Brett (Caller)

What I am wondering, I've never heard anybody ask something like this before, is my wife and I have saved up a good chunk of money to build a house.

But until we get the rest of the savings taken care of for building the house, we're wondering, would it be a bad idea to purchase a...

rental property or just an investment property and hold on to it for the next, say, three, four, maybe five years until we get the rest of our savings for building the house.

We are in a rental.

So why would you buy an investment property?

Because we are at a, we pay about half the going rate of the rate around our area.

We actually rent some family.

Um, and we've been here about 25 years.

We'd like where we're at.

Uh, and we have property to build on already.

We already own the property.

So we're just waiting to get the rest of the money to build.

All right, so how much money have you got?

Right now, we got about $320,000 saved up.

How much do you need?

Probably, originally it was probably going to be about $400,000, and then COVID hit, and now it's probably going to be $5,000, maybe $550,000.

What do you make?

I don't know.

Um, we bring in around before taxes around 120.

Okay.