a big change.