I would suggest meeting with a loan person to go over your options? As a real estate broker I donâ€™t feel comfortable giving loan advice but, I am an expert in home sales and I would be happy to help you in anyway I can with the purchase of a home.
If you would like referrals for loan people I would be happy to send you a few. I wish you luck in your new venture. Please contact me if you have any questions; http://www.MyTemeculaRealtor.com or by phone 951-551-6121
Pamela Brown-Gatlin, Broker
So let me ask you, "Can you afford to carry the first house if it sits vacant for 60 days?" See, on a tax basis I'm confident you'll come out ahead by keeping the first and adding a second home. But cash is king, so you must be able to realistically plan for down time.
If you rent it out, will you manage it, or will you let a company handle that for you? Do you have reserves in case something breaks and needs repairs?
Your plan sounds reasonable. I'm currently working with several people just like you. Contact me directly at 951-371-9229 or Sean.Giorgianni@gmail.com. I'd be happy to put together a complete plan for you and show you how you can achieve your goals.
P.S. I have several really nice bank owned listings in the Temecula area too!
Have you considered leasing out your home in Big Bear? How long has your home been on the market? Many lenders are requiring that your house be off the market for a minimum of 60 days now before they will consider a refi.