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 I actually do want to remove a lot my wealth from equities into real estate just to diversify.[/quote]

buying property you will live in is not diversifying in to real estate

If you want to diversify in to real estate you should either buy something that generates income or go in to the funds that are invested in real estate. With the virus, I would not want to be a landlord now and I think those real estate funds are on their way down, not up.

A huge 2 million dollar house you live in is like buying a classic car. It isn't really an investment. It is a lifestyle choice masquerading as an investment. [/quote]

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