Who wants to make some $$$ Investment
- Thread starter Scott714
- Start date
Scott714
Club Member
Depends on who it is . I don't want it trashed . It's a 4 bedroom Bi-level 1500 sq ft with 2 1/2 car garage . Rent or sell , lease ??? I dunno yet .
4v Shane
Banned
Well that is a nice neighborhood (you live .2 seconds from my buddy) just find a decent family to come in there once you can get everything arranged with the potential future investment!
xtremewheelz
Club Member
What are the specs of that new house? That looks like an awfully nice house for only $140k.
Hope it all works out for you, that house looks badass!
Hope it all works out for you, that house looks badass!
Scott714
Club Member
That is what I am gonna offer them - the bank turned down 135 already . It's a 4 bedroom 3 bath 2500 sq ft 3 car garage and basement . city lot . They are all going for a little more than that now . Good time to buy if you can !!
Scott714
Club Member
NO - Difference is I have 20 Grand in my hand and am not someone who can't get a loan . I just can't have 2 mortgages at once . And I just bought a Mustang - and a Capri - CASH Thanks :thefinger
Scott714
Club Member
damn, scott, thats sweet. if it doesnt work out for you...........give me the contact info on the house.
Thanks - Hoping it works but ....................
SVTSINR
Club Member
Just being devils advocates here. If you have 20k cash, I would sell off the cars to get another 8k for the 20% on the new home. I would struggle with the two payments until the current house, sold or rented. Or join one of the many and just give it back to the bank. Seems like the new house is a good deal.
Scott714
Club Member
Other 2 cars are for sale . ATV as well . Gonna see what my options are with the Mortgage company Monday . If all else fails I take the 9 % private offer . Starting to seem like a lot though . With 20 % I wonder if I will get the second mortgage ? Some of my income isn't proveable :dontknow:
:secret:
Scott714
Club Member
Too much hassle . TIREKICKERS galore !!
4v Shane
Banned
We can sell guns too :secret: that should make a statement.
What company are you going through for your mortgage?
Scott714
Club Member
PM sent
Fryguy302
Club Member
Not sure why you guys are all laughing at him. It's called hard money lending, and it happens all the time. If he's putting down 20k, and if it really is a good deal, they may do it for him. As long as the lender will win if he defaults, and there is enough cushion in this declining market, they will lend the money. It's normally done for rehab and investment properties. In this case and in this market it might not work. He'll be risking his 20k and paying finance charges. If he defaults, the lender dumps the house and keeps his 20k. It's risky for the borrower, but you can't make money without risk.
Fryguy302
Club Member
Be careful with this statement. It will not "definitely" go up in value, unless you are renovating it or there are other circumstances. Even then, it is not a sure thing.
Scott714
Club Member
Thanks - I actually sent my info to that sight you recommended as well .
Scott714
Club Member
Maybe
By the time I retire in 30 years it should go up in value !! This could be a " Forever " house for the family .
By the time I retire in 30 years it should go up in value !! This could be a " Forever " house for the family .
