In regards to the terms, I received a 30 year fixed mortgage with a 4.4% interest rate, at the time I got approved I was at solid 690- 700 credit score but my credit has grown since then.The home warranty is about $960-$1,100 annually which averages to about $83-$85 monthly, and covers just about everything in BOTH UNITS, the sweet part is my realtor fought for it to be paid at the closing by the seller, so I ended up getting the first year essentially for free.

” (35 ILCS 200/15-175) The amount of exemption is the increase in the current year’s equalized assessed value (EAV), above the 1977 EAV, up to a maximum of $7,000 in Cook County and $6,000 in all other counties.Our scenario is my mother and step dad live in a SFR of ours and their rent is solely based on the total costs of the property (mortgage, insurance, and property taxes).

But that's probably hard to find - specially someone who will trust you to pay the 5-7% you promise them.The other (more realistic) option is to call a mortgage broker.

It's a huge 4 bedroom house and I now have other family members who want to move in and help pay the mortgage so this is actually looking pretty good right now

I've since paid of my mortgage and have no slavery inducing loans to service.

He then sells houses to buyers by wrap around mortgage, and keeps the difference.

If you can't, then yes you can bring your mother (or another person) onto the mortgage to help increase the income, but keep in mind, the lender will also have to take into account her liabilities as well.If you decide not to do that, or you still can't qualify with her added.

Lets say a house flooded, the mortgage company would require the home insurance to repair it but what if they didn't have flood insurance or insurance did not repair to previous status could that property sell at a discount?

The only risk is if the company goes bankrupt (which in case I would then start self-managing), and the only costs I'll have to cover are potential structural damages (which would most likely be covered by insurance).Another plus side of having invested all cash, is that I will have potential access to lines of credit both for home equity (up to 70% of home equity), AND for future guaranteed rents (up to 60% of total 10 year rent roll).Already planning on the next property using the same strategy, but this time with traditional financing (looking for 100% mortgage).

Hi Shequila, your first step would be to contact a mortgage lender in your area to help you get pre-approved for a home loan.