 I want to buy a house, but cannot afford the down payment? |
| my boyfriend said he will lend it to me on the condition we get married. It sounds good, and he seems to be a good man...but it seems a bit weird. Thoughts?... |
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 Why is it so difficult to sell a pool home near the beach in Fla.? |
| 3 bd. House with a pool and close to theme parks and shopping.... |
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 What is the best way for a first time buyer with a regular job, to get on the property ladder? |
| It seems to be out of reach for most young people nowadays. Most houses around the areas I live are over £90,000! If I'm earning £14,000, with student debts hanging over my head am I ever ... |
|
 How many of you live in an apartment and have a pet? |
| now, how many of your land lords don't know (u didn't pay for the pet deposit)? not looking for a debate....i'm just curious...... |
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 Renter didn't pay rent last month~no lease~moved out...? |
| We (actually my husband) rented out a house for a "friend of a friend". He and his 2 teenagers needed somewhere to live. Rented him the house starting last october, $350/month, with no ... |
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 Does my half-brother have any rights to our deceased father's estate and assets? |
| Does my half-brother, who is not and was never a US Citizen, have any rights to our deceased father's estate and assets? My father was and i am a US Citizen, both of us being residents of C... |
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 If you were a married college kid, would you buy or rent? |
| My fiance makes $450 a week, I make $13 a hour, we're moving when we get married, and we don't know whether to buy a house or rent an apartment. With the market as low as it is, we think we ... |
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 Can i get a bank loan if i have a lot of credit cards with high balances? |
| i'm moving out of my parents house for the first time in 25 years to a place closer to work on feb. 1st and i am wondering if i will need to take a loan out to pay first months rent. i have 5 or ... |
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 Do they let us keep pets if our house is being foreclosed? |
Well our house is soon to be foreclosed. So, I was just wondering if they'll let us keep our pets.
I don't want to leave my 3 cats behind. Nor do I want to give them to a ... |
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 Can the seller back out of the house contract due to the insurance contingency? |
| When we wrote the contract to buy the house, our agent put a clause in there saying that if there were more than $1000 of damages found on the house by inspection, then the seller would pay for it. W... |
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 Can I pay more on my mortgage? |
| Can I pay more than what the bank asks for on my mortgage? For example the banks said my dues were $1500. Can I pay like 2000 when I have more money or is that illegal on a fixed rate loan.... |
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 Can you put a conditional offer that is dependent on the sell of your current home?? |
| We currently own our own home and we have decided to sell it after we found a different home in a better school district and twice the size. Is it possible to put an offer on the home we want that is ... |
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 I was recently denied mortgage by a company my buyers agent recommended? |
| my closing is supposed to be in 2 weeks. according to the loan officer it was denied because i paid my rent late 5 times in 4 yrs. my credit score is not that great but i make over 90,000. I really ... |
|
 Ok...Hopefully,last question...? |
| They said we got the house,but they are meeting tomorrow to sign papers. Why aren't I included? Even if I am not a co-signer,I am his (buyer's) wife, so when my name goes on the title,when ... |
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Dominika | Should we rent or sell our home when we buy a new bigger home.? |
We have grown out of our home and need a bigger house. Someone suggested that we refinance our current home with a traditional loan (we would not need to purchase insurance b/c of the equity in our home would equal 20% down or more) Our new home will be bouth with 0% down with my husbands VA Loan. (which doesn't require insurance) Our home is in a perfect location for a rental. |
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bmwdriver11
 |
Well, there are a couple of problems with what you say. The first is that you will qualify for a smaller mortgage if you keep the old house. You just have mroe of a debt load, whether its rented or not, so it makes you qualify for less. Second, VA loans arent that great. You dont pay PMI and they let you go 0% down, but then you pay their insurance, and you have a higher rate because of it being VA with a 0%. So getting a downpayment out of your old place could save you a lot of money. The thing about the refinance is only partially true as well. You could not refinance with your current lender, unless you have hit the 20% by money you have paid into the house. They do NOT count appreciation of the property towards that 20%. Now if you refinance with another lender, then they might take appreciation into consideration, but you still get stuck paying all of the closing costs, appraisal, etc, which will eat up more $$. Plus, if you got the house in the last few years, the odds are that you will be refinancing into a much higher interest rate, and that the additional interest you pay could be more than the PMI that you pay.
That being said, its hard to tell. If you arent looking for a huge mortgage on the next place, you might still qualify for a high enough mortage to buy the next one. And if you are able to command a rent that is way over what you pay on your old mortgage, and if there is decent appreciation in property values where you live, then it might be worthwhile. But for a lot of people it also may not be. |
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westsida
 |
It depends on what you're willing to deal with. If you sell your house, then you can use the money for a down payment on your newer house. But, if you rent your house, you will own two properties, one being an income property.
Just be careful that you don't rent to some loser who decides to trash your house and not pay the rent. |
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a_j_vasquez
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If you and your husband work full time and don't have the time to take care of all the problems the house will have with the new renters, charge a little less rent and have them agree to fixing anything that will cause problems. You'll probably end up buying new stuff in the long run if there isn't any remedy to them, but renting is a big hassle, on the other hand the rent $ is also good. |
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misydoll
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Renting would be wise as long as you charge high enough rent to pay your bills on that house. If you sell the house it at least takes it out of your hair. |
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sandislandtim
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Depends...do you have the time and patience to find good renters, do repairs, collect rent, and put up with the thousand and one problems you might have with renting? If not, then sell. |
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mrknositall
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Renters do not care about your house. They will destroy it. |
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jercha
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Rent it for less than 3 years then sell it. You get all the revenue tax free as long as you lived in your old house for at least 2 years |
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Jamie
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Keep in mind that there will be times when the house is vacant and you don't have that rent money coming in. You will have to cover the mortgage on the house and the mortgage on the house you are living in at the same time. Plus the repairs and maintenance that you will be obligated to do because you are the landlord. It's not a guaranteed money maker. |
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sylviaernst
 |
It also depends on where your house is and what it's value is and how much rent you get.
For example if you house is in CA then and it may have a value of $ 700,000 (medium house) but you can get only 2,000 per months, 24,000 per year. Take all the costs off and you stay perhaps with 18,000 income. Let's not consider taxes but this is a lousy return of 2.5%.
So only if the house is ina location where you expect really good appreciation for real estate it makes sense.
Howeve - if your house has a value of $ 250,000 and you can rent it for $ 1,300 then that's 6.2 % return.
Again - not talking about taxes and other costs yet.
In addition renting a house out is a lot of hassle and you need luck to find good renters. You have to calculate investments in, like a new washer here or new carpets there.
So - unless you expect some major appreciation for your real estate I don't see a good reason to keep it. |
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Pepe
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you guys should definitely rent it , its an 8-10% earnest money in a year |
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