Yep, do a portfolio or blanket loan on 5-10 units if you cannot pay cash. As long as the cash flow on rental support strong ROI, investor will do it.Quote:
Originally Posted by Irving
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Yep, do a portfolio or blanket loan on 5-10 units if you cannot pay cash. As long as the cash flow on rental support strong ROI, investor will do it.Quote:
Originally Posted by Irving
At the time I bought the house, I was making 10/hr and really could barely afford it. This was right about the time they passed the "Making Home Affordable Act." I applied for the refi through Chase under the program. It took 9 months, and I HAD to miss 90days of payments. That was the bummer, hosing my credit on purpose.Quote:
Originally Posted by Sawin
When all was said and done, they wiped my late fees, and refi'd me at a 30yr Fixed at 1.25. Shortly after that, I found permanent employment at a substantial pay increase.
There are a bunch of rules about buying secondary property, renting this one, etc, but I don't plan on moving for a while, so it's all good.
Well it's good to hear that someone other than a libtard took advantage of the system for once! No shame here man, that's a pretty fantastic chess move if you ask me, and I thought the $8000 tax credit for the first time home buyer program was good.Quote:
Originally Posted by ThunderSquirrel
But the amount you over pay in rent makes up for that. Mortgages are usually cheaper than rent.Quote:
Originally Posted by kawiracer14
It really depends. My mortgage will go up about $200 a month to buy the house I'm renting; but I am in a unique situation.Quote:
Originally Posted by Madeinhb
I used to not understand why some people rented, but in certain situations it makes a lot more sense than it used to. If I was someone who loved the city and didn't worry about economic collapse, I'd probably only buy rental properties and and rent a townhome for myself.
Just under three years ago now with my wife. I was 25. Interest rate is 3.187%
In November of 2008 I bought a 2 bedroom condo for $30K. The condo was in very bad shape and I could not get any bank to give me a loan on it. I asked my father in law if there was any way he could lend me $30K to buy a place and his words were "How big of a place are you buying that you need $30K for a down payment?" It took him a bit to come to terms with the fact that the $30K covered the place outright.Quote:
Originally Posted by jim
With the loan of $30K from my father in law, $7500 of my own savings and some hard work and late nights on my part I had a 2 bedroom 1 bath condo that was completely remodeled. I've since taken a 10 year portfolio loan on the condo and my payment is a little more than $200 a month. My condo is currently rented out for $875 a month and a unit exactly like mine without the updates and upgrades I put into mine just sold for $85K. I'm pretty happy with my investment. I got 3.85% interest on a 10 year note with the portfolio loan which was a great rate at the time.
You can still get financing on condos but you need to have at least 10% down if they are less than 60% owner occupied. My condo complex was around 25% owner occupied when we first bought but is now something like 50% owner occupied and that number is expected to continue to grow.
I bought my house when I was 23 (4 years ago next month) and single. I think my initial interest rate was around 5.6%. I'm at about 4% right now though. It ran me 175k and unfortunately hasn't increased in value much, even with about 15 grand worth of work (it was a foreclosure, therefore trashed).
Where is it at and what are you using to check the values?Quote:
Originally Posted by cfortune
If you bought 4 years ago you should be seeing a pretty nice bump in equity. It's almost impossible to find anything that doesn't have bars on the windows under 200K in Denver metro now.
Quote:
Originally Posted by BigDee
120th and Colorado area.
Sites like Zillow show a nice estimated value. When I had it appraised for my refinance, it was only appraised at a bit over 178k, that was back in March.
I bought my first one 2008 for 185k in Roxborough all by myself 3% down FHA loan. Sold it this March and made 13k, the wife and I bought a new house in Frederick roughly the same payment, for twice as much yard and twice as much house and the taxes are a lot cheaper than Douglas county.
1990 at the age of 24. Went partners with a friend on a house we could afford -- I nearly qualified for the entire mortgage myself as he only qualified for about $10K even on a VA loan. Housing was somewhat depressed in Colo Spgs then so we were able to get into an older but convenient and comfortable area of town and with our pooled housing allowances were able to meet the payments and still have lots of beer and pizza money left over.
In the years since then, the only serious money I've ever made on investments has been on real estate. All my investments in the stock market or mutual funds have more or less kept their value over the last 25 years. Yes, the balances have risen but mainly because I put more into the accounts. Having said that, I don't believe we ever started a real recovery and am worried that we're due for another dump. I just can't see any rationale for the Dow to be above 10,000 much less 15,000. If you buy a house, think real hard about how you'll deal with it as we hit 20% real unemployment (as opposed to the fantasy numbers the White House is releasing).
20 years old,5% fixed 30. I have had the house for 7 1/2 yeast now and I can finally sell it for a 20k profit but I think I will keep it until the market dives again.
I'm very intrigued by this now, as getting 50k down for five, 50k town houses wouldn't be a big deal. My main concern is the exit strategy. If you wanted out for any reason (emergency, upgrade, got bored, etc), I have to wonder if you'd be able to sell quickly without losing your ass. Even doing a 5 year, interest only balloon seems risky since you might not be able to just refinance into a commercial loan.Quote:
Originally Posted by ChunkyMonkey
Purchased last July. I was 23 back then. Went in on it wifey. 240k house. We were sick of dumping rent money into something that wasn't ours.
I have been extremely busy lately... But one of these days, we gotta sit down again. Basic math: buy 5 rental at 20% off market price at roughly same value will give you 1 free and clear unit (5x80%=4x100% LTV plus 1 at 0%). You then can either take 50-70% LTV first position heloc for other 'emergency fund/ down payment/operating cost on the last unit.. Or simply sell the first 4 to get rid of debt and own one free and clear. It doesn't always work out exactly that way, but it works great as a guideline. That's how I got a few free and clear units. But the most important key is still rental cash flow.Quote:
Originally Posted by Irving
On mls search for "portfolio" sale.. You'll see listing of 5-10 houses in a bundle package. Those investors are doing exactly the above.
