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I just got a HELOC from a national bank and I was told that I CANNOT use it as a down payment on a new home. They called it a bridge loan. I don't get it. IT'S MY MONEY yet I can't spend it where I want to. Does anyone know if that's legal ?
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∙ 15y ago
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How does one refinance their investment property?
An individual can refinance his or her investment property by lower one's monthly mortgage payment and increase one's rental income. Use one's equity to purchase additional property.
How do you get money for investment property?
Some investors will use their own money as capital to purchase investment property. Others will use hard money loans, which have high interest rates (hence their name). And yet others will use conventional loan methods. It just depends on the amount you are looking to borrow as well as your financial situation. If you are looking to purchase investment property, there are plenty of sites out there that offer access to listings.
How much does it cost for a Jacksonville investment property?
The prices for a Jacksonville investment property vary significantly with the size of the property and it's location and the means you will use to pay for it (cash or finance).
Does Indianapolis investment property have a good reputation?
Indianapolis investment property has had a good reputation in the past. BNET is a great business resource to use in looking up product information and services. This site will offer information on Indianapolis investment property.
What happens in a 1031 Land Exchange and what are the potential tax consequences?
A 1031 Exchange is great for owners or investment real estate. It allows the owner to sale the investment land and use the funds to purchase a "like kind" property and not be liable for capital gaines taxes.
Investment Property Calculator and Property Management Agencies?
An investment property calculator is a useful tool to use to determine if the property will be a good investment. There are a number of things to consider when buying an investment property. First, the person must make sure they are getting the property for the absolute best deal. Second, you have to calculate the costs of repairs and maintenance. The purchase price will include the initial down payment. This is the time to do some serious negotiations. You want to get the best price for the property, and the current down market can help you get an even better price. You will need several figures to plug into the investment property calculator. The terms of the loan for the investment property are also important. You must consider the loan interest rate and number of years that the loan will have to be paid. The other factors include the homeowners taxes and maintenance fees for the property. You must evaluate the fair market value of the property, and you will need to price rent according to this. Inflation will determine the yearly rent increase, and the appreciation of the property will determine your investment growth over time. All of these numbers have to be plugged into the investment property calculator to make the right decision about a property. The decision will be based on these numbers. If you can buy the property and make a decent profit, the investment is a good idea. If there will be significant loss, this is probably not the best investment choice. Proper planning ahead will help you make the right decision about investment properties. Buying an investment property is a big responsibility. Some investment property owners choose to turn over the management of the property to a property management agency. This company will be responsible for collecting rent, fixing problems, and any other issues that crop up with the property or tenant. There is a fee for this type of service, but if you own multiple properties, this can be a good investment in resources. This company can relieve a lot of stress and frustration. This can free you up to handle other things that you need to take care of in your business.
Can you sell a property with a 1031 exchange and use the money to buy into a business rather than another investment property?
no, a 1031 exchange is only for going from property to property
What is the use of commercial investment properties?
Gas stations, restaurants, convenience stores, and malls are all considered commercial properties. Commercial investment property is property that is solely used for business purposes.
Can a home equity line of credit be used like a checking account?
A home equity line of credit (HELOC) is similar to a checking account in the following ways: * Checks drawing funds on a HELOC are written like normal checks * A HELOC check will bounce (NSF) if you exceed the credit line (and you will likely pay fees for such an occurrence) * Some HELOC programs are free if you write checks, some require an annual fee whether you use them or not The HELOC is different from a checking account as follows: * Money spent on HELOC checks is money that you don't generally have at the time (it must be paid back eventually) * Minimum amount per check (checks from a HELOC usually must be at least $100, some banks want at least $250) * When using a HELOC check, your minimum monthly payment on the HELOC will change in the month after the check is cashed * If you don't pay the HELOC or default on the HELOC, the bank may go after your home * The interest rate on a HELOC generally changes once or twice per year
Can you get a home equity line of credit to buy a home?
No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
Can you use the money made on an investment property to refinance your primary property into an investment property?
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
How do you research property investment?
There are plenty of options available to research investment property. Realtors can give you plenty of useful information - first access to properties, comparables in the neighborhood. Your local appraisal district should have property appraisal numbers available for properties in their area. In regards to researching real estate investing, there are great choices to choose from. Sites that offer invaluable information and advice - BiggerPockets.com is a great site to use as they offer great forums and blogs, along with informative real estate investing articles. MyHouseDeals.com offers free access to investment property leads throughout the U.S. You can use their site when you are ready to purchase property. In addition, there are other real estate investors that host their own blogs detailing their adventures in investing, along with advice and tips to avoid their pitfalls.
