Author Topic: Home Sale Cash Allocation Advice  (Read 147 times)

Overkill

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Home Sale Cash Allocation Advice
« on: March 07, 2021, 02:53:52 PM »
My 1 acre home and shop is under contract and scheduled to close 3-31-21. My cash out after fees will be something like $185k. I have a temporary lease for that will tide me over up to the remainder of the year.

Third quarter 2020 I purchased 30 acre with my close friend/small business partner 50/50 for around 300k on a 15yr 6.0% land loan. We both plan to build a shop house style dwelling with a small living area and large shop space (something like 50x100 with 30x50 being a 2-story living area).

I will be the first to build with hopes to begin in the next month or two. My current goal is to wrap the land loan into a mortgage to gain flexibility on term and rate while paying for most of the dwelling costs from house sale funds or a construction loan if that becomes available.

Constructive criticism welcomed and discussion encouraged.