All Forum Posts by: John Currey

We just bought a house for 100k and after the assessment came in it was valued at 143k.  It needs some work so I thought we wouldn't be getting that much equity right off the bat.  knowing this I'm pretty sure we could we could renovate it and sell it for between 180 and 200k. We were planning to live in it for a couple years and turn a sunroom into an extra bedroom/bathroom and try and rent that out. Its pretty rural so i'm not sure that would work very well but at the worst we would just be adding another bedroom/bathroom. 

should we just flip and try to find a new deal or two or should we hold onto this house and try and supplement the mortgage with house-hacking income? 

We just got our offer accepted on a house for 100k  looking at the amortization we would be paying off way more principal on the 15 year. Its a psyment we can afford either way. 

we plan to renovate the home and live in it for about 3 years. Is it worth the higher payment and slightly lower rate to do a 15 year mortgage? 

right now I'm just going off of what Google says for rates which varies from 5.7% to 7.3% for 15 year loans. Does any know the most like interest rate for 100k with 3% down and 760 credit all the websites are giving me different answers. 

So for several houses I've looked at that need work I'll ask the realtor and they will say "can you buy it in cash?"  when I say no they will respond that I will need cash, or a 20% down payment for the loan. Is this really the case?