Is there any hope for me?
I have been on bigger pockets for a couple of weeks now a I have found all of you to be a wealth of solutions and answers so I thought I would share some details of my situation to see if there is any hope at all. I started studying real estate in 2008 where I spent my entire life savings and maxed my credit cards to learn from a Guru. Great education I will grant but I payed WAY to much for it (About 31K). I live in a home which a state program helped to get me into. This state program requires me to share 75% of my appreciated value when I sell. Additionally because of the strings attached I don't have the ability cash out any of my equity (but I do have quite a bit.) when I bought this house I knew nothing about real estate. I am self employed which earns enough to pay the bills and gives me a lot of flexibility with my time. My credit score is fairly good (in the 700s) however I have a huge debt/income ratio in part because of the Guru Lessons but also because I co-signed my son's student loan to get him through college (about 56K). Wholesaling is illegal in my state. I know this because one of my colleagues received a cease and desist order from the State's Attorney General. Fortunately for her they decided to drop the charges because she was so cooperative. We are a licensed lending state also. Any mortgages over 50K need to be underwritten by a licensed mortgage broker. We do have one company that will do it but they charge $500 and 2 points. The median home value here is about $250K. So what do you all think? Does anyone have any strategies for me?