Reply to $2M home w/ $160k HHI?

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Reply to "$2M home w/ $160k HHI?"

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[quote=Anonymous][quote=Anonymous]I made $2.2M on the stock market.  We have a HHI of $160k.  Would it be insane to pay all cash for a $2M home?  Yes, I realize there are taxes, insurance, closing costs etc.  Can you still own a home with that price tag with a $160k HHI? Would taxes, insurance, etc. be untenable while essentially having no mortgage?

I don't really care about wiping out my brokerage account to $100-200k.  Plenty saved in IRAs and 401ks.  What else should I use the money for at this point?  No other debts.  Still lots more time to rebuild my brokerage account, and [b]I actually do want to remove a lot my wealth from equities into real estate just to diversify.[/b][/quote]

From an investment standpoint, make sure to look at your house carefully. Pre-covid, Potomac wasn't doing as well as Bethesda because of the commute. Not sure if things will change post-COVID. This area is conservative in its preferred style, so the house you posted would not appreciate as well as a more traditional house. Also, the type of house that you posted would not have as many potential buyers as a more mainstream house (smaller, lower price point).

I appreciate that you posted how you made the money. Thanks for sharing. Hoping to learn something from your approach. [/quote]

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