How can I get a list of mortgage and tax delinquent properties in cook county illinois?
Read more: How to get a list of mortgage and tax delinquent properties in cook county illinois?
Sunday, June 22, 2014
Buying owner occupied. Already have 3 investment properties. Loan options?
Hello
I am seeking to buy an owner occupied home. I already have 3 properties. Have to relocate due to job. And I am wondering what I can possibly qualify for.
My main confusion is this 75% rule. 75% of rent can count as income. So how is it
being caluclated? Is it:
1) 0.75xrents-mortgages = X If X<0 then it is being added to liabilities/payments. If X>0 then X added to income Then possible loan is calculated.
or
2) Rents are added to income. All mortgages are added as liabilities. And then everything is calculated.
Those are different scenarios and very different results.
I would also appreciate your insight on my current situation.
I have 3 properties.
1) 300K value. 50% equity. Purchased 3.5 years ago. 1000 a month (everything) Primary residence but can rent out for 1500.
2) 300K Value 50% equity. 1100 a month (everything) purchased 2 years ago. Renting out for 1500
3) 300K value 25% equity. 1300 a month (everything) purchased 8 months ago. Renting out for 1500.
My income is 100K. So I have about 3400$ in mortgages/taxes/insurances and 4500$ income. (3000$ now and 4500$ once rent out my primary residence)
No loans. CC and auto paid off.
Questions:
1) What approximately I can qualify for. Lets say scenarios with 50, 100 or 150K cash on hand.
2) Am I eligible for FHA loan? Previous all were conventional. (Owner occupied + 2 investments)
3) Should I rent out my primary home and move first to make it fully rental and then apply for a primary residence home.
Read more: Buying owner occupied. Already have 3 investment properties. Loan options?
I am seeking to buy an owner occupied home. I already have 3 properties. Have to relocate due to job. And I am wondering what I can possibly qualify for.
My main confusion is this 75% rule. 75% of rent can count as income. So how is it
being caluclated? Is it:
1) 0.75xrents-mortgages = X If X<0 then it is being added to liabilities/payments. If X>0 then X added to income Then possible loan is calculated.
or
2) Rents are added to income. All mortgages are added as liabilities. And then everything is calculated.
Those are different scenarios and very different results.
I would also appreciate your insight on my current situation.
I have 3 properties.
1) 300K value. 50% equity. Purchased 3.5 years ago. 1000 a month (everything) Primary residence but can rent out for 1500.
2) 300K Value 50% equity. 1100 a month (everything) purchased 2 years ago. Renting out for 1500
3) 300K value 25% equity. 1300 a month (everything) purchased 8 months ago. Renting out for 1500.
My income is 100K. So I have about 3400$ in mortgages/taxes/insurances and 4500$ income. (3000$ now and 4500$ once rent out my primary residence)
No loans. CC and auto paid off.
Questions:
1) What approximately I can qualify for. Lets say scenarios with 50, 100 or 150K cash on hand.
2) Am I eligible for FHA loan? Previous all were conventional. (Owner occupied + 2 investments)
3) Should I rent out my primary home and move first to make it fully rental and then apply for a primary residence home.
Read more: Buying owner occupied. Already have 3 investment properties. Loan options?
What happens if i do not pay parking ticket in private parking?
I live in a 2 storey block in the Berkshire, Most people in the block live with benefits and there are just couple of working class flats with mortgages and I am one of them. As I have 2 cars I parked one in my own designated area and one in other were my neighbour do not have a car. Now I am sent a fine ticket of £100. As been told CPM ( uk car park management) is managing this area with CCTV. I pay for my neighbour for renting his parking space what do i do. Whats the best option do i speak to council?
Read more: What happens if i do not pay parking ticket in private parking?
Read more: What happens if i do not pay parking ticket in private parking?
How to get over my divided self?
I’m being ripped apart by the dichotomy of my brain. The left and right hemispheres, the duality of humanity.
Everything comes in twos â€" Good / Evil, Happy / Sad, Left / Right, Past / Future, etc.
My upbringing tells me I can only be successful with a good job and a family and loving wife and mortgage, but my real self tells me I don’t actually want that. But inside my raging brain-sac both fight for truth.
I don’t want a safe career and a woman cooking me dinner when I get home with my umbrella and top hat, kiss the kids, wash my hands, sit down to dinner 50’s style. But neither am I happy drinking myself to death and being single. I feel the answer is to go abroad to teach English in some remote South American village in the secret hope I get kidnapped by Coke gangs and suddenly the responsibility is out of my hands. There’s an equal part of me that wants to have a wife and kids and commit even though I know deep down it will send me slowly, surely, quietly, insane.
