Renting & Real Estate - October 2007

I have a house with approx. $100,000 in equity and rental income that's covering the mortgage payment + management fee. The mortgage is at a fixed 5.375%, fully paid in 10yrs.

I've been thinking about refinancing to get cash out in the hopes that I can make more aggressive returns with the money, instead of having it buried in a very slowly appreciating house. Based on loans I've investigated, I can only get about 40-45K in cash out and keep monthly payments low enough to remain covered by the tenant (buying points + closing costs will suck 4-6K out of the equity, too).

This would be an easier decision if I could get the same interest rate without buying points of course!

2007-10-29 22:29:22 · 4 answers · asked by Geekman 2

2007-10-29 22:03:02 · 2 answers · asked by Anonymous

Adjustable rate has taken our mortgage payment from $1,800 per month to $3,000!

2007-10-29 21:16:40 · 4 answers · asked by Anonymous

My mortgage went from $1,800 to $3,000!!!!!!! This is INSANE!!!!!!!!!!

2007-10-29 21:02:01 · 3 answers · asked by Anonymous

We are trying to purchase a new construction home for 98,900 with 1000,already paid as ernest money that will go toward our down payment. our loan is for 101,000. with our %5 ( 4000 plus the 1000) and we are alos having the mortage co. pay the closing cost. Now my question is are wqe going to have to pay MORE down? to get this house. It was appraised for 100,000. Now how does this work as far as the closing cost? this is keeping me up tonight,we will find out tomorrow, but I would like to have an idea NOW..Please help !!

2007-10-29 20:43:30 · 3 answers · asked by Texas 3

I went and got a plat map from the county and between that and our legal description it has become clear that the community park is on a rather large portion of our property. We pay taxes and have our mortgage on this property and the park equipment was put up in the early seventies. Do we have anything to worry about in that is there any way that the town can say too bad?

2007-10-29 16:53:52 · 3 answers · asked by Dawn mom of 2 2

For instance, the property we are buying, the guy we are purchasing refuses to take his property off our land. Can we make him? It isn't mentioned in the contract. Also, we replaced the hot water heater after we moved in, he is insisting on having the old one. Shouldn't it rightfully belong to us? Also, we just found out he knew the property was infested with termites, but did not tell us, and sold us the house "as is". What can we do?

2007-10-29 16:52:50 · 2 answers · asked by Anonymous

okay i have tried so desperately to sell my condo and obviously sells are horrible so i havent been able to do it. I want to know if I can refinance all the money I have made from my condo and just move to another country with it and let the bank keep the condo. Is it this illegal or it doesnt matter because this is the money ive made while living in the condo?

2007-10-29 16:48:49 · 6 answers · asked by Anonymous

roof is leaking and i have toxic mold problem they will not fix roof because it was laid wrong should they have seen it during inspection prior to sale and handling the coverage of my home please help

2007-10-29 16:41:32 · 5 answers · asked by diamondguy 1

2007-10-29 13:23:53 · 6 answers · asked by Larry 1

CAN YOU SELL YOURE CURRENT HOME AND GET ANOTHER BEFORE YOURE HOUSE SELLS AND IF YOURE CREDIT ISNT HOT HOW DOES THIS WORK THE HOME IM IN NOW COSTS TO MUCH SO I WANT TO DOWN SIZE SOM MY PAYMENTS ARE CHEAPER ONLY LIVED IN HOME 1 YEAR 6 MONTHS SO THERES NO EQUITY TO REFINANCE I KNOW I WILL HALF TO START OVER BUT ITS BETTER THAT PAYING AMORTGAGE I CANT AFFORD BUT WANT TO BUY ANOTHER HOUSE WITH CHEAPER PAYMENTS HOW DO YOU DO THIS WITHOUT GOOD CREDIT

2007-10-29 13:23:46 · 4 answers · asked by Anonymous

um...if you moved into a place and you signed a lease but then the apartment was later sold to someone new shouldn't they have made you sign a new lease or something?????? and do they have the right to throw you out a year later without notice

2007-10-29 13:15:37 · 5 answers · asked by sherlic5689 1

How is the market in Beaverton, OR right now? This home was built in 2001, 1375 sqft and currently has a tenant in place at $1050 per month. Any suggestions...i.e. should I sell? If so, what do you think I could sell it for? Thanks!

2007-10-29 12:59:21 · 5 answers · asked by zaidin 2

Do you think that the Internet will (sooner or later) put an end to people paying huge commissions just to sell their house?

In my mind the only reason people don't freak out when you tell them it's going to cost $18,000 to sell their $300,000 home is that it comes out of the money before they ever get the check.

