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Updated about 2 years ago,

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Rental vs Cash for new primary residence and business

Posted

I bought my first house in 2019 and has appreciated $150,000. My family is growing and my wife wants to move into a bigger, new construction, house. I want to keep my current home as a rental but my wife wants to sell so we can put a larger down payment on the new home plus we are in the process of starting a new business in the next 2 years. My opinions are 1) keep my current home as a rental, I can buy the new home with a VA loan put 10% down to keep my mortgage just barely below 28% of our monthly income but now most of our savings are gone or 2) sell my home, buy new with VA loan put 20% down but now with my current saves and what would be left over after the sale I would have over 100k to help fund our business. I would now have to start my real estate portfolio over again 3) suggestions I haven't thought. Please let me know what y'all think.

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