$90k income, no debt. Can I afford a $300k home

Debt

I earn $45/hr 40 hours a week (roughly $90-95k). After all taxes and healthcare insurance etc I take home $4500/mo

I own a home I paid $185k for and is worth $240k now 18 months later. My fiancée (dated since we were 15 in 05) makes $37k (wedding next year).

I want to buy a $300k home and rent my current place out. My long term goal is to own 10+ rental properties and manage them as my ft gig.

We would rent our current unit for about $1600-1800 a month (costs me $1350/mo).

No debt whatsoever except the home (177k) 2 paid off cars ($5k and $10k values) plus she has a paid off car as well. Can I afford a $300k home on top of my current home? How does this process work?

The home we want has a huge yard and garage (things I don't have at all now) in a good area. It's a great home we can live in forever. But we'd most likely buy another place in a few years and rent it out. Rinse and repeat.

Thoughts? We are in an expensive tech heavy city seeing insane growth in property value and want to get more into this world of property management

Edit: honesty sounds like I'm close but probably can't afford it

Posted Aug 14, 2017, 7:43 PM UTC · edited

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