I thought I was slick and bought 2 homes 3 years ago. 1st time buyer. Bought ok at the time. I wish I would have waited and learned a lot more. But hind sight is 20/20. Everything has been ok. I had some money saved and my rental needed a roof. It now has a new roof and my tenant is not paying. She is sec8 so I got ½ but I spent my cushion on the roof. With the economy and my job, I will not have a cushion again till I do my taxes. I may need to sell or fall behind on the mortgage. I am giving them the “pay or you’re out letter” today.
I am trying to decide if I should get out. It would have top be a short sale. 130K worth for 160K owed. If not I will fall behind if they continue to pull this BS. Who knows when prices will go back up and is it even worth trying to hold on to it. The only time I get any money is tax time. Over all it is a bad investment. Any suggestions? I have a feeling my best bet is getting out and get back in with a better property.
Thank you for any advice,