I am 20 years old from washington, I managed to get a loan and buy a duplex w/$0 down 80/20 Arm loan 80@7.5% 115,000 and 20@11.5 32,000 Yes rates are very high but w/ 0 down and no assets I had to take what I was given. I will be paying interest for the first 2 years and I have no extra money to pay extra on top of my minimum payment. I am losing $. I rent out both units@$1125 + $115 water +75 add to mortgage payment so I'm losing $190 a month, I cannot raise rent it's already up there. I cannot refi for atleast 2 years or I have to pay 3600 penalty fee. I bought the duplex for 147,600 (including closing costs). It's been appraised at only 148,000 so I bought it at top dollar. Zillow says it's now worth around 153,000 and it's only been 4 months, it's probably bs lot of people said but maybe it went up who knows
2006-09-23
19:02:20
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7 answers
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asked by
Dispirited
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Renting & Real Estate