Tuesday, 3. April 2012
I own a rental home out right (no mortgage on it). With rates being low I was thinking of pulling a small loan against it (about K). I would use this money to pay off high interest car payment and reinvest in anther rental property. I figured, I could at least write the interest off with taxes. Is this an option to pull a loan on an investment property?
Friday, 5. August 2011
I have an investment property that I rent out to a tenant in Georgia. I currently am up to date on my first equity line that I have out on the property, but my second line has become past due by almost 30 days and lender has put a hold on the account. Even when I try to make payments on the account they do not let me due to some reason. I have consulted with others who have loans from this lender and they say that a freeze has been placed on their accounts as well (approx 30 others). In the event that that I am unable to pay the loan in its entirely if recalled by the lender or if the lender does not accept payments causing it to go into foreclosure, how will this affect my first mortgage, tenant, and me personally. Can I just allow it to be foreclosed and wash my hands of it, taking the hit on my credit? Or can the lenders sue me for anything? Also if the bank does decide to foreclose will that require me to pay any type of legal fees?
Sunday, 24. July 2011
Need some help with experienced investors. I have abt 100K in equity in my investment property. I was planning on taking a second mortgage to buy Municipal bonds with a 10 year maturity. I feel that the 5.5% tax free yield is great considering I have to pay 4.75% tax deductible on the loan. Margin should be abt 6-7%.
What are the risks and should I consider munis closed end funds?
The house is held in a LLC and taxes are filed in schedule C so the interest will be tax deductable against the property income, corporate bonds and munis held in the company name.
Monday, 13. June 2011
In Oregon, I defaulted on both my primary and secondary mortgages on a piece of investment property (not my primary residence). Recently, the first mortgage lender foreclosed on the loan and took the property. Now my secondary mortgage (K) lender is coming after me to negotiate a settlement for payment . My questions are: Are there any additional consequences to one’s credit rating by defaulting on the second that haven’t already occurred by defaulting on the first? And is there a greater risk of law suit or judgment against me on the secondary loan default than the risk that I already have on the first? In other words, since my primary mortgage has defaulted and gone to foreclosure, is there any motivation for to negotiate with the secondary lender?
Monday, 17. January 2011
We currently own a home with about 0k in equity and have investment property (probably only k in equity on that). We have a second on the investment property at a fairly high interest rate (11.99). I’m interested in paying that off with a HELOC. Credit rating for myself and my wife is approximately 720 (so I’m assuming good but not quite excellent rating). The balance on the second is k. I’d also be interested in seeing what the monthly would be on something like that (I’m assuming it doesn’t work the same as a 30 year loan)
Tuesday, 4. January 2011
Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits.
Both the properties are located in california.
I also own an investment property outside california. Can I also write off the interest payment for that property.
Monday, 13. December 2010
I recently sold an investment property with some profit and if I use this money to payoff an home equity line on my primary residence, will I have to pay taxes on it?
Thursday, 21. October 2010
Looking for either: Home Equity Line of Credit or Home Equity Loan
Property: Duplex – Investment Property (NOO)
Excellent credit
LTV require up to 90%-95%
Low closing cost
Interest rate < 10%