25 June, 2010
Currently, I am in Texas, looking to move to either Las Vegas or Southern California. I understand different states have different laws regarding real estate and this would require me to get a new license, but does any of my former education transfer to my new state’s education requirements?
Go for a good REO coach. He would help you in a better way.
Log onto http://www.teresagordon.net/pages/REO-Coach.html
You’ll definitely find a sollution to your problem there.
21 June, 2010
If anyone can give us any advice, it would be greatly appreciated. I don’t know anything about this, so I’m not even sure where to begin. Since it’s considered a secondary home (even though we don’t own a primary home), I don’t think we’ll qualify for anything. Advice please???
I figured it would be easiest to do this in list format. Here are the details:
- We rent our primary residence in California (we’ve been renting for the past 10 yrs).
- We purchased our 2nd home in Las Vegas - plans fell through to move there so we’ve been renting it to tenants the past 3 years (now an investment property although rent barely covers 1/2 the mortgage).
- Our tenants just moved out so now we have to cover the $1,200.00 rent plus start paying electric and water bills.
- We’re being forced out of where we’re living now because the owners are doing a short sale. The new place we’re renting is $300.00 more a month.
- We are current on our payments but fear we’ll have to miss payments soon since we have to come up with $1,500.00 more a month (we’ve been notified by our property management group that it’s been hard finding new renters unless we significantly lower the rent).
- I was just told that I may be put on part-time again due to the slow business.
- Do we have to be completely out of savings, etc, in order to qualify for anything?
Many thanks in advance…
The house we are living in right now we are renting from our landlord (we don’t own our primary residence). We were supposed to move to the Vegas house but was unable to due to personal reasons. My husband did try to look for a job there but the tech positions there don’t pay as much as they do here in Silicon Valley (I’d be working as well). And unfortunately, my sister and her family are living with us right now so whatever they can repay us is all that we can get from them. We definitely didn’t buy the Vegas house as a means to make a quick buck. It’s been five years and the rent didn’t cover half the mortgage.
Ibu: We did it as a secondary residence since we couldn’t move in right away. After a year, we started renting it out. It was never claimed as a primary residence.
Honestly even being broke will not help you with investment property. People make bad investments all the time, with real estate, commodities, stocks, you simply eat your loss, the tax payers are not going to eat it for you.
The best you can hope for would be a deed in lui of foreclosure.
