Analysis Advice
So, about 2 years ago, I did a short sale on my house to an investor who allowed me to rent back the place for $1200 a month, which is really cheap for the house I'm in. It should rent for about $1500 - $1700.
My place is a 1800Sqft, single story, 4 bedroom, 3 car garage in a gate community in Las Vegas. I don't have to pay taxes, insurance, landscape and the $100 HOA fee. I was waiting for my credit to be restored so I can get a loan in a nicer, but similar type of house, which would be around $250k - $300k current price.
I was also waiting for prices to stabilize as it was dropping when I was doing the short sale. The investor purchase the place for $200k two years ago and there is the same model house for sale now for $200k.
I have the cash to purchase it outright, but instead, I'm buying small investment properties for cash that would rent out for $800 - $1000/month.
My question is, should I continue to rent my place out, losing $12k a year, or should I live in one of my investment properties? Then, when my credit is restored, buy my primary home with a loan?
My investment properties are not as nice, smaller (1300sqft), 3 bedrooms and a two car garage. I'm thinking my credit should be good in one year. I dont' really need 4 bedrooms, as it's just two people in the house, so it's kinda a small sacrifice, but if my credit is good in one year, does it make sense to move now?
Help!?!?! What would you do?