Hi Everyone,
Thank you so much for the feedback. I yield to the point- $3M is impossible. Now let's work on keeping the $2M house while buying a second $2M house.
RWD- let me use your same format to start my investigation
Estimated yearly income after federal and state taxes, married filing jointly: $180,000.00
Monthly Gross Income: $15,000.00
Mortgage payment (30-year fixed at 4%): $8,593/month = $103,116
Property taxes estimate: $23,652
Maintenance estimate: $10,000 (not worried about extensive maintenance)
Insurance/HOA estimate: $13,000
Total annual cash flow required: $149,768
Previously, I only listed assets I was willing to allocate to this project. Those are not my only assets. Retirement and a few other items are off-limits so I failed to include them, thus causing confusion. I'll try to be more clear.
Dragoncar- You nailed one of my issues. That was a helpful link. From what I understand, only assets that can be shown on a W2 can be considered as part of income. If I have RSU's that I sell at a regular pace, then yes, they can be included. Now I'm trying to find a bank that will do something similar with ISO/private equity.
Lol, yes, I had a reason for placing my parents in the post. Part of the plan is to potentially create an LLC to bring in their landlording history into the equation. Otherwise, I'm not sure I will be able to rent out my current house and that rental income count towards my DTI ratio. Assuming, I can use this income. Then I can add some income:
Estimated Rental Income from First House: $60K
+ after tax income $180K
Total Cashflow is : $240K
Putting me at a distance to total annual cash flow required: $149,768