Important Questions
I got a few questions and was wanting to know if anyone had some input or opinions they would share.
1: I have just bought my third house,and I was wanting to know if there was any creative ways in order to get around the big 10-20 percent down payment for buying investment properties.
I know that I could pull some equity out of my house but I don't have that much and would rather let that stay untouched. Also I know I could move into the house or one apartment etc and claim it as my primary but I just bought a nice house in a country setting which I plan to make my base of operations.
I want to know if there is any way around the big down payment.
My other question is, in march I should come across around ten thousand dollars.
What is the best thing to do with it.
One: Pay off some of my debt\
Two: Invest it into some more property
Three: Update current property to increase value that way I can pull out equity?
Thanks in advance.
You should at least be able to get a 95% financing program for NOO. Shop around to some mortgage brokers and see if you can find that program, or even 100%. The answer to your question on what to do with $10,000 depends. What percentage rate is your debt at? Are we talking CC? If you are paying 20%+ a year on debt, definatly pay it off. But if it's 6% debt such as a car or a mortgage, don't pay that. If you can make 20% a year on your money, why would you use it to pay off a 6%/yr debt?
Quote:
On 2004-11-14 16:57, investin2001 wrote:
I got a few questions and was wanting to know if anyone had some input or opinions they would share.
1: I have just bought my third house,and I was wanting to know if there was any creative ways in order to get around the big 10-20 percent down payment for buying investment properties.
I know that I could pull some equity out of my house but I don't have that much and would rather let that stay untouched. Also I know I could move into the house or one apartment etc and claim it as my primary but I just bought a nice house in a country setting which I plan to make my base of operations.
I want to know if there is any way around the big down payment.
My other question is, in march I should come across around ten thousand dollars.
What is the best thing to do with it.
One: Pay off some of my debt\
Two: Invest it into some more property
Three: Update current property to increase value that way I can pull out equity?
Thanks in advance.