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Updated about 7 years ago,
unexpectedly in love with a home ; ducks in more of pile than row
Hi, forgive me - i am a bit anxious for advice and not sure the best place to put this.
Have been house-hacking(ish) my Boston condo (formerly my primary residence since ‘04); currently renting for ~$3500/month for 8-10 month’s of the past two years and for significantly less for a little while before that ( as i transitioned gradually from renting/airbnb’ing as a one bed with my crap stored in the second to more of a proper furnished rental). Had no guidance or oversight in this process and, best of all, a sweet deal where I did all the work and my mom paid the mortgage, allowing me to keep the rental income. Initially we intended this as a shorter-term investment and plans were to sell it sometime next year; now I would like to be in a position to assume full financial responsibility for balance on mortgage within nextel 12-16 months.
Issues: renting out home leaves me homeless. Property not in my name
leaves me equityless. Lack of cohesive plan or financial/legal advisors leaves me documentation-less (thus, incomeless). And i recently fell in love with an amazing mid-century single family that I know I should be able to afford with the rental income from the condo. Credit sucks (560-603 depending who you ask) and no w2’s (i do freelance design work but primarily living off rental income, which I do have records of but not taxes).
Can anyone advise the best way forward to attain financial independence and begin building my own equity , without sacrificing the comfort and security that comes with living somewhere I don’t have to share or leave when someone else says so? ( current seasonal rental on cape ann is affordable but impermanent).. clock is ticking on the home of my dreams (located in NH; i have always lived in MA)
Happy to provide more details and/or apologize for the long-windedness of this post. I am excited, enthusiastic, and hopelessly clueless.. a terrible combination. Happy to hear all perspectives but please, some optimism and actionable advice beyond the conventional wisdom would be highly regarded and never forgotten :)