Looking to buy first primary - Help!!
I've built up a rental portfolio of 8 cash-flowing units in a very solid area, netting roughly $6k/month. I've done this by living in them, and renting out the other units. It's worked out wonderfully, and I've been able to build solid equity while creating a strong cash-flowing portfolio in a good area.
My next purchase, however, will be my primary residence. I live in a fairly MCOL-HCOL, where I'd be looking anywhere from 500k - 900k for a purchase price. This would give me a PITI of up to $6.5k where I live (higher property taxes).
My question is, what is a reasonable PITI that I should be looking at, so that I don't overwhelm myself and can continue living a comfortable lifestyle? My thinking is, my real estate investments should be able to pay my PITI payments. My wife and I bring in roughly ~200k/yr, but I only work part time. I have no plans on going FT, and may ratchet down my work even less in the future. Any help/guidance is appreciated! I just don't know the best way to approach buying a principal residence, and what factors I should consider to continue living a lifestyle where money isn't a huge issue.