Question about Obama's plan
How does someone go about applying for this new Obama plan? I'm talking about the one that is supposed to help 9 million homeowners. It supposedly gives them an interest rate of 2% for the first 5 years, then a reasonable rate around 5%. Anybody have any info or links about this? Thank you.
PROFILE UPDATE
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I changed my "about me" section of my profile. It's really about time, because I feel like I was joking around too much. Unprofessional? Well I'm not a licensed anything- well nothing that has to do with real estate. Although I probably should change my profile picture, but I really don't have a recent picture of myself that isn't silly. We jokingly say that I'm elusive, referring to the fact that there are so few pictures of me.
I was one of the first people to join this website. When I joined, it was called realestateballer.com There's some trivia for... continue reading >>
Working on getting 2 new houses!
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I just got 2 3-family houses in Brooklyn appraised. Hopefully friday I'm going to be signing the contracts. I'm really excited about this, because the plan here is that by using my credit score that's in the 700s and some equity I appear to have, I'm making this million dollar deal with nothing down. I had to pay for the appraisals, but that's it. The closing costs get wrapped into the mortgage, and then the place pays for itself. Well that's the plan. (And you know what they say about the best laid plans of mice and men.) Not only... continue reading >>
My plan to solve my problem
I have decided on a plan to solve my problem that I wrote about in my other blog entry, before this one. I will be refinancing the house to a 1.9% interest only loan, for the next 5 years. (Due to the terms of the refinance I will have to refinance again, or sell the house before 5 years is up.) This way, the rents pay the mortgage payment, and my profit is any increase in value that the property sees.
NEED EXPERT HELP!!!
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I have a problem. I bought a buy-and-hold investment property for $599,000 plus another $35000 closing costs in August 2006. I put $5000 down on the house and the rest is mortgage. But these numbers aren't really the issue here.
This house is in an area where there are lots of 2 family homes. Some of these homes have finished basements that are illegally rented out by the owner. I took my chances when I bought this house- I had intentions from the beginning of illegally putting 3 families in it.
I was getting 1800, 1600, and 1000 a month... continue reading >>
Tenant giving me a hard time showing my property
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I have a house that's been on the market for about 4-5 months. There are 2 families living in it. So it's hard enough to coordinate things, even with cooperation from the tenants. Both families insist on being present when the inside of the house is being shown.
One of my tenants is giving me a hard time about showing the house. I think his problem is that he doesn't want to move. (It is possible that I will be selling the house to an investor, who will let the tenants stay, but I can't guarantee my tenants that.)... continue reading >>