Real Investor Match » property

Looking to buy investment property – any lender reccommednations?

Editor — Sat, 03 Apr 2010 01:59:13 +0000

Now that half my neighborhood is forclosed, I would like to pick up a few bargains for investment purposes. In order to capitalize on the opportunity, I would like to put as little down as possible so I can use my cash for more properties. I was told that you have to have a score in the 800’s to get a low-down investor mortgage. Well, just so happens my credit score is in the mid-high 800’s. That means I am eligible for 5% or 10% down investor loans at decent interest rate – my question is – who does these kinds of loans. I heard Chase does. Any others. No brokers please. Thanks!
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can a person take out a 2nd mortgage on their home to purchase an investment property?

Editor — Fri, 02 Apr 2010 15:58:30 +0000

and without out of pocket money?

Does my property qualify for the NACA home saver program?

Editor — Fri, 02 Apr 2010 15:58:28 +0000

The deed of the property is in my name and my parents but the loan is under my parents name only. For my parents, this is their second/investment property but for myself, it’s my only.

Should I take money out of my 401K to catch up a mortgage on an investment property?

Editor — Thu, 01 Apr 2010 23:58:48 +0000

I had lost my job and found another job in another state. We found renters for our house but have had to use their rent for the last couple months to live off of because we depleted our savings trying to stay up on the mortgage. Their rent is about $100 short of the payment, when you factor in property taxes about $450 short. We have eliminated expenses and lowered our monthly bills over the last several months. The thought is refinancing our now investment property to try and get a positive cash flow. The alternative will more than likely be us ending up foreclosing on it or a short sell, because of our current financial situation. We are currently 3 months behind.

Or does it make more sense to cut our losses and take the hit on our credit? We are currently renting and would like at some point get into another mortgage so we don’t feel like we are throwing away our money to someone else. But we can stay renters in our current house for as long as we may need to.

How do I protect my interests purchasing an investment property with co-owner?

Editor — Thu, 01 Apr 2010 20:58:32 +0000

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.

What can I do if an individual won’t release a paid in full mortgage on my property?

Editor — Thu, 01 Apr 2010 20:58:30 +0000

We own an investment property. We obtained a loan from an individual 5 years ago to start our own business in which the individual used our investment property as collateral and filed a 2nd mortgage on it. We paid the 2nd mortgage off in full 9 months after obtaining the loan, and the individual refuses to file the release of mortgage, there are no other penalties owed to him etc. He is also the landlord on the commercial space we rent for our business, and he likes having the mortgage lien on the investment property as insurance he will get his rent every month. Rediculous! We are now trying to sell the investment property and he has caused us to lose one buyer because of the title issue, by some miracle we have another buyer, does anyone have any creative ideas other than a lawsuit in civil court? This guy is not a brainiac, but he does have a decent lawyer, everything he owns is in a trust and the mortgage was funded out of that trust. There just has to be a way to force this guy to do the right thing and stop using these mafia tactics to push us around. Help!

Is it a good idea to buy investment property when the seller hold the mortgage?

Editor — Thu, 01 Apr 2010 07:59:04 +0000

How can I buy an investment property?

Editor — Thu, 01 Apr 2010 03:59:19 +0000

I just bought a home with the VA. I want to buy another property a year from now. Can I use an FHA loan to buy it and rent out my VA property?

Who will finance an investment property with stated income and 708 fico score???

Editor — Thu, 01 Apr 2010 02:58:38 +0000

need 100% financing….
100% financing – lowest rate possible!!

Anyone have any experience buying a duplex as an investment property and used the rent $$ to pay the mortgage?

Editor — Wed, 31 Mar 2010 15:58:25 +0000

any good resources for this type of investing and becoming a landlord. where is a good place to learn about leases and the responsibilities of a land lord. Any good resources on ivesting in property would also be helpful.

can you get a FHA loan for investment property?

Editor — Wed, 31 Mar 2010 13:58:15 +0000

What losses can be deducted to offset a 1099-C for an investment property?

