To Travel And Make Money Or Stay And Pay My Mortgage...
This is a delima I've chose to put myself in. I have an oppritunity to buy a house for under $4000 fix it up and sell it for $50,000+ with no more than $10,000 investen tottal. Then with $40,000 repeat the buying and rehabbing. But to do this I will need to walk away from my house I own now, yes I have thought about renting it out but I don't think it is possible, because I'm paying a monthly payment of $986.00 a month becasue I'm paying for 2 years of back payments. and I owe another $70,000 on the place...... hummmm if I stay I'm in debt, if I go and can increase my net worth very rapidly. Yes there are risks, will the place sell, are there problems I can't forsee with the other house? How do I do both... keep my current place and fix up a house on the other side of the country....This is whats on my mind... thanks TCI
Well why couldn't you rent it out for at least part of what youhave your mort payment for now? rent it out for $700 a month and make up the rest of the payments yourself. I mean I would think that is a much better solution than just walking away from it. Or maybe try to do a short sale on the amount you owe in back payments? can't hurt to try it
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yes that though occured to me after I posted.... I will not walk away I just wanted to get peoples attention, I'm just trying to figure a way to keep this afloat while starting something else.... hummm... the thing is I would have to quit my job to travel to another part of the country to start fixing up a house for re sale, I wold probably have to get a job in the new town to pay for drywall, shingles, paint. What ever I would need... Risky but worth the risk... I think...
Well my other question is why are you goig halfway across the country to do this? Cant you do something similar where you are at now? Or if the opportunity is that great, maybe you could partner with a rehabber in the area you are looking to move to and build up some cash reserves?
Just a thought
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