First time buyer question (credit report, loan, Mobile, lend)
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I'm looking for opinions/advice from experienced people.
Here's my situation. I've never owned my own home, but
have been looking around recently. Some facts.
1. My income is low. Under 10k in the last few years, and
I haven't even filed taxes since fiscal 2007, but I don't owe.
2. I have virtually no debt, which I will be paying off in full soon.
There are 2 charge-offs (total under 2k) on my credit report,
they will be settled and no longer appear soon.
3. I have 70k in cash.
What kind of mortgage could I possibly get in this situation ?
any at all ?
I'm torn between two scenarios, like this:
1. buy a single small home for 20-40k
2. buy a multi-family for 40-60k and rent it
How exactly do you plan on paying mortgage? I'm not even sure I would allow you to rent.
i have 70k and no debt, i'm only thinking about borrowing
20-30k. maybe i shouldn't even bother, I have margin in my
brokerage account anyway, and can utilize up to another 70k
in liquid.
there is no way in hell i would ever rent again. that is a total waste.
income is under 10k in the last few years
haven't even filed taxes since fiscal 2007
2 charge-offs (total under 2k)
"virtually" no debt
But somehow... I have $70,000 in cash.
What kind of mortgage could I possibly get in this situation ?
none that I'm aware of.
Quote:
I'm torn between two scenarios
buy a single small home for 20-40k
2. buy a multi-family for 40-60k and rent it
if you can explain where the $70,000 came from... sure.
you gotta live somewhere. right?
if you can explain where the $70,000 came from... sure.
you gotta live somewhere. right?
it doesn't matter where i got the 70k. I'm a stock trader.
Just talking about my current situation, there were years
when I made 80k and years when I lost 50k. I haven't had
a good year in a while, but still retained my 70k and do not
owe any taxes because the years I have not filed yet were
losses.
I had a listing where the buyer hadn't filed the previous year. He also didn't owe any money. He had to file electronically and the lender had to wait for the filing to show up in the IRS data before they'd give him the loan. So, get those taken care of before you do anything else. If you can get a duplex for the money and rent out the other side, and be happy as a landlord, I think I'd do it. Let your tenant pay your mortgage for you!
I had a listing where the buyer hadn't filed the previous year. He also didn't owe any money. He had to file electronically and the lender had to wait for the filing to show up in the IRS data before they'd give him the loan. So, get those taken care of before you do anything else. If you can get a duplex for the money and rent out the other side, and be happy as a landlord, I think I'd do it. Let your tenant pay your mortgage for you!
I was thinking about this also, but would prefer not to live with
my tenants, as it can cause problems. You have to live right next
to these people, and if you become friendly with them, you get
soft. If you don't get along well with them, that's another set of
problems. Plus, I like my privacy. Remember, living there is sacrificing a rent.
So I would rather keep the rental as a rental only, and live somewhere else.
I'd rather live in a mobile home park than share a building with someone else.
I suppose this thread can end now.
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