All Forum Posts by: Fred Moadab

 Dear John, My major issue is that I don't qualify for a mortgage. Even a line of credit requires income verification which I doubt I will qualify since my major income is from my rental property. I'd love to know what private money bridge loans are. Never heard of them before.

My wife and I have been living in our current house for the past 23 years which is fully paid for. We bought it in 93 for $300K with the taxes of $8K and now the taxes are almost $20K and the house is worth about $1M, but we are both 75 + and can't afford these taxes anymore. I also have a 3 family house I rent out which is also fully paid for and has a positive cash flow of $5500 per month. We have decided to downsize to a more affordable house, but I no longer have cash to buy another house without selling the current one, and my income has dropped significantly which makes it difficult to obtain a mortgage for a new house. I need advice of what my options are if any, preferably not having to deal with banks. I wonder if there is any way to sell my house and buy another without obtaining a mortgage, simultaneously and just move to the new house. Any advice is much appreciated before hand. Thank you,