Thank you in advance for taking the time to click on my post and for your input.
I will try to get into my question in short sentences
My income is just over 100k a year.
My wife is in school and will start working next year making about the same amount of money.
Our goal is to buy a house in San Diego where we moved to live from Arizona. Average house prices here are 500 to 600k. That means we need a down payment of at least 150k.
I own two houses in Arizona. The first house I own was purchased for 78k and is worth 145k now. I am renting this house and I bring home as a profit $400 a month.
The second house we own 144k but is worth 189k. We break out even with the rent.
We also have about 40k in savings in the bank.
My wife owns about 50k in student loans.
My question is what options do I have;
Should I sell the second house and with the profit pay her student loan since right now we are not bringing any cash from the rent?
Sell the house and use the profit towards a down payment for a house in San Diego?
Sell the house and buy a condo worth 150k and use the profit as a down payment. That would leave me with 100k in mortgage and monthly mortgage 700 and rent the condo for 1000.
Long term goal is to keep both houses to save them as extra income when I retire. I am 30 years old.
Any input will help thanks