Updated almost 9 years ago on . Most recent reply
Buying a second home
Due to personal circumstance I moved out of my house that I had just refinanced and got an apartment. My ex wife and son were living there. A family that we knew were looking for a house to rent in the area so long story short we rented the house to them. Before taxes I am clearing 500 a month. The wife and I have recently reconciled and now we are all living in a 2 bedroom apartment. My question is advice on buying a second home for all of us while keeping the rental house for passive income. Currently with 2 car payments we don't qualify for a second mortgage.
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On second thought what if you sell the rental house while it's occupied,you can show its producing income... then take those funds and get a duplex or triplex, and live there. kinda house hacking your rental property..