Financing in Millburn>Question Details

Tupteeta, Home Buyer in Millburn, NJ

Having a deposit of around 60,000 dollars and no income within the USA- what would be a good real estate investment?

Asked by Tupteeta, Millburn, NJ Thu Feb 24, 2011

We are first time buyers. One of us is an American citizen. We can't decide if it is better to ask for the smallest loan possible- or go for a larger multi-family home and a larger mortgage.

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Leveraging , leveraging, and more leveraging .. up to 20 times and you all know how it all turned out with Banks. It works only when you are not the LAST one who is holding the bag.
0 votes Thank Flag Link Thu Feb 24, 2011
One of the most positive things that Real Estate has done in the past few years is a return to level headed investment one can genuinely afford. There were many people who were duped into taking risky loans which they had no business getting and wound up in terrible situations. Thankfully that is no longer the case and home ownership has been returned to it's rightful place: A great long term investment that combines an appreciating investment which you can enjoy living in for years.

Start by understanding what you can and can't afford by working with a reputable lender (we can give you some great names if you like), then decide what your long term goals areYou shouldn't decide on what to buy until you've thought about what your overall needs are.

This is a big question with a lot of implications and we'd be happy to help you figure it out.
0 votes Thank Flag Link Thu Feb 24, 2011
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