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| Kaizen |
 Posted: Wed Jun 15, 2005 3:34 am Post subject: Thinking about first investment property... |
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Investing Associate
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I have to say, I love this forum... talk about great info!!!
I am thinking about buying my first investment property (residential)...
Willing to put 5% down...
I'm being told I could get an 80/20 Interest Only with an interest rate in the 5's range for the first and an interest rate in 9's or 10's on the second...
Now I know mortgage brokers are in business to make money (and they should be), but how do I know I am getting the best rate?... were can I go (website) to compare rates? |
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| MrInvestor |
| Posted: Wed Jun 15, 2005 5:04 am Post subject: |
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Investing Manager
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First off, good luck on your first investment property!
Interest only loans seem perfect for this sort of thing. Not too long ago I was set well against interest only loans. I still am if your planning to live there but for short term holdings it makes sense to have extra liquid capital.
As far as the rate goes...
Where did you get your current offer?
If you like dealing with them, they are local and you know the money is staying local (helping build your community) there is a lot to be said for that. Sometimes it's worth paying a bit of a higher rate. (In my opinion.)
However if you want to compare and go for the best possible I'd try these. These are the big guys, but personally I have never used them. (hopefully someone can give their feedback on them)
www.lowermybills.com
www.lendingtree.com
For more info on interest only loans I checked out... www.interestonlyloans.com
Hope this helps! |
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| Kaizen |
| Posted: Wed Jun 15, 2005 5:51 am Post subject: |
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Investing Associate
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| thanks for the help. I'm not all that interested in keeping the $$ local (I live in a big metro area, they do ok without my pennys) |
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| freeye |
| Posted: Tue Jun 21, 2005 6:15 am Post subject: |
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Investing Manager
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kaizen: some are saying a real estate bubble has formed in some local markets around the country and still others are starting to say the bubble is deflating in markets around the world such as ireland, england and australia.
bob brinker a national money talk show host said this on his weekend show of june 16-17, 2005.
his show is widely available around the country and it is also available archived for a small fee per month.
a bob brinker money talk forum was just started here at einvesting.com and i would like to invite you over there if you have additional questions on bob's views on real estate.
one sign of a real estate bubble is people day trading or quickly flipping condos. the below site lets buyer of preconstruction condos resell or assign these condos to new buyers.
freeye
http://www.condoflip.com/ |
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| bigp |
| Posted: Sun Jul 31, 2005 3:49 pm Post subject: |
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New Poster
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| Mr.Investor has it right. I'd check out the sites he recommended. Bankrate.com is another great resource, not only for comparing mortgage rates, but also for finding the best CD, savings, and other rates. Its a great resource. Good luck with your search. |
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| Do5 |
| Posted: Tue Apr 10, 2007 6:56 pm Post subject: |
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Investing Sr. Associate
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Best way is to check your Good Faith Estimate and Truth in Lending sheets you should get from your broker, the APR should give you an idea...
there are very few 100% LTV investment lenders out there now.
banks are wanting to see customers carry some risk! |
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| Colli |
| Posted: Sun Nov 18, 2007 3:38 am Post subject: |
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Investing Sr. Associate
Joined: 18 Nov 2007
Posts: 57
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| If I were buying an investment property for an intermediate to long term investment where a monthly income was not as important as total long-term return, I would put my money in Lake-front properties. Why you might ask - - - because the law of supply and demand virtually guarantees this as a winner. Avoid costal properties because of the storm damage potential. If you doubt me, just check all local lakefront listings and do a market analysis on these properties. See how long they stay on the market - - - believe me, it isn't very long. |
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