Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago on . Most recent reply

User Stats

33
Posts
4
Votes
Brian Nalley
  • Homeowner
  • Elkridge, MD
4
Votes |
33
Posts

Advice/Options for Me After a Short Sale

Brian Nalley
  • Homeowner
  • Elkridge, MD
Posted

Thanks for reading! My current Townhouse is going up for Short Sale in a few days. I have already set a goal for myself to have my first investment property by the end of the year, but now I also need a residence :)

I really do not want to rent (though I realize it may come to that), and I really don't want to have to move again (I have a lot of large things--I collect pinball machines for one). I have been looking in Baltimore City, as there seems to be more options (some rent to own, and even better owner financing). I don't have much to put down (at the moment anyway), but I have a decent job with steady income. I also plan to have a roommate or two to help with whatever I end up doing.

Many of the owner financing ads/offers and companies I have seen are pretty shady. 

Any thoughts or advice would be AWESOME. 

--Brian

Most Popular Reply

User Stats

5,028
Posts
2,573
Votes
Curt Davis
  • Flipper/Rehabber
  • Memphis, TN
2,573
Votes |
5,028
Posts
Curt Davis
  • Flipper/Rehabber
  • Memphis, TN
Replied

I can only wonder, if you have a decent job and make decent income then why is your primary residence going to Short Sale?  If your home value is lower then what you owe that should not matter, you can still make the mortgage payments.  

Also, if your in trouble you might consider getting rid of your pinball machines.  Sounds like your priorities might not be in line with what should truly be important.  Not trying to sound like your mom but you should follow Dave Ramsey's advice. 

Renting might be the sensible option at this point.

  • Curt Davis
business profile image
Curt Davis - KAIZEN Realty
5.0 stars
38 Reviews

Loading replies...