What happens if someone defaults on their mortgage but is collecting rent monies on the house from tenants now living there?

What happens if someone defaults on their mortgage but is collecting rent monies on the house from tenants now living there? - 1

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How do you actually profit from renting out real estate?

I've been researching how to make money through buying and then renting out real estate but the figures aren't adding up to me. For example, lets say you start out buying a house for $130,000 and the monthly mortgage is $600. You would obviously have to charge more than the 600 to make a profit, and for a property of that value, you wouldn't really be able to charge more than lets say $1000. So that's a $400 profit for you. Okay. That's not a lot of money at all. So you would have to buy another property and do it again, so that's another what, $500. So you'd own 2 properties and only earn around $1100 from them per month.

You would basically have to buy like 3 properties just to earn above $2,000.

What am I missing here? The only way to earn a major profit is if you bought a property outright and paid it off completely, then keep every dollar of rent. But even then you'd probably still have to buy 2 properties. I'm confused because this seems impossible for any random person to get into the real estate game if you need to take out loans for multiple properties. I mean who has that kind of capital unless you already come from money? Can someone explain how this works or if I'm missing something? I mean yeah you could have a part time job and just use the real estate profit as extra income but I was trying to see how this could be a full time job not just extra cash.

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What is the total monthly payment for this mortgage?

I'm trying to finish some financial literacy courses online to earn my credit and I just need an answer for the following so that I can get an idea and do it myself.

What is the total monthly payment for this mortgage?
Principle per month: $750
Interest per month: $120
Property tax per year: 0.5 percent of the value of the house ($140,000)
Home insurance per year: $460
PMI (private mortgage insurance?) per month: $45
--------------------My choices are----------------------
A: $1,510
B: $1,283.33
C: $1,760
D: $990

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Non-resident, non-citizen buying house in Canada. Is it possible?

I'm not a Canadian citizen but I'm thinking of getting a house in Canada. Is it possible? I've contacted several online real estate agents and bank reps about mortgage, but either no reply or very unclear…

anyone has any experience or knowledge about this? Thanks

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Can standby letter of credit SBLC be mortgaged?

If I issue a SBLC to a seller and he mortgage my SBLC without informing me. What are the risk's?

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I'm buying a condo. Is it possible to bribe the sellers with cash?

Okay, the bank won't give me a mortgage unless they assess the value of the property. This is a safety net to ensure that if I walk away, they aren't left with a worthless condo. But this means that I might not be able to buy for asking price or above asking price so I won't get the condo. So can I take 5 grand cash out of my account, hide it, get the mortgage, and then buy for the bank's price with a cash tip so I get it?

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How do I find out if I am one of those who the banks banks have lied, misrepresented themselves and committed fraud to from my mortgage?

I hear I should get a securities audit to see if the title was separated from the deed, something like that, and that I check to see. But how do i do that?

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Have I blown my chance of a mortgage by using pay day loans?

I have an agreement in principle with a major lender and now the full application is going through. I've since learned the particular lender doesn't look to positively on pay day loans taken out over any pay day loans taken out over twelve months. Over the last three months I've stopped using them and my credit rating is good. I assumed this would be enough to persuade a prospective lender. Is the door closed to be to all lenders?

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Would a mortgage lender verify my bank statement?

My wife and I have just applied for a mortgage, and I faked my bank statements. Would the lender verify them with my bank? They asked for payslips and ID too, which I provided - why do they ask for bank statements?

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Changing Jobs During Mortgage Process (same field, different type of position)? - 1

I was let go from my job last week, and I am set to close on my house in the next couple weeks. I have a new job offer this week. Same industry, same pay, but different *type* of position.

My title would be going from "Assistant Property Manager/leasing consultant" (on the leasing/office side of things) to "Service/Maintenance Technician" (on the maintenance side).

Will they care that it's a different type of job title, even though it's in the same exact industry? I know being in the same field and same/higher pay is no biggie, but just wanna be sure that the title change is okay, but this feels like a gray area.

Thanks!

Read more: Changing Jobs During Mortgage Process (same field, different type of position)? - 1