Am I ready to buy another property??

[Jason Waldo]

So I have been talking with my wife about buying another property and we are not sure if we are ready. We are ready mentally but are we financially ready? I won’t be shy here about what we make and what we currently own so that you guys can tell us what your thoughts are about if we are ready to purchase a duplex to live in one side and rent out the other. Please let me know what you think about our current financial situation and if we are ready! Income: $45k from a w-2 and $30k from my business I own. One rental: rent $925/month after expenses $375/month positive cash flow. 2nd rental: we currently live in this one and are a couple of months from having it ready to rent. I have rented this house before I got married but once I got married we moved back into this property. At that time before I did some rehab it rented for $975/month. Now after rehab it will rent from $1,050/month after expenses paid we will be cash flowing $345/month. Total monthly income after taxes: $5,720 Our currently bills equal around $2600 (that includes food, gas for cars, utilities, groceries, Insurance, debt service and everything. I think our debt to income ratio is right around 27%) also i forgot to mention that we have 5k in both accounts for both properties as emergency funds in case the unexpected happens that we never touch. That is a little financial statement of our life and that doesn’t include my wife’s income which she is getting ready to start earning once she finishes her certification and starts her own practice which will make her income range anywhere from 20k -25k the first few years as she is getting some traction. We have not taken that into consideration since that income obviously hasn’t manifested yet. What do you think about our income? Have we done well? Or should we keep doing something else to get us into a better position so the bank will like us, lol. Any advice, feedback, constructIve criticism would be much appreciated. Thanks, Jason

[Eric Adobo]

Looks good to me. 

Like many here ask, what are you wanting to accomplish? 

If another basic rental I don't see any issues.