sell or rent current home?? newbie needs help

General Real Estate Investing
1

Hello all. I am currently thinking about selling my current home and purchasing a new, larger one. Here is the problem… we bought our first home 4 years ago when the market here was relatively hot and paid top $$ for it. Now we owe more than we could sell for in this current market. I am considering buying a new home and renting this one out instead of taking the loss on a sale. What types of financing options should I be looking for and any other advice is greatly appreciated.

:help
pete in c-town

2

Hi Pete,

Sorry to read about your situation, sadly there are many who are in the same situation as yourself. You can hold onto the property as a rental and hold it for a long term investment until the market value goes up and/or until you have enough equity built up. You also might want to consider selling on terms and offering seller financing to get a better sales price.

Best Regards,

Daniel Durham