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carrying 2 mortgages - Page 2

post #16 of 40
one thing that I would advise anyone to do in this current economic/job environment, particularly those with children still to go through college, is to load up on as much debt as you can get your hands on. Leverage to the hilt.
post #17 of 40
Quote:
Originally Posted by Manton View Post
East Egg or West Egg?

kunk - will you throw some swell parties?

post #18 of 40
Thread Starter 
you aren't far off..

Quote:
Originally Posted by Manton View Post
East Egg or West Egg?
post #19 of 40
How much equity do you have in the current house? Even a recently minted baller like you might have some problems getting this done unless you have major equity in the first house and are planning on slapping down major equity in the second house. Just before the RE market shitcanned, and my dream house plans got put on ice, I was in financing talks and the under writers were going to ask for a letter saying I was going to sell the current house and not keep it for a rental. As that was my plan, I had no problems giving them that letter.

And then the bottom dropped out and I no longer had to worry about two mortgages at once.
post #20 of 40
Thread Starter 
^would be putting 20% down on the new one. I'd currently break even on house 1.
post #21 of 40
Quote:
Originally Posted by thekunk07 View Post
^ i probably could/can, but have an obnoxious pre-conceived idea that most renters will screw me.
My family had the same issue with the thought of renting out our old home, so instead found the right people, sold the place, and have a private mortgage set up. It's steady income without the having to fix their mess. To their credit, there haven't been any messes, and they have wonderful to deal with. Could probably get a hell of a deal worked out in this market too.
post #22 of 40
Thread Starter 
^that is very, very interesting. hadn't heard of that before.
post #23 of 40
Unless you want to become a landlord (I am and it's working out fine but it's not for everyone), just sell your house. There's no reason it shouldn't sell quickly if you price it fairly.
post #24 of 40
Quote:
Originally Posted by thekunk07 View Post
^would be putting 20% down on the new one. I'd currently break even on house 1.

Remember, if you're breaking even, you're actually a commission behind (you have to pay the agent).
post #25 of 40
About to be in the same boat myself. Not relishing the thought. We'll be fine but not saving nearly as much as desired and will definitely have to trim the lifestyle back several notches. Considering renters but will probably not be a pretty picture. Hoping to rent just for a year or two and hopefully the darkest clouds will have dissipated by then.
post #26 of 40
buy dream house burn down current house collect monies ?
post #27 of 40
Quote:
Originally Posted by harvey_birdman View Post
Buy Dream home.
Rent out first home.
I'm a landlord.
My experience: it is difficult to rent a house for sale.
New renters don't want to move twice,
and they don't want people constantly walking through.

Why not just set a realistic selling price.
Do what it takes to move your current property quickly.
post #28 of 40
If you do become a landlord,
hire a managing agent.
If you don't, make sure you rent someone who is self-sufficient
and handy with fix-its.
post #29 of 40
The best answer is to sell your house before you buy the next one. Try to get your current home under contract and then put your next house under contract contingent upon the closing of house #1.

This real estate market may have further to fall. Holding two mortgages would not be pretty.
post #30 of 40
Quote:
Originally Posted by thekunk07 View Post
i don't want to do it but i think i am going to have to. found our dream house and cannot pass it up but i think mine will be sit for a bit. how fucked am i?

Sell at a low price. It's worth more to you off your back then trying to squeeze out an extra 10%.
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