OK, I don't want to sound rude, so please do not take it that way.
If you are going to invest in real estate, you need an exit strategy first and foremost. If you don't think you can rent it or get enough to cover mortgage and expenses, etc. don't do it. Seeing that you are in Nevada and that parts are experiencing a free-fall in value makes it even riskier.
You didn't say how much equity you think you have, but right now, equity is only a thought. You find out how much equity there is when you subtract the mortgage balance from the selling price and expenses.
I would be very careful doing what you propose. A foreclosure will devastate your credit score and you will be paying for it for a long time.
LG
PS. Maybe look for a local real estate investment group that you could join. Talk to some of those folks about what property values are doing and see what they think. Can't hurt and may help a lot.
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