OT: AKB aka My Family, need finacial advice for best way to access cash.

[1PSUfootball1]

And I’d say those people are the people who don’t understand good debt vs bad.

And you would be wrong. I am always amazed at the animosity towards people that aren't in debt. It's a choice. I have been in debt and I have been out of debt. I choose the latter. I'm willing to bet most that are on their high horse about "good debt" and "bad debt" have never been 100% debt free. I have never been in a better financial situation. I have more flexibly and financial security now than ever. I understand that route isn't the norm and that some prefer a different path. But It has nothing to do with understanding finances.

 

[fastlax16]

And you would be wrong. I am always amazed at the animosity towards people that aren't in debt. It's a choice. I have been in debt and I have been out of debt. I choose the latter. I'm willing to bet most that are on their high horse about "good debt" and "bad debt" have never been 100% debt free. I have never been in a better financial situation. I have more flexibly and financial security now than ever. I understand that route isn't the norm and that some prefer a different path. But It has nothing to do with understanding finances.

Was debt free for most of the last decade til I picked up a house and a car (at 0%) last year. I’m not sure where you picked up any animosity in my post, far more animosity coming from you than me.

 

[PSULionsDub]

For any of you that are mortgage loan professionals, what is the current market interest rate for a 30 year mortgage loan with good/great credit scores (800) and a loan to value of 60%-75%? Last month, I was quoted 2.74% by SunTrust/Truist. This seems like a good rate, so I am curious if lenders are offering even lower rates.

Due to my low loan to value %, I have considered taking "cash-out" in the mortgage loan refinancing. If I go this route, how will this impact the current market interest rate of 2.74% and closing costs?

 

[PSU_Chicago]

Get a 15 year mortgage and prepay it as fast as you like. Do not liquidate your assets. Debt now is cheap.

Keep your accumulated wealth! It is not easy to accumulate ~ $2MM of cash and investments. Bravo to you!

 

[ClarkstonMark]

Get a 15 year mortgage and prepay it as fast as you like. Do not liquidate your assets. Debt now is cheap.

Keep your accumulated wealth! It is not easy to accumulate ~ $2MM of cash and investments. Bravo to you!

it is very easy to accumulate $2MM, Invest $100k in WKHS, and wait a couple months for the short squeeze

 

[brupsu]

I can hook you up with a Nigerian prince just give me your email

 

[PineIslandLion]

Thanks everyone. I'm going with 20% down and 15 year fixed for the rest with faster pay down. Market here is inflated, limited, quirky, rentals are non-existent. Thanks again.

Good approach, Ned.

 

[NedFromYork]

Get a 15 year mortgage and prepay it as fast as you like. Do not liquidate your assets. Debt now is cheap.

Keep your accumulated wealth! It is not easy to accumulate ~ $2MM of cash and investments. Bravo to you!

Was $4M Chi.

 

[ClarkstonMark]

Was $4M Chi.

that sucks ... maybe .... although I will say I am happier after splitting assets 10 or so year ago

 

[sluggo72]

Was $4M Chi.

My broker told me he could make me a $1000000 in the market
I m all ears

start with $2000000!!

 

[BW Lion]

Thanks everyone. I'm going with 20% down and 15 year fixed for the rest with faster pay down. Market here is inflated, limited, quirky, rentals are non-existent. Thanks again.

Please do me one favor and ensure that your loan documents allow you to accelerate principal repayments.

 

[dailybuck777]

dont go down the rental property in an IRA road asking no begging for trouble....

I have a self-directed IRA that invests in real estate. One issue came up on an investment that was partly owned by me and another entity. The first 2 tax lawyers (charging $300 an hour) couldn't help me. A second charging $600 an hour gave bad advice. Finally, I found someone charging $800 an hour and he solved the problem. Don't go near this even with a 10 foot pole.

On my end, I am a lawyer and I typically average about 10% on real estate investments so it works for me. For 98% of people it is simply a time bomb waiting to go off.

 

[Woodpecker]

My broker told me he could make me a $1000000 in the market
I m all ears

start with $2000000!!