First off I just want to say what a great sub this is. I wish I read this 10-15 years ago although I’m not sure I would have comprehended much then.
Anyway, here’s my situation. I’m 34, married with a child less than a year old. I make 100k a year, my wife is a stay at home mom for the foreseeable future . The home we live in is a 2 family and I own 50% with my uncle, he is 67. It was my grandmothers. After she died we decided to keep the house, and she put it in both of our name. Obviously my situation has changed now and I want to better my life and get a bigger home. (Lived here for 16 years)This house is not super conducive for raising a child for many reasons. The good part is the house has no mortgage, and is paid off.
The greed in me burns a bit to only get 50% of the sale, but that’s life. I estimate this house to be worth about 240K on a good market day . Although my uncle explains that he wants to get out of here also, he is very lazy and I just don’t see him making any attempts. People have mentioned the “buy him out” or “make him buy you out”strategy, which I’m not sure he would go for. I also don’t want to be a land lord and maintain this property any further. My plan from here is after the holidays to contact a real estate agent to find out what my options are. Bottom line is I would like to use the equity of my 1/2 of this house sale to purchase my next home.
I have about 70k right now in an investment portfolio with many different blue chip stocks , AAPL, DIS, FB etc that I bought during pretty recent low positions
No consumer CC debt
30K left in student loans
16k car loan I’m paying off
I have anywhere from 7-10k in emergency fund savings at all time.
My employer does an espp plan that I am apart of.
I don’t quite max out my 401k yet, but likely will in the future.
I read through the tutorials (30-35, 35-40 etc) listed in this sub but wanted to get some further insight. Tried to make this as organized of a thread as possible, but here it is .