 Is it possible to buy a $250K apartment with only $15K down payment? |
I make 85K a year and i want to purchase a rental property for cash flow. Thanks!
Additional Details
I'm not buying in the state that I live in. And that x2 salary myth is a load ... |
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 How do you find out how much houses have been selling for in a neighborhood? |
| All the advice I've seen about home buying says to find out how much houses in a given neighborhood have been selling for, so you will know how much to offer a seller. Any ideas where I can ... |
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 Can a Landlord enter your house without contacting you? |
| How much of a notice does a landlord have to give? Scenario: He called my phone 3 times and my voice mail box is full. I pull up and see him trying to get in. My girlfriend is also on the lease and ... |
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 My landlord still wants rent, but he lost the house to the bank! Help!? |
We just signed a month-to-month rental agreement on a house in April, and paid first month and deposit.
In July, we received a notice that the house was going to be up for auction due to ... |
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 If I buy a home that is constructed in 2008, Do I have to pay property taxes on it in 2008? |
| I remember when I was talking to a realtor about a new home, she mentioned something about only having to pay property taxes on the land for the first year since it's new construction. Is this ... |
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 Does anyone have any tips for a first-time home buyer? |
| Any tips or suggestions you may have would be appreciated.... |
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 For closure after 10 days late on my first payment? |
| I have two loans for my house one is a big lump some and the other is 20,000. Well i am behind 10 days on paying my first payment on the smaller loan and the loan is through an indiviaul not through ... |
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 My home loan has been sitting in underwriting since 8/13. I feel like the longer it sits there, the more the? |
| chances are of being denied. If it was a "go", then we would have heard by now. Right? I think that if we have to wait this long, it's because they're deliberating whether or not ... |
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 Can I use my deposit as my last month's rent? |
| Our lease is up end of the month. We have bought a home and will be moving in throughout next month. Can I use my deposit as my last month's rent? What are my rights, and what can a landlord ... |
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 Is the landlord responsible for bringing our wood stove up to code? |
| We asked our land lord to have our chimney swept and when they came out to do it they said it was not up to code and he refused to sweep it. We rely on our stove for heat in the winter, as a much ... |
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 When someone likes a house, how long does it take to make an offer? |
| My brother had an open house yesterday and one person seems so very interested and even the agent thought he would get an offer today, but he's worried he has not heard anything. He has a new ... |
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 Any LANDLORDS out there. i need advice ???? |
| i am a new landlord looking to rent out an apartment. i am looking for tenants. what is the best way to advertise? how have you been able to find tenants. also, are there any good websites to ... |
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 What are the best areas to move to if im looking for a home under $75000 but in an appreciating area? |
| I am currently in central NC and cant afford housing in this area, what would be a closer place i could move with affordable housing $50-$70,000 in an appreciaing area with good job growth??... |
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 I want to buy a new home before I sell my old home. how? |
| I know the housing market is bad. Houses in my area aren't selling. Prices are going lower. I've found my perfect home and I want to buy it. I think I should be able to just pay ... |
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 Is it against the law to rent a house or apartment to an illegal alien in USA? |
| I see more and more illegal aliens living in apartments near my house in Sullivan County, NY. Sometimes, they come to ask if I want to rent an apartment on top of my garage that I have for guests. T... |
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 What is the real reason people are not paying their mortgages? Why such an increase in delinquency & forclose? |
| Is it because people were not making enough money at the time of purchase to make future payments on the mortgage when rates adjust up? In essence expecting to make more money in the future to be ... |
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 Put extra money on the mortgage or into uprgrades in the house? |
| We have a good chunk of money in a savings account and may need to sell our house within a year. What will get a better return on our money? Putting the money down on the principle of the mortgage ... |
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 Do buyers have to pay their realtor a commission or only the seller? |
| We are working with a realtor right now who has been showing us alot of houses. When we buy the house, do we have to pay him anything, or is he getting paid from the seller?... |
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tim l | Did people who bought homes with mortgages they couldn't afford are to blame or is it the banks fault? |
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James M
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I think both are to blame, but the banks less so. They are out to make as much profit as possible, so they will try to lend as much as they possibly can. We each have a responsibility to manage our own finances and shouldn't live beyond our means. People with 100% or 125% mortgages are asking for trouble as we all knew that the housing market could crash at any time. |
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Sal*UK
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Think Whiskey has it right
The banks are to blame for offering huge mortgages
The mortgagees are also to blame for taking them on! |
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Whisky Solves Everything
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Both parties are to blame. This problem can be solved in three ways;
1. Better educate the general public on finances
2. Control interest rates / Regulate banks
3. Offer better programs for home ownership |
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godged
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There is plenty of blame to pass around. But to me, these are/were the big problems:
One, our government, for not having the foresight to regulate the lending industry until the cows were out of the barn.
