Starting Over ...Advice welcome!

2 Replies

Hello,   

Just found BiggerPockets.com and am writing my first message.

In 1995, we bought our first townhouse for about $58,000 in South Florida (Broward Country) with gift money from our wedding.  We lived there about 7 years and then sold for twice what we bought it for for cash in 2002.   We paid off our mortgage and put it down on a bigger house ($278,000).   To make a very long story short, we had to give up the house in 2010 (you know why) and we did a deed in lieu of foreclosure and the bank gave us $3000 and we gave them the deed.

We have been renting a house since while we got back on our feet. We feel we are ready to purchase again. We are currently getting a pre-approval for an FHA loan and are looking to buy a rental property (also in Broward County) in which we are the"first renters"....and in about 5 years buy a second house and rent the first one and begin our real estate investing journey.

We are now in our 40's now, have a nine year old son and just starting our financial life over again. 

Any advice, suggestions, etc is welcome.

Thank you.

Why did you lose your 2nd more expensive house?   Not able to pay for it due to job loss?  I've been broke before and I learned a few things.   First of all is to protect yourself with appropriate insurance in place, our brokedness was caused by injury.   2nd is not to go into extreme debt and have a substantial rainy day fund, because it will rain some day.  

Basically, got one of those very attractive adjustable interest only loans...was fine for a while.   Lost income due to attempt at change in career.   Got further and further in debt until I was so upside down there was no way out.   Ancient history and now ready to move forward with hard life education!

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