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I'm looking to buy a foreclosed home or short-sale. I work full time currently in college as well. I'm 22 and looking in the price range of no more then 200k (preferably cheaper). I can put about %10 down can anyone give me some advice on what I would need to do to get a mortgage to do this? I plan on owning a chain of rental properties in the future and want to start now. Thanks
I'm looking to buy a foreclosed home or short-sale. I work full time currently in college as well. I'm 22 and looking in the price range of no more then 200k (preferably cheaper). I can put about %10 down can anyone give me some advice on what I would need to do to get a mortgage to do this? I plan on owning a chain of rental properties in the future and want to start now. Thanks
Do you have a steady income? I suggest you talk to an experienced Loan Officer.
Since a rental property is considered an "investment" property, the lender will require you to put at least 30% down. You will also need at least 2 years of stable employment with a salary of at least $60,000.00 a year.
Since a rental property is considered an "investment" property, the lender will require you to put at least 30% down. You will also need at least 2 years of stable employment with a salary of at least $60,000.00 a year.
There is no way of getting one if I make under 60k a year? and 30% is mandatory? is there anyway around this I know unethical by putting it in name as first time homebuyer and renting out after? Or is my best bet find someone family member/friend to go in on it with me?
There is no way of getting one if I make under 60k a year? and 30% is mandatory? is there anyway around this I know unethical by putting it in name as first time homebuyer and renting out after? Or is my best bet find someone family member/friend to go in on it with me?
I'd be very careful about "partnering" with anyone - a potential mine field
You may want to pause a bit until you have some more funds. I get the allure of passive income from rentals, but at 22 making less than $60k a year, shackling yourself to a ~180k mortgage or so may not be the wisest thing.
You may want to pause a bit until you have some more funds. I get the allure of passive income from rentals, but at 22 making less than $60k a year, shackling yourself to a ~180k mortgage or so may not be the wisest thing.
Thanks, I better more clearly think this through before rushing into anything!
Since a rental property is considered an "investment" property, the lender will require you to put at least 30% down. You will also need at least 2 years of stable employment with a salary of at least $60,000.00 a year.
This holds true if this is not the primary residence. The OP can live in one of the units to classify the property as a primary residence and the OP might even be able to qualify for incentives if they are a first time home buyer, lower down payment, FHA etc. Then move out of the unit and the OP's foot will be well in the door of owning a fully rental property.
Question I have is where do you live now? If you rent and can afford to buy place buy it for your self and live in it and stop giving your $ to a landlord. That is a start and investment for future. If live with your parents and can afford to do that then either pay them rent or move out.
Or do something unethical like buy house saying will be your primary residence ...then just rent it and hope bank does not catch you.
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