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08-29-2006, 11:51 AM #1
Renter
- Join Date
- Aug 2006
- Posts
- 4
Invest. Propty. Advice: I got one, want another
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.
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09-04-2006, 10:34 PM #2
Renter
- Join Date
- Sep 2006
- Location
- St. Louis
- Posts
- 7
Owner Occupied 100% Financing
With your great credit score there are many 100% options available to you. Esecially since this will be an owner occupied property. If you find a property well below market value, you may want to consider an interest only option which will help with cash flow.
Please let me know if you need assistance as I am licensed nationwide.To Our Success!
Ben Carmona
Mortgage Planning Consultant
'Specializing in Investment Loans'
314-914-6052 (c)
866-226-6309 (f)
EliteMortgagePlanning AT BenCarmona DOTCOM
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