Real Estate financing?

[Jah (b)less]

ok, so i need some advice from someone in the know,I wanna purchase a house for under a 100k, how would you go about doing that? I have been working the last 6 years but only part time and own stocks of atleast half that but they don`t bring in income and i don`t want to sell them, could i get approved for a loan with that as collateral?

 

[~fvk~]

Are you in the US? If you are. HAHAHAHAHAHAHAHA...

 

[accessndx]

There's probably someone out there somewhere that will accept stocks as collateral...
It's just not going to be as easy to find as it may have been before all the stock and economic shenanigans.
You're better off looking for houses that are classified as H.U.D.....ones that are in areas that are attempting to be "revitalized" through new homeowners...
Typically you're talking about crappy areas though, so security may become an issue.
There's also probably alot of people getting foreclosed on. As much as it pains me to take advantage of someone's misfortune.....they're getting soaked no matter what...
You may just be saving someone from WORSE economic hardship by taking over their mortgage.....
Who knows, they may even hold the note for you.
Pick yourself up one of those "no money down real estate" books, courses, dvds..etc.
That clownshoe: Carlton Sheets...and some other guy both have a series of stuff that gives people the basics of real estate. You'd be surprised at the opportunities that may arise...
Just don't expect to get rich quick like they infer will happen....but it would be perfectly suitable for your own modest purchase.

 

[hazey4]

When I got my loan they said you had to of had the same job for 2 years. It depends alot on how much debt you are in/how much assets you have. Also helped that I had a credit score of like 750.

 

[headiez247]

Are you in the US? If you are. HAHAHAHAHAHAHAHA...

Yup. Don't even bother trying, you won't get it unless you make like 50k a year on the books and can prove it. Stocks are pointless. I applied a few months ago with $300,000 in stocks and they didn't count it for anything

 

[donny darko]

Freedom gave some good info. If your shares are not making any money or are not heavily appreciating why keep them. So you could sell enough of them to get between a 10- 20% down payment for the house, which is what the current lending market is requiring. Also you have to have income enough to make the monthly payment 33% or less of your monthly income. So with a 100,000 house with say 20% down, thus a 80k mortgage you would have to pull in around 2028 a month give or take depending on taxes, insurance and your other expenses to fall in the general area of accepted ratios. Some banks depending on your credit history can set the ratio lower thus hoping to lower their risk in lending to people. Credit score also need to be hight than a year ago as well.

peace darko

 

[yamaha_1fan]

Books are outdated and never have enough detailed info.

Google "real estate investing forum"

Do you have downpayment? How much do you make on your p/t job?

look on craigs list and search by owner financing. Tons of investors selling houses with a few grand down

There are hundreds of ways to do it, just need to know what type of situation you are, income, cash on hand, credit score etc

 

[johnipedestran]

cash flow is everything. you need to show proveable income. No Doc or "liar loans" are impossible to come by at this time.

good luck my friend

peace
jip

 

[GeneticHeirloom]

David Bach, Douglas Grey have helped me tremendously.

 

[Jah (b)less]

hey, thanks everyone for all the info..


I have money for a down payment, even to pay off the house with, problem is its not "clean" money. My job only brings in like 800 a month but i do have a 754 credit score.


Would it be possible if i have a co-signer to get approved? I was thinking about having a family member or one of my close friends go in with me.. And how would i be able to filter money into a bank account without getting attention from the IRS etc...?? i know if you deposit more than 3k it gets flagged, but can they bust you just for doing that, how does that work???

 

[yamaha_1fan]

I suggest you go down a few threads and read my thread called "...banking procedures". I posted a link towards the end that you should really read.

You also need to be careful, what you discuss. Money laundering is not allowed here so choose your words carefully


I dont think you can get a conventional loan with 800 in income, even with a co-signer. Maybe with 20-30% down

 

[GeneticHeirloom]

hey, thanks everyone for all the info..


I have money for a down payment, even to pay off the house with, problem is its not "clean" money. My job only brings in like 800 a month but i do have a 754 credit score.


Would it be possible if i have a co-signer to get approved? I was thinking about having a family member or one of my close friends go in with me.. And how would i be able to filter money into a bank account without getting attention from the IRS etc...?? i know if you deposit more than 3k it gets flagged, but can they bust you just for doing that, how does that work???

Jumping into a lava pit is a REALLY bad idea.
Friend co-sign? Wow... MY head is getting a headache already.
Money laundering through your bank to pay your mortgage? Sheesh that is like taking a megaphone and saying I'm a grower in a cop shop.


here's something you could do:

Take your 800 dollars and put it into the bank everytime you get it. Don't touch it, don't use it.

Clothes, drugs, food, entertainment (NOT furniture or electronics) spend with your extra income.

Do Not attempt to dirty your mortgage, there has easily been a thousand people to try that before you in a multitude of ways and even if those succeeded, they sure as hell made sure it wouldn't happen again.

800 a month? You should get a second job or a better one, cut lawns for cash, shovel snow, hand out fries through drive thru. ANY of those are a BILLION times better than ending up in federal pound me in the ass prison over a house that in all honesty will most likely lose an additional 10-50% of its value before this recession even hits the turning point.

 

[The Bling]

LOL LOVE THIS

LOL LOVE THIS

actually if you know about the programs this housing crisis can be taken advantage of you want an FHA loan its a federally guaranteed loan (if you default uncle sam says he'll pay) i think its 5-7% interest fixed (may be lower not higher though) for 30 years with 2.5% down. that means $2500 down on your $100,000 home say your a handyman and really do it work your ass of on odd jobs there's tons of shit women will pay you to do just cause they cant reach it dont open a jar for less than 5 dollars!!!