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Old 07-27-2016, 10:56 PM
 
125 posts, read 89,134 times
Reputation: 30

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I am planning to buy a small property in Colorado next year. My budget is 350K

I am a consultant, would like to know how much income tax I need to show when buying a property of this amount and what are other requirements? I am trying to get prepared.

I would be grateful if you provide Any additional information
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Old 07-28-2016, 06:02 AM
 
Location: Washington Park, Denver
6,904 posts, read 6,496,831 times
Reputation: 7353
What does it mean when you say "a small property"? Is that undeveloped land? If so, there is a lot you need to know.

As far as income, that depends on how much you are planning to finance and what your credit situation will be.
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Old 07-28-2016, 07:09 AM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
If you are planning to get a loan, lenders require two years worth of tax returns.
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Old 07-28-2016, 12:52 PM
 
125 posts, read 89,134 times
Reputation: 30
@ SkyDog77
When I say small property I mean thats all I can get for that money considering the high real estate prices in Colorado due to the huge amount of new implants, marihuana being legal and colorado being just one of the coolest places to live.

I will finance 280k
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Old 07-28-2016, 12:54 PM
 
125 posts, read 89,134 times
Reputation: 30
Default :(

Quote:
Originally Posted by 2bindenver View Post
If you are planning to get a loan, lenders require two years worth of tax returns.
thast too bad because I didnt really make that much money 2014
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Old 07-28-2016, 12:59 PM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
There are a lot of factors that go into approving one for a loan.

Your credit score, your income, your assets, your current debts, your current employment...try creditkarma.com or annualcreditreport.com to see where you stand.

Colorado is a large state. Do you have an idea where you'd like this property to be?
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Old 07-28-2016, 01:05 PM
 
125 posts, read 89,134 times
Reputation: 30
Default Hey

Quote:
Originally Posted by 2bindenver View Post
There are a lot of factors that go into approving one for a loan.

Your credit score, your income, your assets, your current debts, your current employment...try creditkarma.com or annualcreditreport.com to see where you stand.

Colorado is a large state. Do you have an idea where you'd like this property to be?
My credit score is excellent and my debt is minimal to non existent. NO assets my ex husband sold all our things, spent all the money on himself and left me with a big amount of credit card debt that I paid a couple of years ago. Ive been working hard to get to the point where I can buy my home and husband is out of picture, divorced so he cant touch my dream house.

As far as the area, I would like to buy somewhere where my house is going to get value in the future.
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Old 07-28-2016, 01:29 PM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
Do not close any open accounts. You do need some open and available credit. Lenders recommend at least 3 open lines - to prove you are a good credit user. Do not spend over $100 on credit that you are not planning on paying off at the end of your cycle.

All of Colorado has the potential for appreciation. Crystal balls are not included. Are you looking for urban, suburban, rural, mountain type living?
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Old 07-28-2016, 04:52 PM
 
125 posts, read 89,134 times
Reputation: 30
Default where would you buy if you would be me?

Quote:
Originally Posted by 2bindenver View Post
Do not close any open accounts. You do need some open and available credit. Lenders recommend at least 3 open lines - to prove you are a good credit user. Do not spend over $100 on credit that you are not planning on paying off at the end of your cycle.

All of Colorado has the potential for appreciation. Crystal balls are not included. Are you looking for urban, suburban, rural, mountain type living?
2bindenver im really new to the area and I adapt easily to any areas, i just want to get the best deal out of my money as this is my first time buying a property. where would you buy if you would be me?
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Old 07-28-2016, 09:15 PM
Status: "Celebrating 30 years as a Broker" (set 19 days ago)
 
Location: Just south of Denver since 1989
10,882 posts, read 29,310,762 times
Reputation: 7085
I saw your post in the real estate section. I would buy something close to work in a community that had a few amenities like a pool or a park. Denver includes trash service. Do you want a house with a yard a tow home with shared walls or a condo with a balcony?
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