Editor — Wed, 31 Mar 2010 10:58:36 +0000

I own this home since feb/06. Will I be able to deduct mortgage interest, taxes,maintenance and other expenses to any income I have to report (1099-C)? What about the downpayment I walked away from. In my case I put down 20k. My loan balance is $172K and properties in area are appraising for $172K-$177k. I purchased for $192k. I ‘ve paid about 23K in interest only payments and other expenses in my attempt to try and sell and not ruin my credit. But I’m at the end of my rope. I would like to understand all the financial consequences of doing this “deed in lieu” beside of course ruining my credit. Thanks
Sorry. The downpayment is for this house not another. Haven’t walk away from it yet.

I am upside down on my investment property and I cannot rent it for what the mortgage payment is. what to do?

Editor — Tue, 30 Mar 2010 23:59:05 +0000

I am also in financial hardship and am in high credit card debt. What should I do? Die trying to hold onto a house to keep my credit score decent or just let it go?

Help please i cant make payments on my investment property anymore what should i do?

Editor — Tue, 30 Mar 2010 17:58:32 +0000

Hello i’ve lost a lot of money recently and i cant make payments on my ocean property. theres still 600k dollars left on the loan the condo is worth 550k dollars now. does anyone have a solution that can save my credit?

What is the best type of loan to get when buying an investment property to flip? And what do they offer in Tex

Editor — Tue, 30 Mar 2010 15:58:22 +0000

want to buy bank own property need mortgage loan for $10.000 who can do this?

Editor — Tue, 30 Mar 2010 10:58:34 +0000

the property needs some work but is a good investment
i really need to find who can finance this loan for me

Is it better to have a lot of write offs for an investment property with no mortgage or for one that does ?

Editor — Tue, 30 Mar 2010 07:58:25 +0000

I need to refinance my 4 unit investment property I purchased last week.?

Editor — Tue, 30 Mar 2010 07:58:24 +0000

I purchased the property at a 13.5% cap rate, 63% LTV with an investor loan last week. It’s non owner occupied, I’m self employed my fiance has a regular job. The property will cash flow $600 with a 30 year loan at 7%, $400 for a 20 year loan. I’d like to finance it without having to use any of our incomes from our jobs to pay back the loan, just the income from the property. Any suggestions on who to start talking to, and what action to take. Should I get a commercial loan? Or a residential loan with a commercial appraisal? I’m looking for 75% LTV after the refi.

How does one start a property investment business with no capital.?

Editor — Tue, 30 Mar 2010 00:58:32 +0000

I once attended a seminor where we were advised that one could use credit cards, loans and other means to get a mortgage and start up on the property development ladder, how does this really work? Unfortunately i am very sceptical about spending €1000 for a 3day course on it. Please comment or share ideas.

How can I get a businessman acquaintance to help finance an investment property?

Editor — Tue, 30 Mar 2010 00:58:26 +0000

So I am an aspiring entrepreneur, I have been trying to educate myself with regards to property acquisition to get off the ground. I am 18 years old an a university student with only about 10k/yr casual work income and about 10k in liquid assets. So no bank will take me seriously. I have found a property that I believe to be undervalued and full of potential in Adelaide Australia (and I’m relatively confident we won’t see a housing bubble burst like the US as our buying pressure is incredible). How can I make a proposition to a very wealthy businessman I met at a convention (we formed a tentative acquaintance) for him to finance the property while keeping it in my name, with rental returns helping to cover repayments (I would be able to pay up to $150/wk which when combined with consistent tenancy should more than cover loan repayents). I know that I wouldn’t be in a position to shoulder the risk myself but how can I pitch the offer to the gentleman that I have met (who by my impressions seemed far from conservative, and encouraged my interest in property investment) to take it for me. Are there any ways of making it worth his while and risk (obviously sharing returns, gains) while keeping the title in my name and not getting tied up in potentially dangerous legal obligations? Any advice from someone who started out with backing from an entrepreneur would be most useful. Oh – and don’t say ‘talk to him’ – I want to have some sort of offer in place before contacting him. Thanks!

Loan for investment property.?

Editor — Mon, 29 Mar 2010 17:58:29 +0000

If I have a house with no morgage worth about 750K, and about 250K to put down on an investment property, BUT have no income, will I be able to borrow a further 250K from a bank to buy a 500k Investment property?

