With the market still down by around 30% now is still a good time to invest. The market is definitely picking up, all sales are trending up and new construction is back on the move after a long stall.
When you purchase now you can get a great deal, and, depending on what you put into the home, you can usually reap the reward. You may not see as much profit as earlier years when Short Sales and Foreclosures were more plentiful.
There have been fewer Short Sales and Foreclosures so you may have to adjust your flip strategy to accomodate until there is more inventory, however, if you are willing to jump on something quickly or to carefully choose from existing inventory, you can still get the financial reward if you are doing this wisely and really consider all the factors going into your purchase.... more
Adam: If your name does not appear on any of the mortgage documents then buying under your name should be no problem. If you did somehow manage to get your name on the docs then this might be different. Go to a local lender, have them pull a credit report and get you qualified for a loan. Good luck.... more
Although the overdrafts will need to be explained, if your credit scores and other qualifying characteristics support an automated approval, there could be a way to get your file approved. Obviously, your chances are much better if there are no overdraft charges on the bank statements in question. I would recommend that you start today taking care to avoid overdrafts on your May bank statement. If you were to go out and find a home today, you would not be able to close until June anyway and we typically need just one bank statement for underwriting purposes.
If you donâ€™t have the ability to make the concerted effort to eliminate the overdrafts, I might recommend that you take some time to shore up your financial position before purchasing a home. I would be more than happy to give you some guidance toward that end.
I'm a landlord right in that nook, and rents have been relatively stable for a couple of years. I don't see them going up in the next 2 years, but once the economy stabilizes people will not be as likely to pass up a nice place in a great location with higher rent. Overall, this neighborhood is known and loved by renters as a nice change from the rent prices in uptown and closer to campus. The average 2 bedroom duplex unit in this area would run between $750 and $1000 depending on size, amenities, and utilities included. This particular area has seen many changes since i made the switch from renter to landlord. Tons of new restaurants, shops, and galleries have been flying up and pride of ownership in the area is coming back. I am the only owner occupant on my block, but the neighbors that rent all take nice care of their space. Great rental area!... more