We've had our house on the market for about a year now. We've accepted an offer and we're just waiting to get the inspection done if all goes through we'll be out of here in July(the closing date is 3 days after my due date for baby number 4...sigh)
We're making enough after all of our closing expenses ect ect to clear out ALL debt including our car payment and student loans and enough for a small down payment on a new place
We've been pre-approved for at least 180 000 and we've found a fixer upper duplex in a nice neighborhood big enough for our growing family and the second apt is big enough for a family as well. The duplex is 130 000 so it gives us $50 000 to reno the appts. Even if we take a mortgage for the whole amount offered to us we can easily afford it(our mortgage payments will actually be less then currently AND we'd have no debt bills to pay every month). So if for some reason the apt isn't filled we could cover the costs and we'll be able to put some money in an emergency apt fund for those "oh crap" issues
My thoughts are having a duplex and the income coming in from the apartment seems like it could *really* help too.
Any Mom's out there with income property experience give me some more info and thoughts pls