Two, the lenders driven by greed, to get people that clearly did not qualify into a home they had no hope of affording.
Three, the people that wanted the big house with a picket fence, that did not do the research on their mortgage, just signed and grabbed the keys.
Four, the people that use(d) their house as a giant ATM, taking out the equity to buy the toys or pay off their run up credit card balances. |
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Cathi D
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I sit on the fence with this one! First I see it as the mortage company "ALLOWING" people to get into homes there was no way that they could afford. No documentation 80% loan with a 20% loan sitting on top!
Then I see it....what were these people thinking! Champagne tastes on a beer budget! The insatiable need for THINGS! Hey look what I got......I guess it doesn't make sense to some people when they open their bank statement and see their money in the bank there pride for all their hard work! But wait....not everyone can see their bank statement so what good is that? The need for us Americans to accumulate THINGS it outrageous!
I would say 75% Banking/Mortgage fault because of greed and 25% consumers fault because of ignorance and stupidity! |
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Mixmaster D
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What the banks did could be considered morally / ethically wrong, however that doesn't mean it was illegal. People are ultimately accountable for knowing their own financial situation & if you're a sucker for a sales pitch, unfortunately you can't blame anyone else..... including the seller. |
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WelshLad
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Both
For the buyers - first time buyers wanted the new built "dream homes". |
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Lily B Talus
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both...everyone was told that people who rent were scum, so everyone bought |
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MonaLisa
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Banks fault.
The people couldn't get the loans without them giving them to them. After all they didn't "stick them up".
If you put a kid in the candy shop, what are they going to do.?
Additional. Remember when they received the mortgages, the interest was at a low where they could afford the payments. The the "Devil" was in the details. The buyers, nor the overseers giving the funds knew that it would blow up so bad. They the overseers were not thinking ahead and they didn't know that the head man in charge (no names mention, let's move on in curing wounds).....was a jerk. and working overtime in taking care of his and his buddies like "Brownie".
So there you are. My personal educated opinion. |
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Gem
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Both and neither.
The true problem in banking is the fact the bad mortgages were sold as investments all over the world.
But, none of these are the real reasons for our quick descent into hell.
The problem is GOOD JOBS for the MASSES.
We have off shored & imported our jobs and now that finance & housing has crashed there is nothing left for 50% of our citizens to do to make a good living.
Until we start addressing the loss of small business employers and jobs, this is just going to continue snowballing.
The experts & the government will never understand such a simple thing.
Jobs create customers and customers support business that creates jobs.
Good luck to us all. |
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cor blimey
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its the bank at fault really the reason is they try their level best to get us into debt with either loans or mortgages that basic greed is the reason why they lend it to you at extortionate rates like 18% for overdrafts and up to 15% on loans and up to 12.9% on mortgages
that basic greed to get the interest on people who don't want to rent and get on the property ladder as renting is always not your home its always a tenancy agreement most of which are short hold and only last six months at a time and with no guarantee of renewal so in a sense renting is dead money
but to get a mortgage on a low salary is flipping impossible or they only lend enough for a crappy flat in that case you may as well just rent
its a complete farce
the banks hold the monopoly on mortgages and say who can and cant have a house
its a joke
and the price of houses are ridiculous so the bank says you can have this mortgage knowing all your income and put you on the absolute bread line and if your circumstances change you will never be able to afford repayments the insurance only covers so many months of repayments after that your stuffed
the government made it more accessible and attractive to own your own home and the banks over capitalise on poor families in vulnerable positions and then reposes your home far to quickly there is no rest bite for the poorer working class home own home who wants to climb up the ladder in status so i would say the banks greed is to blame
as they had the power to advise a better more affordable way to own a home |
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