I read that article last night - it contains a lot of words but doesn't actually say anything new or insightful.The current environment is different than the 2004-2007 adventures because the lending requirements are (theoretically) more strict and appraisals are more reliable.When I refinanced last year, the bank sent an appraiser who actually stepped-foot inside my house to look around, take notes, take pictures, etc.

If I keep the home, I would do my best to try and pay down on the loan primarily through wholesaling/flipping so that I could attempt to refi and drop the mortgage payment.Option 2 - FoldIve thought about walking away because I believe the money we would free up could help drop some debt we have elsewhere (small amount of CC debt and student loans) or with saving up for our future REI adventures we have been planning.

Look forward to anyone who wants to say hi, and I look forward to joining the adventure with you.

Good Luck with your Real Estate adventure, if you ever need help with anything here in the McHenry, IL area, just let me know - Happy Holidays !

If you're going to buy foreclosures at an auction there's going to be some aspect of gambling involved.

You are gambling in an arena with a hefty anti.

I do know that with this being my first rehab,it’s a gamble.

Its a gamble but most things in homes are. 

It had to happen sooner or later . . . sigh.We have been quite fortunate in our 6 year adventure as landlords.

Either  1) You have the money to be cashflow negative (including mortgage) for a hold and flip with appreciation (gamble) 2) If you had the skills, you could find fixer-uppers and flip or improve equity and hold (safer) 3) Or you could be new developments that are ready in 1-2 years and flip them which I have done quite successfully.