I would like to buy a second townhouse to rent out how do I go about getting another mortgage loan? related questions

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I would like to buy a second townhouse to rent out how do I go about getting another mortgage loan?1fishbowl2012-09-01 06:52:02
I bought my first house 50k about 7 months with a VA loan . I would buy another house in the same building as mine to rent. Does anyone know a way for me to get a second mortgage to buy the property. I admire all online banks do not lend for investment properties. Currently my house is the note to pay 400 a month twice each month to pay faster . In addition there are still tenants in the homes of others who pay 650 for rent and I'm willing to put 20% with the new loan.
Should I rent or buy (a townhouse)?3Nieci2012-11-01 21:55:02
Assuming no taxes will , association fees , utilities anymore if I buy ... MedlinePlus I'm still spending $ 300 a month that I will not see again , if I can rent . However, the money will be adjusted and will slow down if I buy my pay student loans / car loan . Also if there is buy tax credit of $ 8000 ( I've never bought before) . MedlinePlus MedlinePlus So worth it for scraping for a while ( my work has very good stability in employment by the way) or should have more savings and purchasing power although over time I will have lost the money to rent ?
Getting an FHA loan after bankruptcy if no proof of rent/mortgage payments?3Rafaela2012-11-03 00:08:02
My husband and I filed for bankruptcy just over 2 years and have not acquired any new debt since. We reaffirmed our cars , that have made us pay it forward and will be paid soon. Here is my question: Our house was included in our bankruptcy and it was only on my behalf , however , we still live here because I can make one payment each month , but were told they could throw us almost any time ( the loan is 60 days late , we were told that we will drive the 120 days most likely) , but we can not afford to live here and my house is now worth $ 120,000 maybe $ 40,000. Anyway , have a student loan debt up the wazoo until after medical school , but my husband has none besides $ 3,000 left on a car loan that I have with him and he has a 690 credit score and excellent income . So we're thinking of putting a new house in his name and it seems that he should be able to be approved for an FHA mortgage , but wonders if it will be a problem , since technically do not pay a mortgage or rent payment ? I pay and is 100 % on my behalf . Other than that , he / she has enough funds for payment and obviously seeking credit . I have no fear of paying rent / mortgage will give us a hiccup .
Strike noise in a townhouse?0Pallavi2012-10-27 01:33:26
I'd like to hear suggestions about what to do about the noise strike my two neighbors. Strike hitting noise is basically sound, but it can be heard speaking. It's almost like someone hitting the wall on the other side, in varying degrees. MedlinePlus MedlinePlus This place is only 2 years old and I think there must be some building code to prevent any noise being heard from neighbors. Tonight I can hear what appears to be the neighbors play a game like Call of Duty through your stereo. Sometimes neighbors walks around her room as elephants and what sounds like almost slamming doors hinge, in particular, in the time I've gone to bed. MedlinePlus I talked to them, but they say they can not hear any noise. MedlinePlus MedlinePlus Having seen in the ceiling area have found that a suitable isolation between units but the L-shaped brackets joining the mid-section gyprock my (and their) structure, which appears to be the points of transfer strike noise . I'm not sure how many of these supports are. Apparently, the best thing would remove and replace plaster all these supports with what is called resilimounts (sound insulation assemblies) and thicker wall rolls (with sound insulation properties). Of course, this can work in $ mil. MedlinePlus MedlinePlus It is a bit un-encouraging that this is my first home and because the builder decided to cut corners seriously I have a real problem. At least, I could work for acoustically isolating the master bedroom alone, so I do not have to wear earplugs to sleep. The other option is to consider this investment a bad and try to sell, it's a terrible dilemma to have to find a new place, bridge loans, etc. .. MedlinePlus MedlinePlus Can anyone suggest something you might consider? If the builder does not comply with building codes, I will drag his *** back here and have to tear the place down at their expense! That would be the favorable solution, but I do not even know where to start with that. I have contacted them and their "association" on another piece of shotty workmanship but are full of excuses and BS.
Want to sell our Townhouse, how do we do it in this market?2Patiance2012-09-16 10:39:04
We bought a new condo / resort in Rhode Island in 2005 . MedlinePlus It's in a decent area , 10 minutes from Providence. 40 minutes from Newport . At 50 minutes from Boston . We both lost our jobs last November and are living in an unemployment check . With student loans , cars , insurance, utilities , mortgage , credit cards , etc. .. It's all become too much and we are throwing everything we've saved in this black hole of debt and mortgage interest . MedlinePlus MedlinePlus Therefore, we have read all about the two types of short sales, ( lien release ) , etc MedlinePlus Foreclosure , bankruptcy , etc .... MedlinePlus MedlinePlus I know there is an alternative to renting our Condo / Townhouse out , but the market does not look so good rental (to cover what you need for bills and move ) BUT, we want out! We either go home to upstate New York where our families of origin or way south to Florida , where its heat . Does not even matter to rent again. I'm sick of IT around here . One of the highest unemployment rates and depressed and miserable. MedlinePlus MedlinePlus So , what 's in it for us? MedlinePlus students had tickets both loans on credit cards has become a second mortgage , while the market was still good . So, now we have the first home mortgage and a second mortgage . This amounts to $ 200,000 the main problem is that we are one of the five condominium units . The end of it was a foreclosure when the owner skipped the country . Nice! So , with that unit selling for $ 129K 're screwed ! MedlinePlus MedlinePlus So we would like to short sale and have to get forgiveness than $ 70K MedlinePlus AAaaaaahhhhhhh ........................
