blaqb0x
08-29-2006, 10:51 AM
Hi,
Let me tell you about my situation. My mother gave me her house which I had to finance 150K and put in my name. However, she still lives in it and pays the mortgage every month, approx $750/month. I pay the insurance and prop. tax approx $100/month. I don't live with her but, instead rent in a nearby city as I'm going to school and work-full time. I would consider that an investment property.
As I pay rent and plan on living here for another 2-3 years, I would like to possibly finanance another property to live in for the time I'm here the probably rent that out when I leave(or sell). I currently have less than 50K in HELOC, make about $40K/year, probably wouldn't put anything down, and have a high 700 credit score. Most houses around here go for between $300K-$555K.
Can anyone give me some advice in programs or strategies on possibly financing another property? Co-sign with a partner?
Is there such a thing as a co-sign firm/lender/group that fronts some money on down payment and monthly rent but, we build equity together? In the end we sell out to the other or sell and split the equity?
Any advice would be appreciated.
Thanks.
Let me tell you about my situation. My mother gave me her house which I had to finance 150K and put in my name. However, she still lives in it and pays the mortgage every month, approx $750/month. I pay the insurance and prop. tax approx $100/month. I don't live with her but, instead rent in a nearby city as I'm going to school and work-full time. I would consider that an investment property.
As I pay rent and plan on living here for another 2-3 years, I would like to possibly finanance another property to live in for the time I'm here the probably rent that out when I leave(or sell). I currently have less than 50K in HELOC, make about $40K/year, probably wouldn't put anything down, and have a high 700 credit score. Most houses around here go for between $300K-$555K.
Can anyone give me some advice in programs or strategies on possibly financing another property? Co-sign with a partner?
Is there such a thing as a co-sign firm/lender/group that fronts some money on down payment and monthly rent but, we build equity together? In the end we sell out to the other or sell and split the equity?
Any advice would be appreciated.
Thanks.