2007. I was 38, single at 5.5% interest. 2yrs out of the Navy and could finally 'settle' in one place.
Let's do it.Quote:
Originally Posted by ChunkyMonkey
1993, 24 yo, 70k house, still in it now.
Wife lost her job the day we placed an offer on the house! SH*T. Continued on with the process and wife found another job rather quickly.
Would like to re-fi now, but market screwed us. Upside down for the value of house/loan. Market starting to come back, crappy house next door is listed for 230k!!!! Ugh.
COLDAUDIO, come be my neighbor! :)
1989 Baltimore city row house for $48k at 13% I was 25 and newly married. I didn't know anyone that had any money to lend me to help me buy a house. A lot of sweat equity went into that house before my first PCS move to NJ. I had to cut a check to the lender to leave NJ. Some PCS moves do not coincide with the movement of the real estate market.
This house is our fifth and we bought it about 10 years ago. I'm not sure I have another PCS move left in me. [facepalm]
Haha, I would if I could! I'm surprised so many people were able to buy houses in their mid-20's. I'm in my late 20's and don't have nearly enough for a down payment on something that is 250k-ish.Quote:
Originally Posted by gnihcraes
This thread was prompted by my frustration with my increase in rent which was already high. I look around south of Denver and it looks like at a lot of places a 1 BR is going for 1k+.... I really need to stop buying toys and going out and having fun :)
[LOL]Quote:
Originally Posted by coldaudio
Mind if I tag along?Quote:
Originally Posted by ChunkyMonkey
It's a date! Wulf202, www.loopnet.com. You can see more stuff if you register. They WILL call you about buying stuff though. If you tell them what you need/want, they'll go find it for you.Quote:
Originally Posted by Wulf202
2009, 23 yoa with wife, 4.875% but refinanced at 2.99% for a 15 year fixed.
NYNCO, I've yet to find a 3bed/2bath condo/town house for any where near $50,000. Can you show me some examples by chance?
Age: 23
When: 1967
Amount: $13,500
Rate: 4.25%
Payments: $115
Paradise Hills, 3BR, 2BA, 1400 SF, Five years old.
Things have changed.
There are ways my friend. Look into an FHA loan perhaps. Instead of putting down 20%, I put down 3.5% and kept the rest of my money liquid. Mine was a 211k loan. I've used it toward furnishing, a 13th payment per year, and a couple hundred extra toward principle each month, and of course a few spontaneous toys... Sure I'll end up paying more in interest over the life of the loan, but I felt like having at least some money in savings for emergencies, car repairs, a future ring/wedding/honeymoon (which did happen) etc, was better in the scheme of things. I'm now paying off the mortgage a little faster and am about 10 months from the 20% mark which will alleviate the PMI payment each month...Quote:
Originally Posted by coldaudio
There is always the possibility of getting a roommate too... go get prequalified to see what options you might have.
First house was in 2008 (I was 28, wife was 29), a single wide on 5 acres outside of Alamosa. Cold as hell, nothing for miles. My wife hated it, and we moved a year later. We paid $68,000 for it, sold it for what we had into it after I remodeled the bathroom (pain in the ass when mobile home dimensions are not the same as typical home dimensions. Like bath tubs. Or plumbing fixtures. Made for lots of interesting days.
Second home was purchased in 2009 in Denver after we moved. Paid $154,000 for it. It was a HUD repo which was in fantastic shape. Previous owners weren't moochers who tore shit up when they learned they were going to lose it. Just a family that got divorced and decided to walk away from it.
Not at all.Quote:
Originally Posted by Wulf202
For me to find a comparable place(house or condo) with an extra bedroom(currently only 1) in close proximity to where I currently live, the mortgage would almost double what I pay in rent... before any HOA fees.Quote:
Originally Posted by Irving
I'd love to own a place but it ain't happening anytime soon so hopefully rent increases don't kill me.
So my dad saw one of our Aurora tenants on the street corner begging for money up in Boulder today.
LOL, that's a new one for me.Quote:
Originally Posted by Irving
Coalition for the Homeless pays his rent. I'd rather him do that all day than sell drugs out of the unit or stand out in the yard and tangle with the rest of the neighborhood.
They pay the best.Quote:
Originally Posted by Irving
I was 29 in 1997, married for 2 years. We paid $179,000 for a 2000 square foot colonial (new construction) with a 7.5%interest rate. We sold in 2005 for $425,000
Im 39 and still havent purchased one. I got pre qualified and all that 5 years ago but didnt pull the trigger on one. I will tell you realtors are just like lawyers and car salesman. They all talk to you like your their best friend til the second they realize they arent gonna make any money off you. I had my experiences with the married with children lifestyle and it didnt suit me either.
I was 20 bought it with my now wife. That was 2011 @ 4.5%
3 weeks ago, 34 yo, got a house with the wife. Locked it at 4.375% 30 year fixed. Was the biggest headache but it's better than paying someone elses mortgage.
I got to say I am glad I didn't have to do an FHA and I know sometimes that's what you get but mainly because of Obamas bailouts FHA lenders that add mortgage ins for all loans as of July you will no longer be able to drop the ins after 11 years or whatever it was. That mortgage ins adds about $300 a month to your mortgage.
I'm an edit monkey. I can't seem to get my thoughts right.
Last Friday. 30 years old, bought with wife. 4% for 30 years. FHA and the mortgage insurance sucks. Added $171/mo to the mortgage. Can refinance into a conventional once it gets to 80% loan to value, but by the time that happens, who knows what the interest rates will be.