 Is it always advisable to take out a mortgage when buying investment property or not? |
| When buying land as an investment property, is it advisable to buy it cash if one can afford to or is it alway better to get a mortgage?... |
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 Is buying homes for back taxes a good idea, do you have to be a "handyman" to be able to make $ doing it? |
| i mean buying ones cheap for back taxes that are older, and fixing them up yourself, or hiring someone to do that? is that a good way to make money?... |
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 What do I need to to before I even look at purchasing a house? |
I know a fixed rate mortgage is better than a variable (9 times out of 10).
I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I ... |
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 Can I be evicted when I am not on the lease..? |
| I moved in with a guy, who is not on the lease. His boss' name is on the lease, and now he's been fired. We're late a couple days, and the landlord is threatening to change the locks. D... |
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 Is there any way to get a house from a seller that has already accepted a bid from another buyer? |
| We were in negotiations to buy a house and the sellers received another offer. They asked for a "highest and best" offer, and we were outbid. Yet, we still want the house and are wondering ... |
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 What Happens If I Sneak In My Dog? |
| If I rent a unit that doesn't allow pets but sneak in my dog what happens if they find out?... |
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 What are some sure signs of being in a predominantly upper middle class neighbourhood? |
| Note: Upper middle class usually implies people who hold a high level profession (eg. surgeon, Judge, university lecturer), or a job in upper management (company vice presidents, senior investment ... |
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 When do you do a home inspection? |
| I just want to know at what point do you do a home inspection when buying a home? We are currently in the process and I need to know when's a good time to have one.... |
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| I live in CA, and my landlord has withheld my deposit for two months when he's supposed to return it within 21 days. I have cleaned my apartment, gave him 30 day notice and forwarding address ... |
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 Military couple trying to break lease!? |
| I was trying to figure out how my husband and i can break our apartments lease in California. We moved into this apartment complex in April 4, 2008, when he got out of the navy. First of all we did ... |
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 Can you buy a house filled with mold? |
| and does the city, state, or government do anything to prevent a house from being sold or rented if it has mold?... |
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 Is there such a thing as a real estate company that will buy your house if they don't sell it for you? |
| Someone told me this type of company does this so I was just wondering.My real estate man didn't mention this service to me when I signed up with him.My 6 months will be up in Nov,so far lots of ... |
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 Do you think that mortgage rates will drop in the next 30 days? I know it's not a sure thing, but I'm curious. |
| We're planning to refinance our 7-year ARM (5.125%, expires 12/2011) and 7.9% 2nd mortgage. Right now, we can get it at 6.25% in one mortgage, but we were hoping for a 6.125 or 6% mortgage (... |
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 What is the best way to get about $30,000 for a down payment for a home? |
Additional Details
OK people,
I live in South Carolina and make $45,000 a year. I could save about $2,000 a year with no problem and can afford a $1,000 a month payment for a ... |
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 What are the pros and cons about living in a mobil home? |
| What is it like? Is it as bad as the TV says it is? I saw the inside of one today and I thought they were pretty nice. So why don't they give positive advertisements? Please any info is great! T... |
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 I think the goverment should be held responsible for all the people who took on? |
| morgages at extortionate rates in the past 10 years the British Goverment should be made to pay these families that can no longer afford to stay in their homes and for allowing Developers to charge ... |
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 Is it possible to give your house to the bank without being foreclosed on? |
| The reason I ask is that I purchased a home in Aug of 07' and now I've found a place that would much better suit me that is about 10k less than the place I own now. Do you think the bank ... |
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 My husband and I are planning to buy a house with my mother in law as a cosigner.? |
| my husband and i are planning to buy a house.the primary applicant is my husband and my mother in law as a cosigner as me n my husband both have bad credits.how would this affect our application and ... |
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 Counsel house problem. Can i live there after my father dies? |
| My father is ill and i don't think he will live 6 months, I have decided it is best if i moved in with him. That will mean giving my counsel house up and moving me, my husband and son into my ... |
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mark t | RENTING or BUYING? |
which would be my best choice? I have 35k saved up and I am either going to buy a house/townhouse/dueplex and rent it out, or I am going to buy a house that is a fixer upper and resale.
I have done my reseach for 3 years now while saving up and am almost to the point of purchase. I understand the pros and cons of both options and the risk with both options. I am just looking for some insight from people that have done one or both and can give their honest opinions
Additional Details
ok, if this makes it any easier to answer, i already have a house that I am living in so I am set.
