On the way up
PARKED
First, I am a noob around this forum. Usually I be a part of a forum for awhile before the thought of seeking assistance from its members would enter my mind. However, a member of this forum suggested I come here and present the same situation to you all. So, here goes.
Wow. That is about all I can say really. My wife and I were making my steps to improving my families position after reading Rich Dad, Poor Dad as well as other books. After finding out our biggest "asset" was not much of an asset afterall, we looked into selling our house. At first, it didnt go well. The market was going sour and it didnt look like we could walk away with our shirts intact. So, we waited and decided to focus elsewhere. Seemed to go well, at least at first.
Now matters are worse. We live about 15 miles from foreclosure ground zero. Ok, looks like we will have to sit this one out until the smoke clears. Wrong. My employer laid me off last week and now our source of income went with it. Fortunately, we have a cushion and a severance that will keep my head above water for a few months.
So, it seems like I have some econo-sized lemons and I do believe its time to make lemonade, even though it is going to be some bitter juice. Short sale doesnt look like it will fly due to the enormous inventory going at despirate prices. Foreclosure makes my stomach turn when I say the word. The only sources of income available take me to other states and, unfortunately, it doesnt allow room for two properties.
Ok, so rental. Might take a bath due to the low price of rent right now (obviously not the only person considering rent over foreclosure) but, if done right, seems like the best alternative. So I'm thinking and I recall something I read in one of the Rich Dad books. I tried looking for an exact caption but I recall it being a minor point, more of an example. The section I am referring to was about a husband and wife who owned a rental property of some sort. The husband ended up renting the land to the wife and the wife rented the building to a customer which, in the end, provided them with tax exemptions. Does this sound familiar to anyone? Does this work for rental housing?
If someone has some sugar to add to my lemonade, feel free to share. I'm still working on my angle to get out of the rat race and feel it will come, but I'm sure it doesnt start with me in stranded in an abyss of debt (at least I hope it doesnt).
Wow. That is about all I can say really. My wife and I were making my steps to improving my families position after reading Rich Dad, Poor Dad as well as other books. After finding out our biggest "asset" was not much of an asset afterall, we looked into selling our house. At first, it didnt go well. The market was going sour and it didnt look like we could walk away with our shirts intact. So, we waited and decided to focus elsewhere. Seemed to go well, at least at first.
Now matters are worse. We live about 15 miles from foreclosure ground zero. Ok, looks like we will have to sit this one out until the smoke clears. Wrong. My employer laid me off last week and now our source of income went with it. Fortunately, we have a cushion and a severance that will keep my head above water for a few months.
So, it seems like I have some econo-sized lemons and I do believe its time to make lemonade, even though it is going to be some bitter juice. Short sale doesnt look like it will fly due to the enormous inventory going at despirate prices. Foreclosure makes my stomach turn when I say the word. The only sources of income available take me to other states and, unfortunately, it doesnt allow room for two properties.
Ok, so rental. Might take a bath due to the low price of rent right now (obviously not the only person considering rent over foreclosure) but, if done right, seems like the best alternative. So I'm thinking and I recall something I read in one of the Rich Dad books. I tried looking for an exact caption but I recall it being a minor point, more of an example. The section I am referring to was about a husband and wife who owned a rental property of some sort. The husband ended up renting the land to the wife and the wife rented the building to a customer which, in the end, provided them with tax exemptions. Does this sound familiar to anyone? Does this work for rental housing?
If someone has some sugar to add to my lemonade, feel free to share. I'm still working on my angle to get out of the rat race and feel it will come, but I'm sure it doesnt start with me in stranded in an abyss of debt (at least I hope it doesnt).
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uv, "O dep'v" 
