 Getting 1st Mortgage. What do I need to know and have to do? |
Im thinking of buying a small house I have seen for sale, I have an appointment to view it on Monday.
I dont want to be ripped off. I have about 5% deposit of the house value to put down. I ... |
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 Can I legitimately get money off my rent? |
| We just moved into a new house and when we did the place was filthy - walls dirty,carpets muddy, cobwebs everywhere. We were told it would be clean before we moved in. Also, when we viewed the ... |
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 Is a landlord supposed to provice heat? |
| The house I rent has gas heat and I moved in with the tank empty. I cant afford to fill the tank.Its just to much of an amount at one time.should he have to fill it then charge me? I live in O... |
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 Can I sell my rental home in Florida while my tenants still occupy the space?.? |
| We have a written lease for 12 months but I just can't afford to keep it up.... |
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 Does it ever make sense to rent out a place you own for less than the cost of the mortgage? |
| I own a new condo and the rent on my style of unit is going for about 1200/month and the mortgage with everything included is about 1600/month.... |
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 What can I do if a cop moves into my apartment? |
I live in a college styled apartments and one of our roommates is moving out. I recently found out that the new roommate moving in might be a police officer.
Not that I break the law often ... |
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 What are some possible negatives when buying a condo? |
| I'm looking at a brand new condo that's right across the street from where I rent. Beautiful, popular area, all appliances included, 1-year warranty. The mortgage would be less than what I ... |
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 What is a double bedroom? |
I'm reading this listing and it says it's a one-bedroom flat with double bedroom.
How many bedrooms are there??!... |
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 What is the correct way to do mortgage shopping? |
you cant apply for a bunch of mortgages and then compare because the app fees are a few hundred dollars
interest rates may be changing daily and may change based on whats in your ... |
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 Why has my friend been asked to pay £80 for a credit check to be able to rent a property? |
| He has been asked to pay a months rent up front and a months rent as a deposit which sounds fair enough. On top of this he has been asked to pay £80 for a credit check. Is this normal or even legal?... |
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 Roomates: What do you wish you had known? |
| My parents moved out of my house and they said it was ok for me to rent out the remaining two rooms. So im looking to make a survey for prospective roomates so that i have the best chance to "... |
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 Can my Landlord do this? |
| Im moving out of my rented flat the end of October. I gave him my 30days notice today which he was happy about. He did said however that he will have to start looking for new tenant's, which is ... |
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 Instead of going after the poor people trapped in ARMs, why doesn't the government go after the loan sharks? |
| They keep saying the sub-prime loan problem is due to people getting loans they couldn't afford. But the problem is the ARMs have been adjusting up by 2% a year. Who can afford a 12% mortgage? ... |
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 Was my father right or wrong?!? Pretty simple question lol? |
| Hey im 13 and in 8th grade and i have this to desire to be rich lol and happy, but really rich lol. My father said that if you purchase a condominium you can trade with other buyers in different ... |
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 I'm thnking that home mortgage rates will go as low as 5% and that home will probably decrease about 20 % in |
| most markets and that prices will remain in a valley for about 8 to 10 years ...... What's your forecast ????... |
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 How much do you think a seller will lower down the price of their home? |
I'm just searching homes. If they list a price, how much lower can they go down or that they might be willing to go down?
For examle:
I just want to know, because the ... |
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 If a rented property floods, is that just the landlords problem? |
| I've found a nice place to live but it floods (not too bad) a little each spring. If i rent it and it's damaged by floods, is that my problem or can i just move out and leave the landlord ... |
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 ARM or Fixed Mortgage? |
| Planning on buying a condo for 175,000 in Texas. First time buyer. I've done some research and know I can afford it, but dont know much about mortgages. I will probably be in the place for 10 ... |
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Sam | Is flipping houses generally a good business to get into if the market is right? |
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pinkluxe
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It can be, but it requires a lot of knowledge in order to be good at it. You have to know what type of market you are in. Even if you hear the market is good where you are, it may not be good in the way you would think. Some markets are consistently rising every year, but only 2%-4%, which means for investors, you have to sit on the property for a few years to really see a good profit. Most rent them out in the mean time, then sell when values have gone up substancially.
Then there are markets that are increasing an insane amount every year, but beware of those markets, because they can decline faster than you can blink an eye. But if you buy at the right time, right price and get the home back on the market quickly, you can make a killing instantly in these markets. There aren't many out there like this right now though.
You really need to know a Realtor that is well versed in investment properties. They will be able to help you out A LOT. Another big thing about investment properties is knowing what need to be fixed and how much it's going to costs, what repairs and upgrades make you money and what ones would be pointless to do. Finding an inspector and a contractor is crucial. And again, the realtor will be able to advise you on some of this too. You will also need to get an appraisal, whether it is required or not. Get one for the state it's in and see if you can get an estimate of what it would sell for after fixed up.
All in all, in most areas of the nation, you really won't find a $20k flipper right now. You will most likely have to buy, fix the home as cheap as you can, rent it out and wait for the values to appreciate, then get it market ready. Just know that it requires a lot of money and time. Good luck if you decide to do it! |
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Julie N
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probably not. you can never gaurantee that a house is going to sell. if you have money to spend, it might be a fun hobby, but i wouldn't get into it thinking you're going to make money. |
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Thelizardking
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Usually, but you can loose your a** in it too, if it takes longer, or have a hard time selling the house, espically after 6 months then usually it must be put in a standard loan, meaning 15-30 year mortgage |
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rolandbuckles
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If the market is right? Most flippers have created there own market. They have construction crews standing by, and have enough money in the bank to finance there flip. As for the taxes. If it is an investment property, you can defer the taxes with a 1031 company. Check with a tax lawyer, or tax consultant on all the In's and outs of a 1031 deferral. |
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INACTIVE
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I can tell you that right now is not the right time but the answer to your question really is best answered by your risk factor. Know your competition. There are alot of home foreclosures out there and many of them are those people who thought they could make a fortune flipping houses. Is that the cycle you want to get on??? |
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William S
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The difficulty is in knowing when the market is right.
A lot of people have gone broke trying to make a quick buck flipping houses. |
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pyelder
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right market? if the market is too "hot", the property may be overvalued. if the market is too "cold", you might get stuck holding the property too long or selling under cost.
Whatever you do, make sure you find an "undervalued" property and also get information on how long properties are remaining unsold. |
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camorningsurfer
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i believe it is if the market is right, you don't use a realtor and you carefully choose the house. watch out for capital gains. best to hold until your past that point. get tax and investment advice before jumping. |
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John K
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yes |
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JSB
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Hummmm... Sounds familiar. I think I answered this same question, before.
How much money do you have, RIGHT NOW, to invest?
Did you talk to a Realtor?
How about a contractor?
Do you have skills? Remodeling. electrical, plumbing,....?
What will the mortgage payment be, while you are waiting for the house to sell? Taxes?
How long can you afford to pay the mortgage, if the house doesn't sell right away?
You won't get rich quick! |
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gone fishing!
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I've heard of tipping cows, but not flipping houses,how tall are you? lol! |
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