From what i've gathered so far, correct me if im wrong... the market sucks right now for selling, so buy, and fix right now, while renting and then sell when the market gets better? so the answer would be to do both? |
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finlyngrace
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In the current market resale is nearly not an option. Due to the rising rates and flat lined equity people aren't really in the mood to buy and/or sell. However everyone needs a place to live and rentals are a great way to do so. I make a lot of money but have the credit of a radish so I can't get a loan. I have a great home that I pay $1800 a month for. Yes, I would rather put that money towards a mortgage but it isn't happening right now. My parents have a home they bought 2 years ago, put 100,000 into it and can't sell it for 100,000 over what they bought it for. Not only did they put that much money into it but my father was the contractor so that amount doesn't include any labor fees. It's still for sale and no leads on it. The other great thing about having a rental is that you can buy something that isn't the best of shape, rent it out for a while then if you do decide to fix it up and sell it later you have the option. You don't put a lot of money into rentals because odds are that it will have to be replaced, cleaned or ripped out. Most renters don't have the respect for someone else's home that they would if it were theirs. (Parent's also have several rental properties so I've seen it all!) Buy a fixer in decent condition, rent it out while saving money, kick them out in a few years, do the renovation, sell when the market is better!
EDIT: Living in the home while you are renovating (or for at least 2 years) gets you out of paying capitol gains tax when you do sell! |
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marth
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my dad has done this many times, a renter will most likely trash the house, give you late rent, and leave you to fix the house up all over again (painting, new carpet, etc...), you should sell it then you have all the money and its over with |
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John B
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id buy, then renovate (this might take up to 3 years) and when its finished, sell it then buy another house and do the same thing. but only do that if you can stand living in an ugly house and working hard |
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the d
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get a duplex or a house.
don't get a condo or townhouse. Harder to sell |
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'n c
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have experienced both through my parents, and marth is right about renters completely %100. so I think the best one is buying fixer uppers and doing that. thats somthing you do one time, not everytime sombody mucks up their contact and leaves all the stuff they don't want in the apartment....
BUT, with the way the economy is now- you might want to think and be sure you know what you're doing. |
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MM C
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You have $35K to buy a fixer upper. Do you have another $100K of fixing cost? Fixing a house is very costly depend on its condition. I mean you might not just update the kitchen and bathroom, you might have to put a new roof, plumbing, termites, etc. Most of the fixer upper come with those problems. Plus the house price is declining, even after you flip the house you will still have hard time to find a buyer.
Why don't buy a nice rental and rent it out? As long as the rent income enough to cover the mortgage payment and tax, you're in good hand. Let the tenants pay off your loan and earn equity in a long run. I think most of the ppl have problems with rental because they don't know how to recruit tenants and control them. Some slumlords only milk the money from the rental but not take good care of it or not even sign a lease with the tenants. The lease is a way to protect your rights as a landlord. |
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Angela B
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The problem with renting right now is that a few years ago, a bunch on investors bought houses, with the same idea; buy and rent. Well, the market crapped out and now there are TONS of investors that paid too much for their houses, can't sell them, and have rented them dirt cheap. So all in all, this really isn't a good option right now. I would recommend to purchase a house, take your time fixing it up, live in it while you're doing the renovations and once the market comes back, sell it off.
My husband and I have 3 houses. 2 of them we got dirt cheap and rented out right before the market crashed. Thankfully, we have good renters and contracts. There's no way we would buy anything to rent right now though. |
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mustangman
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I would buy a house and resale, then with the profit buy one or two more and keep doing the same. If they don't sell fast then you can rent them. Find something close to good schools and established neighborhood that are desirable and buy right and you will do well.
Good luck. |
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HeyJoe12
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Yes, it is a very hard choice to make. BUT if you have a family, you have to ask yourself what will be better for them. If your alone you have to ask yourself the same thing. -Sry but i dont know TOO much about this but i hope i helped lol.-GOOD LUCK |
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TL
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The market kida sucks right now for sellers, so a good house is going for less than half of it's original value years ago. Some markets are better for buyers than others. A house requires constant effort on your part to keep it up and running. A house is always a good asset, though, so if you can buy property it's usually a solid long term investment and you can build equity and credit.
Renting is easy. That's really the only pro is that you have no responsibility to take care of anything. You just eat and sleep. I'm a single father, so dealing with a house drains all my free time. For me, the convience of renting is worth it. |
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Mz.DominicanRep
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i think rending is better, cus even tought it doesnt belong to you, its better cus it will be less expensive (im talking about the duplex).
but when you want to buy a house it should be your own...so YOU SHOULD ONLY BUY HOUSES IN MY OPINION.
im comfusing myself a little cus im not sure if i answered this well.
oh, well.
anyways take care |
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