I have an investment property and can not rent for the amount close to mortgage and HOA. I don’t earn much?

Editor — Mon, 29 Mar 2010 15:58:24 +0000

I am planning to put for SHOER Sale. Will that affect to my day to day life?

Now is a good time to buy rental property, right?

Editor — Mon, 29 Mar 2010 13:59:21 +0000

Heres my rationale.. The mortgage industry is taking a huge hit right now. Banks are starting to tighten up who they lend money to. Interest rates are raising. If people can’t get a loan or can’t afford there own house, they have to live somewhere!

So i’m thinking now is a good time to buy investment property with at least 2 units to rent out to. What do you all think?

Is there grant money available to buy/ rehab investment property? Do you always have to pay just to search?

Editor — Mon, 29 Mar 2010 07:58:57 +0000

If this isn’t possible are there other ways to obtain funding without getting hard money loans?
Please, no sarcasm. Thanks.
Just so that you will know, two of the three answers HAVE been sarcastic. If you cannot answer the questions, please feel free to move on to the next one. Mr. Steven, you have NO IDEA of what I am financially capable of doing, or even why I asked these questions.There is no need for insults.

Is it better to pay off a second mortgage, or use that money for a downpayment on an investment property?

Editor — Sun, 28 Mar 2010 23:58:58 +0000

I have some money saved up that could pay off my 2nd mortgage which is at 8.25% and has a payment of approx $250/month, or could be used as a down-payment on a condo that could be rented for maybe a $100 profit each month.

Financing needed for fixing up my investment property.?

Editor — Sun, 28 Mar 2010 23:58:57 +0000

Any suggestions who will lend $$$ for someone who has a 650 credit score? My property is located in Ogden UT, and has been a nightmare cause I’m in CA. Needless to say, I got screwed over by my realtor, contractor, and loan officer in the span of 6 months. And now facing other headaches with it. I’d be more than willing at this point to entertain any ideas, and especially a POSSIBILITY of partnership to see this through, and reap on the profits.
A lot is happening in the city of Ogden with fixing it up, and other major tourist attractions (I can explain later).
Hugh, it is mortgaged.

I found a sweet investment property out of the country for 200K Where can I get a loan to help finance this?

Editor — Sun, 28 Mar 2010 19:58:39 +0000

There really is no financing available in the country. The builder is offering financing but would require putting at least $60K on a step up plan down over the next 6 months then 9% interest payments on 50% of the purchasing price. I don’t have that kind of cash on hand.
The entire property amount is only 200K and I can put down 20%. Any thoughts would be great.

Thanks
winmar

How will my life really change if I go thru foreclosure on an investment property?

Editor — Sun, 28 Mar 2010 14:58:49 +0000

My husband and I will still have 6 investment properties and the house we live in. Our credit score right now is 744. We’re in our late 30s. We’ve never had any debt and have never had trouble getting a loan. So what will life be like after foreclosure?

What’s the best mortgage option for investment property that you’re going to hold for less than 10 years

Editor — Sun, 28 Mar 2010 07:58:56 +0000

I’m looking for a few answers in the investment property real estate realm….?

Editor — Sun, 28 Mar 2010 01:59:03 +0000

Ok,

I’ve been looking at some properties I am thinking about buying but I have a few questions. I have yet to contact the broker and ask him these specific questions because I wanted to come here first.

My 2 questions are:

1. What is cap rate? The property I am looking at has a “Cap Rate” of 11.01%. Is a higher or lower Cap Rate better? I’ve seen them vary from like 4% to 12% but I don’t know exactly what that means.

2. What is Annual Debt Service? I know this has more to do with the actual loan I will be needing for this property but what is it in relation to the grand scheme of things? How is it calculated?

Here is the property so see the details if necessary…

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=15400056&SearchID=336557013&SearchResultID=336557013&ResultCount=9&PageNumber=1&ItemIndex=3&PageSize=20&OptionType=Search&PgCxtGuid=18b1d233-04a1-4358-8a0d-197e98362bd3&PgCxtFLKey=&PgCxtCurFLKey=SavedPropertiesFS&PgCxtDir=Down