Saturday, 11. September 2010
My parents are planning on buying an investment property. They plan on paying cash for this property. So they will not have a mortgage. I will be renting the place from them with 2 other people. If they decide to finance a second property, would they be able to use the rent from both properties to pay the mortgage on the second property?
How and what will they be taxed on?
How does rent to own work when it comes to taxes?
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Saturday, 11. September 2010
I am starting to look for an investment property in Phoenix or Tucson. I am after solid property with instant positive cash flow, should not be too hard to find these days. I tried to contact several of my "old" lenders who either lent funds to me or expressed interest in my deals in the past. Now when I tried to contact them they don’t respond at all. I now live overseas, but have US based income as well as plenty of equity in Arizona real estate. It’s almost as if lending business went dead. The point is that I am looking for a lender or mortgage broker that
a) understands real estate investing
b) still provides low doc loans.
I am self-employed, decent income (both US and abroad), excellent credit score, never had a credit blemish on my report. Plenty of equity in real property (land). No debt. US citizen. Experienced in real estate investing.
If you know a good contact that can work with me I would greatly appreciate it.
Thanks a lot in advance!
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Thursday, 9. September 2010
I’m interested in buying an invesment property but the home needs a little work. I’d like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
I’m interested in buying an investment property but the home needs a little work. I’d like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I’m interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
The asking price of the home I’m interested in is 30% under market value.
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Friday, 27. August 2010
I am planning on purchasing an investment property with 100% cash. I can purchase the property at 60% of market value. I then plan on pulling a loan out for 60% of the market value. Would it be considered a mortgage or a home equity loan? A mortgage currently is about 300 basis points lower than the home equity loan. I am hoping it would be considered a first mortgage because it would not be a second lien position. Thanks
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Friday, 20. August 2010
I took a hard money loan on investment property and I wasn’t able to keep up with the payments. The lender went to court and had a receiver appointed to the property. I had bought the property at half of the value and now that the city and area is improving the property is worth nearly three times as much. I have listed the property with real estate agents in an effort to sell it but ever since the lender had a receiver appointed six months ago they have accelerated the interest rate, which is draining the equity of the property, and the receiver is telling all prospected buyer to wait to buy at forecloser: but the forecloser date has not been set. In the mean time the accelerated interest rate is kill my equity and all my efforts to breaking even is going to waste. Need to know how to force the lender to give a forecloser date?
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Thursday, 29. July 2010
Would it be a good ideal to get a home equity loan to purchase an investment property. Considering the markets today should I just leave well enough alone
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Sunday, 25. July 2010
I’ve been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I’ve been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.
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Saturday, 24. July 2010
I have an 80/20 on my first home loan, but have been renting it for the past year. I have great tenants and they plan to buy it but want time to save for the down payment. In the mean time I was contingently approved for the second home (5,000) if my because I told the bank I was going to sell it. What if I decided I wanted to just keep it as a investment property?
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