| Right now there is a common problem going on | | | | for most. You will have to deal with making |
| with people who are trying to buy a new and | | | | repairs on the old house when necessary. You will |
| better house. They can't get rid of their old house. | | | | also have to deal with tenants that can |
| I talk to many families every week that want to | | | | sometimes be late on rental payments or who |
| take advantage of the deals that are happening in | | | | stop paying rent altogether. This can hurt your |
| this market, but they cant sell their old house and | | | | monthly income because you will unexpectedly |
| so they are forced to wait. So when you are | | | | have to cover the mortgage payment that their |
| faced with this, what are your options. | | | | rent was suppose to cover. |
| The first option is to move anyway and hope | | | | Another option, and to me it's the best option, is |
| that you sell your old house quickly. But in that | | | | to sell your house creatively. I think this works |
| situation you may be forced to pay two | | | | because even though you don't completely rid |
| mortgages. If you can afford to pay both | | | | yourself of the old house you can still get the |
| mortgages then by all means this is something | | | | advantages of renting the old house out without |
| that you can do, but most people don't want to | | | | all the headaches. You can also get a fair price for |
| get in this situation. Also, the bank may not | | | | your house and you wont be forced to sell the |
| approve your financing since this will drastically | | | | house at a really low market price just to get it |
| affect your income. | | | | sold. The other thing is that if you are |
| The second option is to consider renting out your | | | | uncomfortable with setting up a creative sale you |
| old house. When you rent out the old house you | | | | can always talk to your attorney and have them |
| can often cover the mortgage payment with the | | | | help you or you can deal with our company and |
| rent and that rental income will offset the | | | | we can possibly complete the transaction for you. |
| expense of the old house mortgage making it | | | | Creative sales are not new, they were used |
| easier for you to get approved for financing for | | | | heavily in the 80's when interest rates were really |
| the new house. The downside to rental is the fact | | | | high. While some people are afraid of this |
| that you have now become a landlord. Unless you | | | | technique you have to consider doing what works |
| have previous landlord experience or the desire to | | | | when you want to accomplish the goal of selling |
| become a landlord, it is not an attractive solution | | | | your house. |