Property type: Single House Property Location: Orange country California.
Current approximate value: 1.7 to 1.8 million. Remaining loan amount: $500k at 4.125% 30yr fixed.
Monthly payment: $4200 including Property tax, HOA and insurance.
Income 2023: $300000, filed joint
Debt: $220,000 student loan, $50000 car loan.
Liquid: $100000 cash and $250000 stock.
Plan: Purchase 2nd house in different neighborhood. 1.4 million.
Scenario 1: Sell current house and use proceeds to buy 2nd house as primary residence and maybe a 3rd one in the $500k range. Use 3rd one as rental property for tax write-off.
Scenario 2: Rent out current house as short or long term rental. May generate $5000 to $6000 monthly. Take out Heloc to secure 2nd house as investment property.
Scenario 3: Any suggestions? My problem here is I am short on cash flow to secure the 2nd house. And it will be very competitive.
Current approximate value: 1.7 to 1.8 million. Remaining loan amount: $500k at 4.125% 30yr fixed.
Monthly payment: $4200 including Property tax, HOA and insurance.
Income 2023: $300000, filed joint
Debt: $220,000 student loan, $50000 car loan.
Liquid: $100000 cash and $250000 stock.
Plan: Purchase 2nd house in different neighborhood. 1.4 million.
Scenario 1: Sell current house and use proceeds to buy 2nd house as primary residence and maybe a 3rd one in the $500k range. Use 3rd one as rental property for tax write-off.
Scenario 2: Rent out current house as short or long term rental. May generate $5000 to $6000 monthly. Take out Heloc to secure 2nd house as investment property.
Scenario 3: Any suggestions? My problem here is I am short on cash flow to secure the 2nd house. And it will be very competitive.