I currently own a home and have found another home that I'm interested in purchasing. The new home is a good deal and exactly what we've always wanted in the perfect location. The problem is is that I already own a home and am worried about having two mortgages. I 've figured I can sustain the two mortgages for about 1 and a half years if the home we currently live is has a hard time selling. Our current home shouldn't be a problem to sell because we have about 40k in equitity but the market is so bad right now that I'm scared. Any suggestions would be greatly appreciated.
2007-06-21 10:20:13 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Rent it out. Get a good professional property manager to handle the scat work for you and you'll be able to hang on to it indefnintely, grow your equity, AND have someone else pay for it for you.
2007-06-21 11:09:50 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Rent the home you live in now! Contact a Realtor, and find out what comparable rents are in the area. See if what people are paying for rent is close to your mortgage. Its would be a great investment if you don't have to come out of pocket too much to keep the property. Good Luck!
2007-06-21 17:28:45 · answer #2 · answered by dabeach13 2 · 0⤊ 0⤋
We just sold our first home after 11 months on the market. We took a loss but it was better than paying two mortgages, electricity and water on two homes. Just get used to eating at home and watching free movies on cable. To sustain our savings, retirement contributions, college fund and the bills we had to basically spend nothing extra.
Make sure that you find a realtor who is actively working to get your home sold. Ask for last three months sales and get an advertising plan in writing. Good Luck.
2007-06-21 17:27:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Katie.
You have to be a savvy rent out the property and build some equity that way. If you need financing I can help.send me a email
I work with 200 banks.
2007-06-21 22:57:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Rent out one of them.
2007-06-21 17:28:38 · answer #5 · answered by Lydia 7 · 0⤊ 0⤋
Rent your current property.... and NEVER SELL YOUR PROPERTIES.. be a investor!
2007-06-21 19:01:29 · answer #6 · answered by Sergio S 2 · 0⤊ 0⤋