Suresh P asked:


I own two condos one, I live the other I am renting out. Both dont have any equity yet. I already have 51% debt to income. I can still afford MXM 5K down including closing costs and tax prepayments. My interest is to buy foreclosures and sell after ~2 yrs. I am aiming at high end units that can currently be bought at ~200K but will apraise to ~350 in about 6mos. Is there a way to find finance in this situation.

Larry

Adam B asked:


Is it better to take a HELOC? Loan from an investor? If so, how do I find one? What ultimately will keep me away from the 10 percent interest the mortgage broker is trying to set me up with?
All good answers. Given what you have all collectively told me, I’m getting ripped off….because I have good credit and good income. I already own one home (with good equity) and I have plenty of liquid assets.

Ella

la_madrugadora asked:


For an investment property (not to live in) should I use a home equity line, traditional fixed rate 30 year mortgage or something else. Let’s say I want to hang onto it for maybe 10 years….

Kathleen