You bought at a time when owning your home for 4 years only did not give you a long enough chance
to have a lot of equity in your current home. Depending where your home is located and its size, you
could probably rent it, when you do so, the lender who will provide you with the loan for your next
property will look at the current equity in your home.... in order for them to accept the income from
that property to fit into their financial consideration of your total income and total responsibilities....
Here it is difficult for us to make good suggestions to you, not knowing all the numbers, and the home itself.
Your first step should be to connect with a lender or two or three and discuss with them your situation
and your desire.
Now it could be possible that you can break even on your current home, just depends what where and how updated and inviting to buyers it will be once on the market, so good preparation of
the home will be necessary, how large is the lot, can a new buyer add on / expand the home?
Would you then have enough down payment for the next home, and what price range are you
looking at, which you will have to secure with a committed lender of course...
Just be careful how you proceed, take it slow and one step at a time.....
Northbrook, Glenview and Wilmette offer some really good larger homes.... Feel free to contact
me with more detailed information and I can make some good suggestions for good lenders.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs,
the fine homes on theNorth Shore, and many of the W and SW suburbs,
and with her trusted Partner Agents all of the US and worldwide properties.
Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
HAVE THE MOST WONDERFUL DAY :)