All Forum Posts by: Charlie Boy

It looks like the vultures running the country are considering hurting mortgage tax breaks.

http://finance.yahoo.com/news/Analysis-Mortgage-tax-break-rb-3724808878.html?x=0&sec=topStories&pos=2&asset=&ccode=

>>As long as you don't rely on them for your financial projections

I'll let the numbers talk. I'll tell the agent not to bother unless the 50% can be successfully applied.

My home will be paid off on March. When I bought it 3 years ago ($300K), the mortgage brokers told me I qualified for much, much more, probably twice that amount. I didn't let them tell me what I qualified for. I decided what I qualified for. So, there is no danger of me letting agents, or anybody else for that matter, make any projections or number-crunching on my behalf.

HEY, ARE MOBILE HOMES WORTH LOOKING AT?

Noted. I will run from any agent who tells me the 50% rule is wrong. And retail price = bad news.

I am located in Utah Valley. The local newspaper with a free and large classified is at www.ksl.com. The zip codes here are 84663, etc. I realize that paying retail is mistake #1 which I will not make.
A realtor told me yesterday that the 50% rule is unrealistic. She said that a 40/60 rule is more realistic. It works this way according to here: Save 40% to cover expenses and vacancies, and the other 60% will be sent entirely to the mortgage company. You keep 0%.

What?

If the best deals are not in MLS, where are they, FSBO?

I was just now looking at the local classified online. With the 50% rule, I was unable to find anything even close to being worth looking at IF I were in the market for a property right now. How will I ever find one that has enough cashflow after I subtract 50% for expenses and service the mortgage is what remains unknown to me.

I like that, the landlord acts like the handy man. I will keep that on mind and work towards that with my property management company when I become a landlord.

Wow, the 50% rule is ruthless. I can tell you that it would require me to give at least 30% down to increase equity and borrow a lot less. Wow!

I would make sure NOT to let the tenants know that their landlord's primary residence carries no mortgage. I'll make him believe that I am 100% leveraged, and that I owe more on my property than it's worth. Maybe he will feel sorry for me and donate something.

I do not want a HELOC. It is my dream to live mortgage free. I will have a mortgage on an investment property, but not on my family's roof. :) Thanks!

Charlie.