All Forum Posts by: Jasmine Claye

what are acceptable ways of providing proof of rental income? Is it acceptable to HML to show check deposits in my account? Will this work for banks? Or is W2 the only way to show proof of this income? What tax breaks if any does rental income provide?

What are the benefits of using home equity to purchase another property? No down payment? What else? Is there the possibilty of paying less in monthly payments on both mortgages combined vs paying just one mortgagte without using home equity from a previous property?

Thanks for all of your valued responses. Paying more on monthly payments is the way I knew of it to be done, however, I thought there were different loans structed differently where achieving more equity faster would be feasible. Just like there are interest only payments, etc.

what is the best type of loan to use for a buy & hold property. I plan to use the home for a couple of yrs as a primary residence but would like to have a good amount of equity at the end of the couple yrs without putting a substaintial down payment down. Do rapid equity mortgages exist? Would this be the way to go if I will use property to purchase an investment a little down the road?

Thanks a lot for the info. Another quick question ... this home will be a foreclosure. What happens with the title after a foreclosure? Is there a possibility that it may still be encumbered? Any way to find out before paying for a title search?

is an inspection usually a requirement from lenders? I will get financing through Wells Fargo.

I would like to get an inspection done on a property I would get financed. The property is being auctioned off so I would like to pay out of pocket for an inspection before winning and being locked into a contract. My question is, would I be required to pay for an inspection in closing costs by the bank, even if I pay for one before contract?

What about previous year tax assestments? Are these ok to use to determine current value? I understand recent sales are better to determine market value, but can tax assessment values give you an idea?

What are the best ways to find out about a new area to buy property in? I know about the county website for crime. Talking to people in the area. Any other ways to find out?

Also, how close are zillow estimates for property values? Are these estimates within a certain range of being correct?

It ia a 3 bed 2 bath. Neighborhood ia decent. Homes selling for 80-100k +. I am interested in uding it as a primary residence. I just need to get an idea of the cost of mold remediation. Thanks!