If you are putting down more that 20% of the purchase price, you do not have to pay mortgage insurance which will significantly lower your monthly payment. Also there are some niche lenders that will work with a credit score of 580 or higher.
Real Estate Specialist
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As a Realtor and Professional Home Stager, here are a few of my thoughts. When you are selling a vacant home, it can often be a major benefit to add some furniture and decor to your vacant home because it allows the buyers to see what it would look like lived in, as well as feature the home's best features. If you go ahead and allow a tenant to stay in your home WHILE you continue to market it, it can have the opposite effect if the tenants are messy and/or hard to work with regarding showings.
However, if you are considering leasing INSTEAD of selling, it could be a good option if you use a reputable property management company. A good tenant can keep up with your home while basically paying for your mortgage until you are ready to sell. And at the $400,000 price point, I'd expect that price range of tenants would respect and take care of your home!... more
It is public record. You can go to the Tulsa County Sheriff website and go to AUCTIONS. a list of current homes on the court docket for auction will be posted there. You would then need to contact the owner of the home to attempt to purchase the home directly from the owner and work with their lender on an acceptance to your offer. You may want to use a seasoned mortgage lender to help you negotiate with the current mortgage holder. The docket will also list the current mortgage holder and their attorney's contact #.... more
V.A. loans are acceptable on most properties depending on the condition of the home. If anyone needs help locating homes that meet V.A. requirements I would be happy to help you. Feel free to call if you have any questions. 918-313-0408... more
What would you like to have and what is your "must have"? Those are your answers in consideration of your investment.......... This really doesn't address your question, but I'd imagine you had some sort of financial modeling tools you used to determine viability of the investment. A lot of investors use "cash on cash" ratio. You can find good info on the internet explaining this approach.... After the Tax Reform Act of 1986, it was no longer advisable to try to make money by losing money... You want your investment to show a good positive cash flow. Vacancy loss is a killer...... You cannot recoup what you do not collect. Why? You can't raise rents high enough to do so... Best to take a conservative approach and shoot for the long-term tenancy. As I am not in your market, David Fletcher gave you a specific response to the specific market. My only suggestion: Do the math... 12 months at 92% of FMV is better than 10 months at 100% of FMV... do your math and plan accordingly.... more