Situation Assessment needed from the kind B.P. Guru's

[A Epistemophile]

Hello BiggerPocket’s Guru’s,

First off, thank you so much for taking a second to read this post! It is with a heavy heart that I am in a bind. Pretty much grasping and looking for a Situation Assessment from the kind souls that have read this. I prefer not to sell, but I am thinking it is possibly the best option?

If you would be so kind, I’ll state the facts, and if you could possibly comment with a strategy for getting out of this mess, it would be very much appreciated.

The Facts:

I have two properties, one is an investment under my name, and the other is a primary house I live in. I am currently unemployed (actively looking), and with that, I have bad credit (sub-620). I owe a fair chunk of change in credit card debt, and I am also late on payments to both mortgages.

The investment property particulars:

Units Occupancy Acquisition Price Market Value Loan Balance Equity

1 Y (US1,800mth) $155,000 $347,700 $161,171 $186,528

Conclusion:

I know, I know, one hell of a situation… Bottom line, from what I have put together, the easiest and most likely solution is to sell it? Funds are scarce, and employment while going, will put me past a decision point I must make even if hired tomorrow.

I am hoping to get a few other perspectives on this situation. Hopefully, there is a way to clear things up without selling? Or just do it and get it done?

Many Many thanks for your time and consideration…I owe ya one!

[Nathan Gesner]

As a general rule, one that has been true for all eternity, is that you should not invest until you have complete control of your personal finances. No credit card debt. No financed or expensive cars. A budget. An emergency fund of at least $1,000 dollars. Funds to cover six months of living expenses.

If you can't control your own income, you won't properly control investment income.