Skip to main content

How should we spend 250k from settlement?

So my mother will be receiving a 250k settlement soon. We currently live in a triplex that we own and we live in the front unit and rent the two back units and receive $1800 a month in rental income for them.

Mortgage is ~ $1800 a month and we currently owe about 215k with a 4% interest rate with about 12 years left.

My mother wants a single family home in an area where prices average $600k.

My initial thoughts are to pay 100k towards the mortgage and have 5 years left on that triplex before pay it off. We can hold on to the 150k for when we find a home that we want to buy (store it in a CD or high-yield savings account).

If and when we do buy rent out the front unit and have about $3k in rental income which will pay the 1.8k mortgage giving us 1.2k to help pay our new home mortgage.

My dad and brother’s income is about 2.5k a month after taxes, mine is about 3.5k. With this we should have more than enough income to make this possible and pay for utilities, food, etc.

Any thoughts, feedback/suggestions?

submitted by /u/ajrvega
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ehy85q/how_should_we_spend_250k_from_settlement/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more