Moreover it’s the indecision to jump one way or the other that’s really slowly killing me. I can’t take a stand. I can’t commit and live. So I remain in this alcoholic half life of dreamy remembering of the past and fake hope in the future.
Help.
Read more: How to get over my divided self?
Everything comes in twos â€" Good / Evil, Happy / Sad, Left / Right, Past / Future, etc.
My upbringing tells me I can only be successful with a good job and a family and loving wife and mortgage, but my real self tells me I don’t actually want that. But inside my raging brain-sac both fight for truth.
I don’t want a safe career and a woman cooking me dinner when I get home with my umbrella and top hat, kiss the kids, wash my hands, sit down to dinner 50’s style. But neither am I happy drinking myself to death and being single. I feel the answer is to go abroad to teach English in some remote South American village in the secret hope I get kidnapped by Coke gangs and suddenly the responsibility is out of my hands. There’s an equal part of me that wants to have a wife and kids and commit even though I know deep down it will send me slowly, surely, quietly, insane.
Moreover it’s the indecision to jump one way or the other that’s really slowly killing me. I can’t take a stand. I can’t commit and live. So I remain in this alcoholic half life of dreamy remembering of the past and fake hope in the future.
Help.
Read more: How to get over my divided self?
Saturday, June 21, 2014
Do Banks and Mortgage Brokers use Zillow and Trulia for information?
When considering an application for a real estate loan, do they use the information they find on Trulia, and Zillow?
Read more: Do Banks and Mortgage Brokers use Zillow and Trulia for information?
Read more: Do Banks and Mortgage Brokers use Zillow and Trulia for information?
Would this idea work, or would it be destined to lose money?
Imagine you had enough money to buy a house - outright, no mortgage. You paid $150,000 for it; its 2 bedrooms, 1 bathroom, 1 kitchen, 1 living room, small yard, driveway, nice location, good neighborhood It needs either no repair work at all, or maybe just one type of repair work (like new flooring or maybe fitting a new bathroom etc. Your budget maximum for repairs is $40,000). You get that fixed, repaint the walls a good color theme, then go out to places like Pottery Barn/IKEA and buy nice furniture and décor. Spend some time on yard work - mow the lawn, clean the pathways, plant some flowers etc.
By the time you finished working on it, it’s a cute house; fully furnished and with no faults or problems. You then rent it out consistently for 3 years at $1200 per month, and then put it on the market to be sold at $200,000 ($15,000 more or $15,000 less, depending the current housing market figures at the time of sale).
Is that a viable idea? Like what are the things that could go wrong? Is there a good chance you make a profit if you ran with a specific plan/budget, or is it doomed from the beginning?
Added (1). Wow, thanks for answering =) I just finished working/interning a property job and yet you brought up points and ideas I didn’t even think of
Re: furniture â€" what if you bought simple neutral items, didn’t spend too much, and also gave the option of taking it out/partially taking it out? Also, what if the target market was young, like if the neighborhood was mainly inhabited by people under 35? My housemate and I fit that demographic and we rented furnished since we had no furniture of our own
Added (2). "When they finally leave they take the furniture and appliances and bust holes in the walls" -
Can’t background checks/character references take out that possibility? Like criminal record checks, proof of last address, letter from employer etc?
Read more: Would this idea work, or would it be destined to lose money?
By the time you finished working on it, it’s a cute house; fully furnished and with no faults or problems. You then rent it out consistently for 3 years at $1200 per month, and then put it on the market to be sold at $200,000 ($15,000 more or $15,000 less, depending the current housing market figures at the time of sale).
Is that a viable idea? Like what are the things that could go wrong? Is there a good chance you make a profit if you ran with a specific plan/budget, or is it doomed from the beginning?
Added (1). Wow, thanks for answering =) I just finished working/interning a property job and yet you brought up points and ideas I didn’t even think of
Re: furniture â€" what if you bought simple neutral items, didn’t spend too much, and also gave the option of taking it out/partially taking it out? Also, what if the target market was young, like if the neighborhood was mainly inhabited by people under 35? My housemate and I fit that demographic and we rented furnished since we had no furniture of our own
Added (2). "When they finally leave they take the furniture and appliances and bust holes in the walls" -
Can’t background checks/character references take out that possibility? Like criminal record checks, proof of last address, letter from employer etc?
Read more: Would this idea work, or would it be destined to lose money?
Pay for school using a no-interest credit card?
I want to go to graduate school part-time, so that I can continue to work at my full-time job.
The program I would like to do will not give you a payment plan and the price per credit is fairly expensive (~$1000/credit; so one class is ~$3000).
Would it be a bad idea to open a no-interest credit card, pay for the class using that, and then pay it off through the semester?
