All Forum Posts by: Calixto Urdiales

Thanks for clearing up the downpayment issue but as far as the difference in payment that may be true (what you posted) but usually lenders will offer a lower rate when you choose to finance an ARM program. Now he will be looking at some where in the 5% range and will be able to invest more money towards the IRA account. Yes your income is subject to it's normal tax bracket and you do not get a tax deduction for any money put into the account, but it is earned tax fee and you can take it out tax free (assuming that you take it out after the age of 59 yrs and 6 months). So now that the rate is down your payment is around $754.99 and that is an extra $234.01 to add towards your IRA account, and remember that in most cases if your payment adjust higher your IRA may do the same. And as a separate note make sure you get an appropriate cap on the the interest (that is the payment you will be paying) for the program you choose so that it does not sky rocket.

So now you have a $373 contribution each month towards your IRA account (well with the limit you can contirbute each year), and yes it is subject to your normal tax bracket.

P.S. You can also go through HUD and get an FHA backed loan where your percentage rate will be 0% to prime. Depending on what you can do for them they will be able to help more than before. For instance if you tell them that you want to provide housing for low to moderate income buyers and section 8 your building, you might find yourself between a 0% to 3% range of financing.

Note: That all HUD programs that are FHA backed require that you pay a mortgage premium that is equal to .5% of the loan balance each year, in this case somewhere around $60.00 a month. Makes perfect sense!

Mike was that including the $14,000 for downpayment?

And you do know that he can get and interest only payment and have the money that would have gone to the principle put into an Rooth IRA account that is yielding 8%. I say if he does that and everything works out nice and dandy he will be able to pay off the mortgage in 10 to 15 years and have $1,100.00 positive cash flow a month.

Oh and do not worry NBD I will get those forms out to you as soon as possible my good friend. And when I get the chance I will mail you the puchase contract so as you do not need an agent to represent you.

Not to rain down on your parade Budda but I do not think that this is an esay way to find the owner let alone efficent. If you want to find the owner just stick to 411 calls or whitepages .com and if that does not work then mail a letter to the abandoned property!

Well it all depends my friend on the current situation the home owner is in at the time. Some of these homeowners are in default and are stuck between a rock and a hard place. This may be a good chance to make money and at the same time help the current homeowner out of a sticky situation.

If not in default they are probably motivated for they do not have the marketing skills of a real estate agent and need help getting the property off their hands.

For better response to your thread you might want to post this thread in the americans investing internationally forum. I think if you do this you will get some better feed back my good friend, good luck.

You are forgetting taxes, hazard insurance and property insurance but that might be why you came up with that $2,656 yearly quote. Are your payments based on the downpayment or without the downpayment? And what interest rate did you get quoted and if it is a real nice pricing did you get it locked in for 60 days (if so make sure it is in writing)?

From what you have listed here I would say that this is a real good deal but do you know all the ins and outs of section 8?

If not what would you like to know?

Yo NBD I have not heard from you yet and I was wondering if you still wanted those forms we talked about?

Thanks NBD

Mike I would have to agree with you that if you are in these areas then the simple credit check is the least important way to check. But I did not know that you could charge extra for background checks and keep the difference!