You would be turning into a condo/ Your first call should be to a real estate attormey to see if you have to register condos with your state. The lawyer then will set up a declaration of condomium and record it with the new deeds. Along with basic condo inf it should include who and how common insurance is paid, short time mainteance like lawn care and long term like the roof.... more
You can get an FHA loan with a 610 credit score, have you tried The Lenders Network? They referred us to a lender that was able to approve us with a 600, even when we were declined by multiple banks. I would highly recommend them. Good luck!... more
Real Estate Lending for Investment PropertiesHello! My name is John O’Leary, and I am with BridgeWell Capital, a private money lender who works strictly with investors for flipping or renting houses. We are BBB certified, and a Florida
My best friend works at IUPUI. She rents an apartment approximately 2 miles northeast of the campus in a neighborhood with apartments and homes. She walks, bikes or rides the bus to and from work. She is just north of the Mass. Ave area. There are homes and apartments for rent nearby. She is very satisfied with the area.... more
If you have a low down payment and/or lower credit score, then go FHA. If you have 10% or more for a down payment and a score over 700, then go conventional. A conventional loan at 90% will have almost the same monthly mortgage insurance payment as FHA but without financing the upfront mortgage insurance of 2.25% into the loan amount. Once you get 22% equity in the property from appreciation and paying the balance down, you can get the mortgage insurance removed from the conventional loan. This is not the case with FHA as you will have to achieve the 22% equity level by paying the balance down without regard to appreciation which could take aprx 11 years. Depending on where you are buying and your credit score, you could also have the option of doing 2 loans on conventional with an 80/10/10 to avoid mortgage insurance altogether. What is your score and how much are you putting down?
f you want help along the way don't hesitate to Ask : http://fhamortgageinfo.com/fha-vs-conventional-loan/... more
FHA loans are government-insured loans that could be a good fit for homebuyers with limited income and funds for a down payment. Bank of America, an FHA-approved lender, offers these loans, which are insured by the Federal Housing Administration (FHA).
More information is online at : http://fhamortgageinfo.com/bank-of-america/... more
Doug, I think tip #5 & #6 are vital! I think there are too many people who don't know the rules or have the experience in buying rental properties. Using the services of a professional could really benefit someone who's interested in investing in real-estate. Property managers or buyer advocates could really help benefit people. http://www.wbpproperty.com/buyers-advocacy... more