RBA Money

I had an investment property in AZ, it was foreclosed on a year ago because I could not get a renter to offset payments. Now my gfriend wanted to buy a house in CA which where we live, what are my chances of co signing a loan with her? I have a good job and pay and currently have no debt.

Thanks

It is possible to get a loan after 12 months of good credit history. However, you said you have no debt, which likely means you’ve done nothing to rebuild your credit. Since the negative items will remain on your credit for a min. of 7 years, you will need to establish enough good credit to offset the bad.

The easiest way to find out if the two of you will qualify is to apply for a loan. Your girlfriend may be able to qualify on her own, assuming she can afford the payment.

Good Luck!

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I would like to purchase a property for investment purposes (renting) but cant really afford 20 nor 10% down on loans. Is there any loans offered by banks that offer such help for investors?

Not any more….the days of zero down are pretty much gone after the banks took such a bath by issuing them to folks who never should have had them.

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I currently have a primary home but I want to buy and move to a larger home and keep the current home as a rental property.
But the current home loan was taken out as a primary home. How do I switch this home to a investment home and get the new home as a primary home? Thanks

There is no switching involved. You simply apply for and get qualified for another home mortgage loan. Your mortgage you have for your current home is just for that house and no other. You can not switch this mortgage to another house.

This type activity is done on a daily basis with individuals that move to another house, but keep the old house as a rental. You should make sure that the rent you plan to get from this rental covers the monthly mortgage payment to include your taxes and insurance. If the rent does not cover the entire amount it should cover the vast majority of it. You don’t need anyone’s approval in writing or verbal to do this.

If possible try and find a renter so you can get a rental agreement on the old home, this will help you with the qualifying. You should give a copy of this rental agreement to your mortgage broker.

Keep in mind that when attempting to qualify for your new home mortgage that your current monthly mortgage payment will be considered when the mortgage broker/banker work out your ratios to see if you are qualified for the new mortgage to buy the new primary home you want to purchase.

I hope this has been of some use to you, good luck.

"FIGHT ON"

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http://newbraunfels.trustar.us/
Purchasing investment real estate for the first time can be a uniquely gratifying and frightening experience that combined with the current tough lending economy will deter many new property investors who would like to enter the market. It is absolutely imperative to remember that this situation we find ourselves neck deep in is not permanent. It too shall pass.

You will not find a better time to buy than now, it is a definite buyers market, but it will not remain. However, before you can even purchase the property that you want, you will have to investigate investment property loans and get approved for one as well.

As you have probably heard, if you are paying any attention at all to the economic news, banks are in trouble and it is more difficult than ever before to get a home loan. However, that does not mean it is impossible to get a loan, it only means that your investment property loan may require more from you than it might have three years ago. You will find thousands of homes on the market, that have remained on sale for many months when you browse the local real estate listings.investment propertypropertyreal estatereal estate investment

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I have heard that you can’t deduct the interest unless you are considered, "in the business" also, what are the current depreciation rates on investment property? 15 year, 30 year or what?

I own 2 duplexes and living in a part of one of them. Your mortgage interest is deductible no problem. As far as the depreciation goes there are several different things. I broke it down in the offer when I bought my 2nd duplex. When you offer or when u do your taxes list a breakdown of your investment property. say $100,000 place. $20,000 is land (can’t depreciate.) $55,000 main house ( depreciates over a 26.5 year schedule, its goofy but that was a government compromise), $15,000 out buildings like garages, and sheds (I believe is 10 years), and $10,000 (can’t think of the word, but it covers all the furnishings, pretty much everything that is removable, like windows, fans, molding lights, blinds, sinks, toilet you know like that) ( I again am not sure but I think it is 10 years as well, could be 7 but I think 10) either way breaking it up like this will help come tax time and keep your cost basis down. When you invest larger items into the property like a new furnace or driveway that is also depreciated (not depreciated but deducted or credited however you want to look at it) over a 10 year period.

Also the other answerer was correct that depreciation lowers the valuing for when you sell it but if you die and leave it to your children or someone else, they will not have to pay taxes on the depreciated value. If you depreciate this $100,000 house down to the $20,000 land value and hold it for 40 year and your child gets it. Lets say at that time the house is worth $250,000. You would have to pay taxes on $230,000 where as your child gets it with the cost basis at $250,000 not $20,000.

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I am thinking about investing in a rental home (I will be renting it out), but due to the fact that I am a novice, I do not know if I should go for a interest-only loan. What are the advantages/disadvantages?

Anything will help. Thanks.

Interest rates are often variable with Interest only loans. If your payment is $500 a month on an interest only and $700 on a 30 year fixed, when interest rates go up your payment could increase to $700 a month (or more), so you could be making the same payment and not gaining equity in a paid of mortgage.

Also, you will be in debt forever. $500 a month for the rest of your life is…

In investment property you should strive for cash flow and equity, all of which is achieved greatest when your property is paid for.

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I would like to sell an investment property. There is no outstanding loan on the property. I also have a living trust.
Can I sell the property but have it financed via my living trust ?
Or do I need to put the property in my trust before selling and financing ?

The trust must contain the property before any financing can be done by it. You need to look at your living trust as completely different entity than yourself.

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I own a house outright in another state (TX) and would like to take out a HELOC against it to help with a down payment for a house to live in here in my home state (CA). It seems to make sense because the interest rate is lower than taking out a 2nd. I would also like to do this a few months before I actually purchase to increase my credit score and help my credit history. Any thoughts?

If you own it outright (no first mortgage, so I’m not sure why you mentioned a second), then take out a first on it. A HELOC will have a much higher interest rate. The only advantage to a HELOC is that you can take the money out piecemeal, as though it were like a credit card account that’s secured by the property.

But, even if you have a zero balance, the maximum you can borrow on it is what shows up as what you owe in your credit report. That might raise some questions about your debt-to-income ratio. It’s kind of like if you took out a $15,000 car loan a few years ago and only owe $500 on it, it still shows up as a $15,000 obligation.

BTW – You can take a HELOC out on an income property. I used to have one. You’re just limited by a total loan-to-value ratio of 75%.

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