Single Mother Needs Advice

[Jessica W.]

Hello,

I'm in the thick of an emotional breakup with my former fiancee. My mind is overwhelmed and my brain is trying to wrap itself around how to proceed forwardwith the insane 2021 Q4 Miami housing prices. Any smart, strategic help anyone can offer would be greatly, greatly appreciated.

I've been preapproved for a $450k mortgage. However, it's based on my gross which doesn't take into account the mandatory 14% I pay into my pension account.

I can eak by paying $2,200 a month for housing expenses, but it will be very stressful as I only net $3,500 a month.

I have a 3 year old son from my former fiancee and (gulp) cats, a dog and an inheritaded rabbit.  So, an apartment without a yard is not realistic.

I would ideally like a duplex where I live in half and rent the other side.  However, the housing costs here make the virtually impossible to afford.

Though I'd naturally prefer a house, I will do a townhouse with a monthly HOA of under $200. I don't really want a townhouse though because it won't appreciate like a house, comes with strict rules, HOA fees and would make renting out a seperate part of it impossible.

Given how expensive real estate is, I would rent but what I can afford is really not available. Plus, with my animals, it's challenging to find. (Monthly rental rates start at $2,100 within a 40 min commute to my work.)

I do like that mortgage rates are lower now and think it's a good time to purchase before they go up. I'm a first time home buyer and have credit above 750. If it's smart, I would also consider an 80/10/10 scenario with a piggy-back loan to help mitigate having to pay PMI.

Investment-wise, I think the smartest thing to do is get land and put a modular home on it. Lots here start at $200k and a modular home would run just under $200 in total. This would give me a new home for $400k. All there is within 40 min commute of my job are crappy, old homes that need at least $50k in work and are in areas I don't really feel safe to have my son in. There are townhouses, but they run $325k at best and have HOA fees. However, to find a lot for sale and get a modular home built and put on the land will take about a year.

 I am also fully comfortable buying a home and living there for a year, then renting it out for positive cashflow, and getting a second place.  

My former fiancee has moved on with a new woman and wants me out if his house ideally within weeks. I am so mentally and emotionally drained, I am having a hard time seeing what is the smartest path to take. 

Any clear strategies anyone wants to share would be appreciated.