I mean really. Think of the advertising you could do for $18,000.

2007-10-29 12:58:16 · 6 answers · asked by ClubbingSeals.com 2

How long will it take after I put an offer in on a forclosed house before I get an answer, typically? The house just went on the market a few days ago also. I am the only offer right now. Also after they accept the offer, how long does closing generally take if there are no problems with the loan? I am impatient. Thanks.

2007-10-29 12:53:51 · 1 answers · asked by Olivia 3

my land load decided to raise our rent last year and in turn include the heat now this year has decided we need to pay for our own heat and is still keeping the increase in rent is this legal by the way he is really one of those slum lords anyway

2007-10-29 12:48:22 · 8 answers · asked by geonward 2

I want to add my son's name to my house deed, and don't know if a quit deed is good for this, and if i can do this myself, or need an attorney

2007-10-29 12:14:49 · 5 answers · asked by junquena714 1

My Landlord just called me out of the blue to tell me he wanted to have a walk-through of the Apartment before the end of the month. He wanted to do it tomorrow, but I pushed for Wednesday (I know legally he must give 48 hours notice). When I asked him why he stated it was for insurance purposes.

We have not been late on any of our rent payments (he in fact has 6 months of post dated cheques) and we have not had any complaints against us from other tenants - anyone have any idea what "insurance purpose" he would be referring to?

I'm not that worried about my side of the house, but my room mate's room is another story - yet that's not even what bothers me, it's just kind of...a bad feeling to have someone root through your stuff.

2007-10-29 12:04:00 · 9 answers · asked by Montana A 2

so i asked around and like no one knows where to get a quike claim form so does anyone know some website were there is one and i can just like print it out or somthing ????

2007-10-29 11:55:45 · 9 answers · asked by Anonymous

do catholic schools buy their own property or is it bought for them from the govenrment and if a catholic school was to move to a different place would it pay for all the expenses (school supplies and property)

2007-10-29 11:48:48 · 3 answers · asked by Anonymous

Does anyone have experience with the "take over payment program" for houses?
You take over payments for property that's headed for foreclosure, and the house is yours once it's paid off. It sounds too good to be true because the payments are so low, for one thing.

2007-10-29 11:04:07 · 4 answers · asked by ♥megan♥ 2

I don't like to go into forclosure or file bankruptcy. I want to know if there is another way out without affecting my credit.

2007-10-29 09:30:10 · 6 answers · asked by curios george 1

I make a meager amount each year and yet survive and have savings for a home but the mortgage company says I do not make enough money to qualify for the loan, yet the house payment is 450 LESS than my current rent. I know others who have home loans that earn less then I do. How can I get a home loan for 100,000? The home prices are getting outrageous.

2007-10-29 08:57:39 · 7 answers · asked by operaphantom2003 4

only can borrow less, but we can afford more. Does anyone know a lender that will also use my income?

2007-10-29 08:51:39 · 6 answers · asked by mbz 3

2007-10-29 08:47:03 · 16 answers · asked by jaxx'skitty 1

I had this couple that wanted to rent my duplex. They were a very well dressed spanish couple in their early 20's. They had been here from Mexico for 10 years & worked here, but did not have a Social Security number. They didn't have anyone that could guarantee the contract because they were not a resident of the U.S. I didn't have any choice but to have my real agent give them their deposit back they put down.
Would you have rented to them?

2007-10-29 07:00:01 · 4 answers · asked by J.J. 1

Is you suppose to give them a tip.

2007-10-29 06:36:37 · 8 answers · asked by lilbagel21 2

2007-10-29 05:21:57 · 9 answers · asked by jtozer2003 1

Does anyone know of a mortgage lender who is willing to lend to someone self employeed with other proof of income other that last two years income tax statements? I am a partner in an RV company and have easily made over 100-120k the last two years. I currently have almost no debt, less than $1000 a month. The broker I am working with is having a hard time getting the underwriters to accept my proof of income. My returns are under extension due to hurricane Katrina and Rita. I have offered bank statements to show, and even copies of my schedule K1 which clearly shows my partnership funds paid to me. My company CPA is even willing to send them an affidavit.This has been the only thing keeping me from closing on the property which the seller has accepted by offer on. I also have my VA elegibility letter. This really sucks because the one thing I am most sure of is my income and being truthful about it. I have paid cash for three new cars in the past two years, and have great cash flow.

2007-10-29 04:41:01 · 2 answers · asked by Rudy L 3

2007-10-29 03:23:38 · 4 answers · asked by yoyo pop 1