My wife and I are expecting a second child. The house we are in now (in Texas) is not going to be big enough. We owe $60k on the house with plans to sell for $135k. Additionally, we own a rental property in New Hampshire that we owe $230k on. (Market value $440k) We have excellent tenants in the home that pay $2k a month and want to extend their lease. My dilemma is the new home in Texas we want is going to cost $550k and we were only approved for $419k. (Due to the amount of loans we already have) So I need roughly $56k after we sell our current house and do not know how best to get the capital. I don't want to sell out property in New Hampshire for numerous reasons but it is the only option I can think of.
What would you do? Any help you could offer would truly save me a lot of stress.
