Analysis Advice

[Peter Lee]

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?

[Ann Bellamy]

Originally posted by Peter Lee:

To Others:
Thanks for your input, but my attorney handled the short sale and the lease. The person on the lease is not me.

Even better. You evidently KNEW it was fraud so you put another name on the lease to cover it up.

I wish BP had a Thumbs down button, you'd be overwhelmed with votes.