first of all be careful with the mortgage modification scams out there specially the ones that ask you for money upfront to modify you. Secondly, if your mortgage has already been modified by your lender/servicer and you have been paying be sure to keep any and all copies of all the paper work. I have seen many mod cases in dealing directly with the lenders (ran a non-profit foreclosure prevention counseling center). You can go to one of these non-profit foreclosure prevention centers for free for a foreclosure prevention counseling/consultation. If you are interested (you can email me directly at wen @wenrealty.com) I'd be happy to send you the contact information on some of these counselors that can take a look at your case.... more
Benji duplex units are more difficult to get an FHA loan for. I am working with someone right now who is purchasing the same thing and they are going conventional with 5% down. Try to negotiate seller contributions for closing costs to help make up the difference. If you need a buyers agent you can contact me at 508-277-2032.... more
Hi, You have 3 options for a pizza restaurant in the Milford, MA area. 1. A bakery business for sale on West St. Leased store could be a pizza or deli business. 2. A commercial building for sale on Beach street. The building currently has a glass company and pizza business as tenants. 3. A small office building on Fayette St which could be converted to a pizza place. Hope this helps. Contact me if you'd like some more help. Ray Paulk... more
This is a straight math problem and it depends on what you can rent it for. If you are taking a monthly loss on your rental then you need to calculate what that loss means in terms of opportunity cost. If for example you're losing $300 per month then if that $300 was invested instead in your retirement plan what would it yield? You would be in a position to take depreciation on the property and that could be a benefit.
The current thinking by experts that I follow is that the local market could give up another 6-10% this year, flatten next year and then we slowly crawl out of this trough at a low single digit rate (locally anyway). If that is the case then apply this to your home.
If it's $350 now and loses 6% more then its $329 next winter, $338 the year after that, $349 the following year and so on.
So as much as this is a real estate question it is really a financial planning question, and it is a math problem. So find out what you could get for rent in the area first. Apply it against what you'll pay. Calculate your depreciation benefit which is 27.5 years straight line on the improvements (building assessed value percentage vs land). Figure on conservative rebound numbers like I've mentioned above. Now see if it makes sense.
Its true none of us has a crystal ball but there is no black magic in this equation. Call a competent accountant, fee only financial planner, or an broker who has an investment property background that can answer these questions - because that is what you're talking about turning this into, an investment.... more