my story
My husband and I just bought our new house after selling our old house. We struggled with our first dip in real estate. It was a desperate move, we did a rent to own 5 years ago, took a lot of work on my part, our credit was very bad then and it is improving now. However; when it was time to buy our rent to own house, we found out that there was a lot of problems with the property, the owner had someone else as the owner and she was a cavient along with other people. anyways, my husband had this young coworker friend who said he was able to help us but only to find out that he is not a friend. Lesson learned on both our part. The lawyers manage to fix that problem and we came out with 26K. this is a very complicating transaction, because that friend had a friend who lent us the money to buy our rent to own house, but after we bought the house we needed to sell right away to return their money in a short time 6 months. They bought the house from us and that is how we earned 26K. I thought this is very good for a couple who had nothing to begin with and come out with 26K. Wrong, we should of come out with more, I found out after the fact that my husband`s so called friend scammed us for 20K for nothing, then stole our 2500 that was still in trust from the lawyer. Now we are fighting to get that money back the guy is in prison for another charge and I am struggling to get our money back. In the meantime we needed a home, so we searched for months and I did not want to rent because the rent was so expensive in Calgary last year, so I went to look for assumable no qualifying. At the time we had the income for this, but not the credit. We manage to get into our house now worth 570K, with a mortgage of 3244PI including everything in this payment. I recently lost my other job and now I only have one full time job. we are always in trouble with the monthly payment, so now I am looking for someone to rent rooms in our house and trying to slowly finish this house but money is very tight, in fact there is just not enough of it to cover all our bill, so now I am hunting for another job and renters and I am seriously worried that we may go into foreclosure if I don`t come up with something, it would literally be a miracle. Then I saw rein, but at the moment while I am listening to your downloads and some of the things I learned on my own was mentioned. So I know I am finally understanding the market, but that doesn`t help my situation. I don`t wanna lose my house, we had to loan 20K from my husband`s boss to add to our downpayment and pay some bill get some furniture just necessities. So now we are in a hole of 509K+20K we got so stuck over the holiday and no money except my husband`s income, I got very sick so I didn`t have much of an income. I needed to pay two months worth of mortgage payment to save us, but I can`t keep this up cause we are still two months behind in mortgage. I am very worried cause now we are in a hole of 509K+20K +10K I want to sell this house but I don`t want to lose money and I am still fighting for the money we lost on the other house which will take some time to get back. My husband is not very good at stress or pressure or things like this, obviously it is a huge problem.
My question is: How can I sell our house in this time, quickly without losing our money and pay off those loans and move into a cheaper house that is base on our income now and not when we were making a lot of money then? is it the right time, ball park, what is the chances of us selling our new house quickly as is and come out even or with a little bit more. It is hard to find renters to cover the mortgage.
Ideally my goal is to stay in this house, if all goes well, wait for an equity to buy another cheaper house and fix it up sell it to make money, then do this one more time until I have enough money to build my dream, which is a condo unit of 6-8, sell those units each for what the market maybe at , but still keep this house and rent it out so that the renters will be the one paying this mortgage we now have. It is truely a beautiful home. My husband and I will then move into a condo as it is an empty nest now.
My goal seems so far and yet so close, I am working hard to find renters for one of the room in our house, so far no luck. By finding renters to rent our rooms this may help us with the payments but it is hard because of the location of the house so far from town.
I am basically doing this on my own, my husband is not at all interested as he doesn`t understand and he falls apart in pressure and stress. What can you suggest in my situation? where or who can help me?
if anyone has a solution to my troubles please feel frees to email me [email protected], I am open to all suggestion after all it is a learning process for me, it is scary and challenging but I am determine to reach my goal, thank you.
In trouble.
EmilyQuilay
My husband and I just bought our new house after selling our old house. We struggled with our first dip in real estate. It was a desperate move, we did a rent to own 5 years ago, took a lot of work on my part, our credit was very bad then and it is improving now. However; when it was time to buy our rent to own house, we found out that there was a lot of problems with the property, the owner had someone else as the owner and she was a cavient along with other people. anyways, my husband had this young coworker friend who said he was able to help us but only to find out that he is not a friend. Lesson learned on both our part. The lawyers manage to fix that problem and we came out with 26K. this is a very complicating transaction, because that friend had a friend who lent us the money to buy our rent to own house, but after we bought the house we needed to sell right away to return their money in a short time 6 months. They bought the house from us and that is how we earned 26K. I thought this is very good for a couple who had nothing to begin with and come out with 26K. Wrong, we should of come out with more, I found out after the fact that my husband`s so called friend scammed us for 20K for nothing, then stole our 2500 that was still in trust from the lawyer. Now we are fighting to get that money back the guy is in prison for another charge and I am struggling to get our money back. In the meantime we needed a home, so we searched for months and I did not want to rent because the rent was so expensive in Calgary last year, so I went to look for assumable no qualifying. At the time we had the income for this, but not the credit. We manage to get into our house now worth 570K, with a mortgage of 3244PI including everything in this payment. I recently lost my other job and now I only have one full time job. we are always in trouble with the monthly payment, so now I am looking for someone to rent rooms in our house and trying to slowly finish this house but money is very tight, in fact there is just not enough of it to cover all our bill, so now I am hunting for another job and renters and I am seriously worried that we may go into foreclosure if I don`t come up with something, it would literally be a miracle. Then I saw rein, but at the moment while I am listening to your downloads and some of the things I learned on my own was mentioned. So I know I am finally understanding the market, but that doesn`t help my situation. I don`t wanna lose my house, we had to loan 20K from my husband`s boss to add to our downpayment and pay some bill get some furniture just necessities. So now we are in a hole of 509K+20K we got so stuck over the holiday and no money except my husband`s income, I got very sick so I didn`t have much of an income. I needed to pay two months worth of mortgage payment to save us, but I can`t keep this up cause we are still two months behind in mortgage. I am very worried cause now we are in a hole of 509K+20K +10K I want to sell this house but I don`t want to lose money and I am still fighting for the money we lost on the other house which will take some time to get back. My husband is not very good at stress or pressure or things like this, obviously it is a huge problem.
My question is: How can I sell our house in this time, quickly without losing our money and pay off those loans and move into a cheaper house that is base on our income now and not when we were making a lot of money then? is it the right time, ball park, what is the chances of us selling our new house quickly as is and come out even or with a little bit more. It is hard to find renters to cover the mortgage.
Ideally my goal is to stay in this house, if all goes well, wait for an equity to buy another cheaper house and fix it up sell it to make money, then do this one more time until I have enough money to build my dream, which is a condo unit of 6-8, sell those units each for what the market maybe at , but still keep this house and rent it out so that the renters will be the one paying this mortgage we now have. It is truely a beautiful home. My husband and I will then move into a condo as it is an empty nest now.
My goal seems so far and yet so close, I am working hard to find renters for one of the room in our house, so far no luck. By finding renters to rent our rooms this may help us with the payments but it is hard because of the location of the house so far from town.
I am basically doing this on my own, my husband is not at all interested as he doesn`t understand and he falls apart in pressure and stress. What can you suggest in my situation? where or who can help me?
if anyone has a solution to my troubles please feel frees to email me [email protected], I am open to all suggestion after all it is a learning process for me, it is scary and challenging but I am determine to reach my goal, thank you.
In trouble.
EmilyQuilay
