Looking for opinions based on current situation!

[Kathryn Bennett]

Hello All,

Per the title, I am looking for opinions here. I currently own one rental property with a bank mortgage that I purchased at 21 yo (just over 2 years ago). 

Here is the dilemma - after we purchased this home, we moved, and we lived in it for approximately a year. By doing this, I left my job and the industry I was in because I disliked it and became a real estate agent. We ended up purchasing another home to live in. Stupid, I know. This home is in my fiance's name. We will be selling it soon without taking a loss and he will no longer have a mortgage to his name. Our credit is pretty strong, we only have about 7k cash on hand, and we screwed ourselves into a good bit of debt. Needless to say we got onto the wrong path for a few different reasons, but now we are getting back on track.

I cannot get another mortgage - I do not have a two or even one year job history at this point and I do not have the income or down payment.

He cannot currently get another mortgage because he is tied up in this one. He has the job history, income, and credit. 

1. I would like insight on options I personally have.

2. Do we just wait until he is open to get another mortgage? If so, if we do not have the down payment, how do we approach that?

3. If he does get the next investment property in his name, how would we get the next and the next if we just rely on our own personal line of credit with no money down...?

4. Do I suck it up and go back into the industry that I disliked at the time and buckle down knowing I can bring in thousands of extra dollars per month? (Not interested in being a real estate agent for full-time career)

I know this is a lot. I know this is far from ideal. I know what position we are in and would appreciate feedback only based on a positive note. I am still learning a great deal. 

Thanks in advance,

Katie

[Matt Crusinberry]

@Kathryn Bennett, If you don't have a mortgage on the property yet, you are able to put your "soon to be" on the house (however this may not be an option). On a side note, I agree with you... Let Dave and his followers do them, and you do you. Although I'm a fan of Dave's, he's not for me either (as per his debt ideas). Sounds like you have a plan, and you're continuing to learn the market and the investing game. I personally think you're moving in the right direction, keep it up. Good Luck!

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