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
Printable View
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.