Buying dream home

[Silver R/T]

I'm fixing up home in which we live in right now, it was built in 2006 so not old. Just a few touches, new stainless sink, microwave, etc. Downstairs wasn't finished (just bare frame) when we got it. It's all drywalled now and just needs to be sanded/painted. I don't like living here anymore, noisy neighbors/neighbor's kids, etc. I like quiet when I get home (and I'm not that old - 29)
I found home that I really like with some acreage and HUGE shop, I really want it but don't know what to do. It's less $$$ than what we've bought current home for.
I already talked to realtor, she suggested that I could rent out current house, however I don't think I'd find someone who'd pay huge mortgage every month
What do you guys suggest 

[GreenMachine]

I'm going through the same thing, I found a place with 10 acres. So I took out a loan from my retirement account for 20% down and some extra cash to pay 2 mortgages for awhile incase my current house doesn't sell fast. I've already had an offer on my house after a few days on the market, but was too low. You can also work it into the contract that you will only buy the house when yours sells, some sellers might not agree to that though.

As far as renting, I want no part of that, I've heard too many stories of deadbeats and renters trashing the place.

[Mike DC]

 

The best price you can get today is not too low if it's the best offer you are going to get for years to come.  The mid-2000s aren't being called a housing bubble for nothing.

[Old Moparz]

Renting out the current house you live in as the financial means to get the home you want is possible, but like mentioned, deadbeat renters that could end up trashing the place is a scary thought. Mostly because you if you need that rent money to cover the mortgage & it stops coming, you'll be screwed. I would only consider taking a chance like that if you owned it outright with no mortgage. This way, if the rent money stops for whatever reason you won't have a bank after you for payments.

My uncle was a landlord renting out a couple of places while he worked full time at his job. It started out okay, but cash flow was a problem from renters not paying. Also, things get damaged, places need painting & the normal wear & tear that had to be repaired for new tenants became a lot of work. He eventually got sick of it & sold things off. He told me that you need to be your own collection agency, your own building superintendent, & sometimes your own lawyer.

Selling one to buy the other will be safer financially but also has it's drawbacks. Other sellers may not want to wait until your place sells or you could end up having to rent a place to live in for a short period of time if closings get delayed or screwed up. If you aren't upside down on the mortgage of your current place, (owe more on it than it's worth) list it & see what kind of offers you get, if any. The owner of the place you want may be patient enough to wait, but you have to ask.

There are several members on here that are landlords, I bet they have a better insight as to what you can expect. I have considered converting the second floor of my garage into an apartment for some extra cash but not sure if I want the headaches that go with it. The good thing for me if I do is that I would still only have one mortgage, not two. I wouldn't have to worry about what would happen if rent stop flowing.