Here is my situation. I am currently living in a 2/2 condo I bought in 2007 - during the condo conversion craze that spread like wild fire in South Florida just before the market crashed. I was already living in the same unit and figured I should buy it as my first property. My idea was that prices were going to continue to rise and that I would be able to refinance in order to modernize and fix up the condo. Well, we all know what happened in 2008. I bought at $179,900 and at one point, these condos were selling at $38,000. Slowly but surely, the prices have gone up in value since then and are reaching their peak again but not fast enough. I'm afraid that there is going to be another 2008 soon and I won't be able to refinance or sell for a profit. The only reason I've held on to this place is because it is in a great location and would easily rent for $1,200 - $1,400 each month - the area demands it and I know I can get that if not more in today's market. However, I need to really fix up this place in order to yield that kind of rent money. It is falling apart and still under water with negative equity. It needs new A/C, water heater, bathrooms, kitchen, flooring, a complete renovation, minimum $20K-$30K if not more.

I want to be able to buy a new property - single family house for me to live in while I rent my current condo for top dollar after renovating it so that it will help pay itself off to eventually own it free and clear.

What should I do and how should I proceed?

I have one of those interest only/adjustable rate mortgages and the payment is due to double in March 2017 with the interest rate increase and principal being added. So it's going to be even harder to save money to fix this place up and yet alone buy a new place that may or may not require repairs as well.

Should I try to get a personal loan to fix up this place? But if I do that, it will be harder to qualify for another mortgage to buy a second home under my name I'm sure. But could another person technically qualify for me and place it under their name until I can refinance and put it under my name?

Should I try to do the HARP refinance? Not sure if that even really exists or works.

Should I withdraw all my funds from my 401K to purchase a new home or remodel the condo or try to do both? (currently valued at ~30K - then I have to contend with the tax implications)

Should I try to get a personal loan and "gift" it to someone I can trust to purchase the new home under a different name and have them qualify for the mortgage. Not sure if that is even permitted.

Should I try applying for Home Depot and Lowe's credit cards to help fix up this place?

Should I just stop paying the mortgage, tank my credit and save all the money I can from not paying the mortgage as they do say - cash is king in any market and having good credit is overrated sometimes - show me the money - they say.

Bottom line - I don't know what the best way is or how to get out of this utter mess - literally speaking. I am suffering from analysis paralysis BIG time!

HELP - any suggestions or ideas will definitely help steer me in the right direction!

Thank you!

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I need your HELP and ADVICE on my situation!

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