36 years old. Current home (2 family) is worth 250K with $125K left on mortgage @ 4.25%.
We want to buy a 2nd home to live in. PreApproved for $350K (not sure on current rates)
I am soon to get $90K from an inheritance. I was thinking of setting aside enough for a down payment on second home and putting rest towards my first mortgage.
I'm a little torn on whether we should keep or sell or first home. I don't mind the landlord/upkeep/ect work. I'm all about profit and living comfortable. The only possible issue is the homes we really want are in the 450K range now. I think selling might get me more home sooner rather than saving for a few more years. But will I be kicking myself later on for selling and missing the rental income? If keeping is the best financial move then i guess i could always put the whole 90k as a down payment and loan 350K?
