When it rains, it pours. Today was a day of even more selling, as the fire sale continued. Due to new information from my lender, I found out that I won’t be allowed to borrow money from a friend/relative to help me fund the downpayment.
As a result, 100% of the downpayment funds must be under my name. They won’t accept cash either. Lending is very strict these days, especially for investment properties. So, the only way for me to meet the deadline is to liquidate more stocks. Here is what I sold today:
41 shares of PEPSICO INC (PEP) for $72.41/share
51 shares of ABBOTT LABORATORIES (ABT) for $32.66/share
29 shares of CONOCOPHILLIPS (COP) for $59.27/share
80 shares of PROCTER & GAMBLE CO (PG) for $69.87/share
100 shares of NORFOLK SOUTHERN CORP (NSC) for $66.87/share
23 shares of MCDONALDS CORP (MCD) for $92.77/share
25 shares of WAL-MART STORES INC (WMT) for $69.54/share
Today’s Total: $22,466.88
Total Cash in Brokerage Account: $39,665.76
The good news is that I won’t need to come up with 25% for the downpayment. The lender will accept 20%, at a slightly higher interest rate. That’s just fine with me, as I don’t want to eliminate my entire portfolio! So, I now need 20% of $290,000, or $58,000.
I am getting closer to the final target! I’ll admit, I truly hate the idea of selling stocks. It’s a painful process to go through, but I know this is something I must do for the long-term benefit.
By securing two rental properties, I should be able to generate enough cash flow each month from both properties to cover all of my own monthly rent. In other words, I’ll be able to live rent free from here on out!
Moving forward, this means I should have more disposable income to invest in dividend stocks. So, hopefully this is just a short-term setback. Once this ordeal is complete, it’s back into the dividend investing game, with full force! 😉