Tips on Property Investment|The Best Investment Properties Advice
Tess F asked:
I am planning to refinance with a 5/1 term since this is only an investment . what will be my estimated monthly mortgage on a loan of $ 370,000.00 and a rate of 7.5 %?
Jacqueline
I am planning to refinance with a 5/1 term since this is only an investment . what will be my estimated monthly mortgage on a loan of $ 370,000.00 and a rate of 7.5 %?
Jacqueline
BethA18 asked:
If I buy the home at $175,000 (that is a starter home in my area) and put no down payment down, the mortgage would be about $1140/month using the interest rate in my area(6.9%) when I add in property taxes and insurance and maintenance plus my profit (25%), it would be about $1850/month. Who on earth would pay that for a 3 bedroom 2 bathroom house with no basement and 1/4 acre? How could anyone put no money down for an investment property and still rent it out for profit? FYI- our starter home in this area has gone up about $40-48000 in 2 years. The area is very hot. What to do?
Bonnie
If I buy the home at $175,000 (that is a starter home in my area) and put no down payment down, the mortgage would be about $1140/month using the interest rate in my area(6.9%) when I add in property taxes and insurance and maintenance plus my profit (25%), it would be about $1850/month. Who on earth would pay that for a 3 bedroom 2 bathroom house with no basement and 1/4 acre? How could anyone put no money down for an investment property and still rent it out for profit? FYI- our starter home in this area has gone up about $40-48000 in 2 years. The area is very hot. What to do?
Bonnie
Feb
05
Sperly J asked:
I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Geraldine
I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Geraldine
Jan
01
divawise asked:
We have decided to purchase an investment property be co-owners with my boyfriend so we can split the profits upon selling it after 1yr. What legal steps do I need to take to ensure my interests are protected? The mortgage will be under my name. The plan is for him to lease the property for 1 year make monthly payments that will cover the mortgage. I will continue to rent. We will both contribute equally towards upgrades needed for the house to sell after 1 year. How should he be listed on the title? should the interest be 50/50? What additional legal documentation would be needed incase we decide to split. I realize as the loan will be under my name I will be solely responsible. How can I ensure I can sell the property if I need to if he ceases to rent I decide not to move in to the property, can I remove his name from the title? How would I need to set this up to begin with to allow for such flexibility. I haven’t closed the deal as yet but will be doing so soon.
Derrick
We have decided to purchase an investment property be co-owners with my boyfriend so we can split the profits upon selling it after 1yr. What legal steps do I need to take to ensure my interests are protected? The mortgage will be under my name. The plan is for him to lease the property for 1 year make monthly payments that will cover the mortgage. I will continue to rent. We will both contribute equally towards upgrades needed for the house to sell after 1 year. How should he be listed on the title? should the interest be 50/50? What additional legal documentation would be needed incase we decide to split. I realize as the loan will be under my name I will be solely responsible. How can I ensure I can sell the property if I need to if he ceases to rent I decide not to move in to the property, can I remove his name from the title? How would I need to set this up to begin with to allow for such flexibility. I haven’t closed the deal as yet but will be doing so soon.
Derrick