My husband and I are buying a townhouse?1natasha napier2012-10-12 09:17:03
It's time for my husband and me to buy a house . We lived in an apartment for years and are ready to take the plunge and buy something of ourselves . We chose a house because it is low maintenance and just enough room for us . There is a new town -home community being built near our house and we have met with them a few times . One question remains unanswered. MedlinePlus MedlinePlus The manager keeps telling us "as long as you do your taxes right , you pay $ 835/month instead of $ 1100/month ." I researched online and can not seem to wrap my head around it . Do we pay $ 1093/month then claim the interest of our taxes spent ? If so , then we can say $ 3,096 ? ( I understand that I may claim the deduction standardize ) . How so ? The government is not going to return the money ... Why not keep the loan, then our mortgage will be about $ 4000 to $ 0. And do not say that the interest each year ? Or is it a one time thing ? MedlinePlus MedlinePlus Someone just explain in simple terms easy . Our mortgage will be about $ 160,000.
How much should I pay in rent/mortgage? (virginia beach)?0JayJay2012-10-05 13:42:38
I gross 37K a year , which translates to $ 1,246 every 15 and 30 . I have a car payment of $ 208 in gas costs me about $ 300 a month , $ 70 insurance , student loan of $ 65. Those are my insurance accounts . I'm looking to move into my own apartment for the first time (previously lived with a college boyfriend , but we broke , living with my rents , last two months while searching, but it has been hard ) . Anyway , still need money for public services , savings , if possible , food , misc . So with all these expenses and stuff what should I pay rent or logistical could afford or would be open to buying a home too, if that is even an option I do not know . Apparently , the income here ( Virginia Beach ) are so high and rents are cheap only in the city super bad .
IS IT A FELONY IN AZ TO COLLECT RENT AND NOT PAY MORTGAGE?0tea2012-11-05 00:39:25
I have rental investment 4-flex property in AZ (Mericopa County). Due to vacancy more than 75% (out of 4 units, 3 units are vacant) I am unable to pay the monthly mortgage but collecting rent from only one tenant. I ask the lender for loan modification but Lender has decliend and sent the Notice of Trustee Sale . set the date as August 12/2009 in court. Could you please advise till August If I collect rent will be consider as illegal/Felony or not. Is it Ok that I can collect the rent. Thanks.
I make 30$ an hour. could i get a 400,000$ mortgage and buy some properties to rent out (i have a 60,000$)?1adder_viper2012-08-08 06:17:04
I make $ 30 an hour. about $ 50,000 a year. I'm single with no children. I want more income, so I want to get a mortgage of $ 400,000 and buy 4 different investment units . (100,000 $ each ) of the properties I have been looking at the average income of the four apartment buildings would be about $ 40,000 a year and after all! heat, electricity , taxes on everything. I know that banks may not give me a loan of $ 400,000 for a house fly in just for me but where would the increase in my annual income of approximately $ 40,000 for the purchase of apartment buildings could get a mortgage ? and I have a payment of $ 60,000 down. (15 % of $ 400,000 ) and I know most of my earnings go to pay my mortgage, but with the extra income would definitely be able to make payment. I was looking at a mortgage calculator and a mortgage 10 years of $ 340,000 ( $ 400,000 - my initial payment of $ 60,000 ) to the interest rate of 7% would be $ 3.930 per month and my rental income would be $ 4000 a month , so we still have $ 7 profit . I can not see why I could not get the cause of the mortgage could certainly make the payments but I am not 100% sure so any info would help. thanks
Can my housing assistance raise my rent &MAKE me pay for rent with a Personal student lone?1nino2012-08-25 08:17:19
Im school in. I have to borrow to pay additional school needs not covered other ex in. tuition: uniform lab jacket graphics s books Etc. calculators.supplies bags, but my rent is counting support this extra income . As in. as a grant . But school is a personal loan that has to be used for my studies and I have to pay . if you pay rent with that I will not have enough to get the things they need for school , which is the point that I'm taking . can do this . I am very low income and paying rent . Section 8 , I have a 2 year old son . the only income I have for me and my son is a check for $ 385 per month .
I want to rent a car for about 24mths, can i do this? I want to rent a mini cooper and am happy to pay up to?3yUo2012-10-12 01:13:03
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Mortgage balance is $58,000 @5.375% - 20 yr mortgage. Paying $1000/mo, how long to pay off mortgage - Thanks.?0Earl2012-11-04 16:46:34
20-year loan at 5.375% is for $72K where I've been paying $500/mo where now my balance is $58K. How long would it take if I paid $1000/mo to pay off my mortgage. I'm having a bit of trouble understanding how the amortization schedule works and would truly appreciate how to simplify the explanation of this formula. Thanks for your help!

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