120 Days to act
Hi everyone. I am new to this site and new to real estate investing. I am currently reading books and trying to learn all I can in a short period of time. Reason being my wife will be laid off in about 4 months and we will lose our current house if I don't do something. We have good income, great credit and 10-40k to invest depending on how long I have to liquidate. We were pre-approved for 225k loan for a home to move into with a plan of keeping the current house as a rental. Current house has a morgage of 295k and is worth 220k. I might buy another house to live in (cheaper house) and attempt to rent out this one. Very tuff to rent in this market though. What I am asking you guys for is advise, reading material, or any ideas I might not have thought of. I am open to anything and feel I have nothing to lose. Negative equity in current home and upcoming loss of more that 50% of our income. I will check back and thank you in advance for your help. Darren