About my family: Currently live in seattle area. There is one townhouse under my name. Monthly mortgage is about 3k. And it’s rent out for 3200 per month. So mostly break even. My family lives in a single family house in Seattle area. Monthly mortgage/property tax is 3600 per month (13 years left for a 15 years mortgage ). House value estimation from Redfin is about 1 million. We are both in tech and make a total of 600k per year. We have 1.2m in stock and mutual fund. So. I’m looking for a 2m house right now in east side (Bellevue/Redmond/sammamish) and plan to pay 400k as down payment. My wife and I have about 200k cash. Rest of them are stocks, mutual funds. What would I do for the additional cash I need for down payment. I’m thinking to sell some stocks and rent my current home out (maybe do refinance it to 30 years so that mortgage can be covered)
Wtf? You have the money and still consider borrowing money from friends?
Seriously
Refinance the townhouse to make the mortgage as 3200 or 3400. Make your SFH loan 30 years. That would unlock some $. Refinance this SFH to get some additional $$. If you do this, you can easily unlock 200K that you need for the next house.
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Sell some stock, depending on how big your portfolio is. If your portfolio is smaller than 1 MM, probably need a different strategy.
I have 800k. Wife has 500k. What would u do
I would sell some stock. If you can borrow without guilt that works, but I prefer not to mix money and friendships