house sale scenario?
I'm planning to put my house on the market next year, to downsize. We'll sell the current house without having bought another, to remain more flexible in terms of market opportunities.
My initial plan was to simply rent something for a short time until we find, buy and prepare the next house for occupancy. But I just thought that it might be a good idea to buy a 2BR condo with the proceeds, with the intent of it becoming income property.
In that case I'd sell my primary house, buy a replacement condo, then buy a third house that becomes primary while the condo becomes investment property. Both the condo and new primary house would have a mortgage but, since I'm downsizing, the total principal of the two loans probably will be less than what I currently owe.
Can anyone suggest how to model that in ESP?