To be clear: I am not *transferring* any student loan debt to a credit card.
Background: I have 0 debt - no mortgage, no car payment, no undergrad student loans left. I don't pay rent, utilities, etc. So the money I make at my job all goes to savings and every day living expenses like food and gas.
Read more: Pay for school using a no-interest credit card?
The program I would like to do will not give you a payment plan and the price per credit is fairly expensive (~$1000/credit; so one class is ~$3000).
Would it be a bad idea to open a no-interest credit card, pay for the class using that, and then pay it off through the semester?
To be clear: I am not *transferring* any student loan debt to a credit card.
Background: I have 0 debt - no mortgage, no car payment, no undergrad student loans left. I don't pay rent, utilities, etc. So the money I make at my job all goes to savings and every day living expenses like food and gas.
Read more: Pay for school using a no-interest credit card?
How long will it take for me to have a credit history fit for a mortgage?
I just started building my credit (via a credit card) in January so I definitely don't expect to be able to do it anytime soon.
My credit score is in the 720-800 range. I plan on getting 2 more credit cards separated by 6 months each.
I would be able to make a 30% downpayment.
The house price range would be 50k-100k.
With my current income and credit score I do qualify, but my file is most likely too thin so that's my big problem.
Read more: How long will it take for me to have a credit history fit for a mortgage?
My credit score is in the 720-800 range. I plan on getting 2 more credit cards separated by 6 months each.
I would be able to make a 30% downpayment.
The house price range would be 50k-100k.
With my current income and credit score I do qualify, but my file is most likely too thin so that's my big problem.
Read more: How long will it take for me to have a credit history fit for a mortgage?
Can my estranged spouse be charged with abandonment? Or can I file that in court?
My husband walked out on my children and I 8 months ago. I was a stay at home mom for 7 years with no income. Together for 10, living together 9, married for 6. He owes me $840 in child support per month. He stopped paying the bills and now only gives me $300 a month to feed and clothe our children. He keeps the remainder of the $840 and pays the mortgage. We have nothing. And live in a small town with barely any jobs. I am working part time two days a week and looking for a second job. I can barely afford bills and food. It is usually one or the other. He only sees the 4 hours each week. We are in poverty. Can he be charged with abandonment? He has assaulted me, cut off our utilities, turned off breakers and been verbally abusive as well. We have court July 4th. I just want this nightmare to be over.
Added (1). He was arrested and charged with assault. But being a prison guard and first time offense he was let go on a peace bond. There is a no contact order in place unless regarding the children or separation matters. He is not allowed on the property or any other contact. He also left after having an affair and saying he just really had to have sex with other girls. I'm hoping these things combined will at least grant me an early divorce.
Added (2). Athena, it is correct. We live in Canada. Before you judge. I worked to put him through college. Then had a baby, then we decided to have another baby before I went back to school. Then he did not want me to work, got a job as a guard, which he went to school for… And moved us from our home of 16 years 3300kms away from everyone we loved and walked out. He was mentally, emotionally and passive aggressive to all of us. I even went to counseling alone to learn coping mechanisms.
Added (3). I am here for advice and it is greatly appreciated by those who give it. Thank you in advance.
Added (4). Oh. And we had good insurance to cover any life long injury btw…
Read more: Can my estranged spouse be charged with abandonment? Or can I file that in court?
Added (1). He was arrested and charged with assault. But being a prison guard and first time offense he was let go on a peace bond. There is a no contact order in place unless regarding the children or separation matters. He is not allowed on the property or any other contact. He also left after having an affair and saying he just really had to have sex with other girls. I'm hoping these things combined will at least grant me an early divorce.
Added (2). Athena, it is correct. We live in Canada. Before you judge. I worked to put him through college. Then had a baby, then we decided to have another baby before I went back to school. Then he did not want me to work, got a job as a guard, which he went to school for… And moved us from our home of 16 years 3300kms away from everyone we loved and walked out. He was mentally, emotionally and passive aggressive to all of us. I even went to counseling alone to learn coping mechanisms.
Added (3). I am here for advice and it is greatly appreciated by those who give it. Thank you in advance.
Added (4). Oh. And we had good insurance to cover any life long injury btw…
Read more: Can my estranged spouse be charged with abandonment? Or can I file that in court?
How to rerof a porch that attaches to siding?
Before I can get my mortgage, my porch needs reroofed. Plywood up. My question is that I can shingle a roof, but when it comes to where it meets the siding, I don't know what to do. Put flashing up under the siding the bend the shingles underneth it as well? Yes I do know that would be the last row installed. Any advice would be greatly appreciated.
Read more: How to rerof a porch that attaches to siding?
Read more: How to rerof a porch that attaches to siding?
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