I bring home 2400 per month my wife brings home 1300 per month and a rental property of 600 per month mortgage is 900 per month auto loan of 400 per month 300 electric 100 insurance 130 cell phones 80 internet and phone small loan that is 300 per month and groceries about 500 per month also three children would it be wise to purchase a new truck with a payment of 500 dollars monthly

From the figures you supplied, you cannot afford to buy a new truck.
SEE BELOW :-

INWARDS

SELF 2,400
WIFE 1,300


TOTAL 3,700

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OUTWARDS

RENT 600
MORTGAGE 900
AUTO LOAN 400
ELECTRIC 300
INSURANCE 100
PHONES 130
INTERNET 80
PHONE LOAN 300
GROCERIES 500


TOTAL 3,310
TRUCK 500

NEW TOTAL 3,810

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OVER 110

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You cannot spend more than you earn.

ROLCAM apparently misunderstood your numbers.

I read it this way:
SELF 2,400
WIFE 1,300
RENTAL INCOME 600

TOTAL 4,300

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OUTWARDS

MORTGAGE 900
AUTO LOAN 400
ELECTRIC 300
INSURANCE 100
PHONES 130
INTERNET 80
PHONE LOAN 300
GROCERIES 500


TOTAL 2,710
TRUCK 500

NEW TOTAL 3,210

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This gives you a cushion of 1,000. However, with three children and, in today's economy, this isn't much of a cushion. Also your budget doesn't provide for savings (college, retirement, etc.)

My question is why do you need this truck and why such an expensive one? Also, how much longer do you have to pay on the other car loan and the other small loan?

It seems to me that there are a lot of day to day expenses missing.

How about insurance, gasoline, and household expenses? Not to mention the three children, and all it takes to raise them?

How about savings?

And of course rental income can not be for sure. What if they don't pay for two months you have to evict and they do 3400 in damages

genius1982,

I apologise for any misunderstanding of your numbers.
I still adhere to the advice that you should NOT add any more burden on yourself at this stage of your life.