Archive for the ‘Renting Real Estate’ Category
Friday, November 27th, 2009
Lou asked:
We’re trying to get a first mortgage for the equity we have in our home. My husband built our home so we’ve never had a mortgage. We want to use the money for some financial security but this is not the answer the bank wants. What do they want???
Tags: Equity Loan, Financial Security, First Mortgage, Money
Posted in Renting Real Estate | 11 Comments »
Thursday, November 26th, 2009
Christopher G asked:
I am looking for a 100% loan for a 3 unit townhome in pittsburgh. We just used our cash reserve for another building and this one came up. We dont have any money for another downpayment. Does anyone have any ideas or suggestions? I have other props that have some equity in them, but not enough to take out because they are rentals also. The building is only around 60k and my credit is so so 630ish. I hope to stay away from hard money, but am willing to pay a higher rate, I could refi in a yr and bring that down, I would like to keep points as low as possible. But this would have tobe a $0 down deal. I know I can try to get the seller to carry a second. Just trying to make it a little simpler…
I agree… That was a very poor answear… 85 to 90% resisidential LTV is usually the max and anyone knows this is still classified a residetial… Im sorry that is my biggest grip with this site the amount of people who try to give advice but end up with wrong info… I already know I am in a tough perdicament… otherwise I wouldnt be asking for any suggestions… Im sorry that sounds harsh… Im just trying to get some ideas outside the box or if anyone has seen any programs that would allow me to use my other property as security with a second.
Tags: Classified, Hard Money, Ltv, Perdicament, Props
Posted in Renting Real Estate | 2 Comments »
Wednesday, November 25th, 2009
bbydol221 asked:
So when we get a building loan, we understand that we don’t have to start paying back that loan until construction is finished, correct? So, can we just have the house almost finished, then delay it a little until our house sells, then finish building? This way, we won’t have 2 mortgages.
Tags: Building Loan, Mortgages
Posted in Renting Real Estate | 1 Comment »
Sunday, November 22nd, 2009
Janice K asked:
The rental officer/manager/leaser in the building would go into people’s rooms when tenants are not in and check if the rooms are tidy. She would sometimes tell me to clean up my room. I was offended that she would just open the door without my permission. As my understanding the building staff has no rights to enter a room except for maintenance purposes.
Just now she knocked on my door, asked if she could come look at my room, because the building has very strict policies about cleaniness. My room has clutter, but has no odor, and not dirty at all that would in anyway attract insects. To my surprise she asekd me to loan her $70 for her new glasses and she would give me back later. Of course I said no.
Can I file a complain about her?
What do you think her motives are for entering people’s rooms?
It’s an apartment.
Once in a while everyone get a letter saying that oh, we need to check your fuse box, or something like that.
But then the building manager would tell me I needed to clean my room, that’s what the inspection was for.
I suspect my room is being checked once a month, but without formal notification from the management, because who’s going to issue letters telling tenants they are going to check for cleaniness?
Tags: Glasses, Leaser, Maintenance Purposes, Motives, Surprise
Posted in Renting Real Estate | 2 Comments »
Sunday, November 22nd, 2009
sarah w asked:
If a large amount of raw land in a prime location is going to be marketed with cap rate scenarios (resort hotel, mobile home park, storage units, campground, shopping center, business offices, etc.), how could I find information on each of these scenarios? This information would have to include a rough estimate of building costs, loan information, rents, taxes, etc. Is there any way to get this information more easily than spending countless hours on dead ends? PLEASE HELP!
The information would be to help potential investors decide what to do with the property.
Tags: Business Offices, Cap Rate, Countless Hours, Home Park, Scenarios
Posted in Renting Real Estate | 1 Comment »
Friday, November 20th, 2009
KLD asked:
Where is the best place to start for a low interest loan on non revenue producing land where I’m not ready to build a house yet? I have excellent credit and a long term job.
Tags: Estate Loan, Low Interest Loan, Real Estate, Term Job
Posted in Renting Real Estate | 1 Comment »
Friday, November 20th, 2009
KimberlyJ asked:
Credit score in low to mid 700s. Land is owned not rented. Home was built in 1995 and is a double wide. I have 20% down.
Tags: Credit Score, Loan Credit, Mobile Home Loan
Posted in Renting Real Estate | 3 Comments »
Thursday, November 19th, 2009
Clare asked:
does the mortgage company use the current value of the house or the projected value of the property after the works carried out when deciding wether to give you the loan?
Tags: Building An Extention, Current Value, Morgage, Mortgage Company, Wether
Posted in Renting Real Estate | 1 Comment »
Thursday, November 19th, 2009
George asked:
I have an interest only loan on my home which i just purchased in arizona in Sept 06′. I have some debts that i would like to pay off and just stick to my house loan. Is there anyway that i would be able to get a loan? The loan i currently have is a 2 yr arm/ with a pre-payment penalty for 2 years. My house hasn’t built up any equity. please help?
Tags: Debts, House Loan, Interest Only Loan, Payment Penalty, Yr Arm
Posted in Renting Real Estate | 4 Comments »
Wednesday, November 18th, 2009
lizr asked:
Is it best to *always* go with a VA loan since I earned that benefit or still look at other loan types.?
I am having a home built in the Dallas Texas area but I will probably not get it because my Florida home is not sold. I have the option to pick another lot and build another home. The loan process starts all over again but I do not lose my earnest money if I build again. I did not lock in my rate with the 1st home and I went with a conventional loan. The Loan officer said why go VA if you are putting so much money down. (50K on a 127K house) . Now that I will be starting over with the loan process on another home ….I am concerned that I did not get the right advice about not going with a VA loan…I have 100% VA disability benefits so I think I get some fees waived.. I would be grateful for any professional opinions..
Tags: Conventional Loan, Dallas Texas Area, Earnest Money, Va Benefits, Va Loan
Posted in Renting Real Estate | 6 Comments »