Housing Upgrade - Solution kavali

[Sonu_Patel]

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

[Hitman]

[praying]

4 minutes ago, Sonu_Patel said:

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

Chesedi em ledu… night poota desi neighborhood lo kannalu esukodame…..

[Sonu_Patel]

13 minutes ago, praying said:

Chesedi em ledu… night poota desi neighborhood lo kannalu esukodame…..

month vachey varaku emi migaladam ledu anta anna.. Credit cards using anta. 

[CanadianMalodu]

22 minutes ago, Sonu_Patel said:

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

Hire some Desi girls in mesthri houses and run SPA in Frisco house. Desi kurrallaki 20% discount on weekdays. 

"Ammadu let's do Kummudu" Peru ela undhi?

[Assam_Bhayya]

congrats anna final ga Frisukko lo dorikindha house anna

 

[kevinUsa]

2 minutes ago, CanadianMalodu said:

Hire some Desi girls in mesthri houses and run SPA in Frisco house. Desi kurrallaki 20% discount on weekdays. 

"Ammadu let's do Kummudu" Peru ela undhi?

Will you go as a plumber and fix the pipes

[CanadianMalodu]

1 minute ago, kevinUsa said:

Will you go as a plumber and fix the pipes

Tappakunda, eppati nunchi Texas ki break iddham anukuntunna avvatledhu. Plumbing ante wfh teesukuni ready avtha.

[macha]

35 minutes ago, Sonu_Patel said:

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

Hope your friend is aware… he cannot sell his house until he clears heloc first 

[gudboy]

please post the frisco home link here

[Konebhar6]

1 hour ago, Sonu_Patel said:

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

That's a complete mess. Tough to work through finances. 

Selling a home in this market is tough unless it is priced less than the market. Inventories across most markets are increasing esp. Texas. Also with winter coming, and interest rates dropping, more and more homes will come into the market increasing inventory and less demand. Soft job market and layoffs are contributing to a softer demand. 

• Be less greedy and sell the first home. Use the profit to pay off HELOC.
• Rent the smaller home if it cannot be sold. At least $2500 can be used towards monthly expenses.
• Rent parts of home as rooms to get more rental income. Common practice ppl follow in CA
• Sell the bigger home, get rid of large mortgage and move back to smaller home. 

Out of these only 4th option sounds the best.

[Hitman]

https://www.zillow.com/homedetails/625-NW-158th-Ave-Pembroke-Pines-FL-33028/43238240_zpid/

 

listed for 750, reduced to 650 - just now received text message, seller is willing to reduce another 50K.  

[Sizzler]

2 hours ago, Sonu_Patel said:

Friend bought small house in 2018 for 400K in Frisco. 

The house worth is now 650k and he took HELOC loan for 200k in april and bought a 1.2 million dollar home in Flower Mound. 

coming to finances, he paid $450k towards the down payment and took 750k for the New home. 

he is now facing following problems;

- Frisco lo small home he did some cosmetic masala updates and listed for sale price - $700K - No offers till now. house is empty and monthly mortgage payment is $2400 per month

- Paying monthly payment for HELOC around $1300 per month.

- New Million dollar home monthly mortgage payment around $6500 per month.

Total Monthly payments - $2400 + $1300 + $6500 = $10,200 just for mortgages only.

how to handle this situation. financial experts @Konebhar6 & @perugu_vada suggestions ivvandi. 

What did he do with the $200K HELOC money? 
 

if the house is worth $650K, why list for $700k… drop the price and attract buyers. 

[pativrata_pavitra]

1 hour ago, Sonu_Patel said:

month vachey varaku emi migaladam ledu anta anna.. Credit cards using anta. 

ammesi both houses appus theercheyadamey masteru

[Sonu_Patel]

4 hours ago, Sizzler said:

What did he do with the $200K HELOC money? 
 

if the house is worth $650K, why list for $700k… drop the price and attract buyers. 

200K HELOC money + 250K Savings used towards the down payment anna for $1.2 million home.