Carol Donaldson
Help with interest only calculations
Hi, Could someone help me with how to deterimine a calculation for an investment property? I'm looking for the formula for a 30% down, 10% interest only for 3 years, on a 5 year note. Any help would be apprecia...
Yvonne Chou
Qualifying for a loan with $60k income
Hi BiggerPockets,Any advice on how to qualify for a large loan (~$700-800k) for a mortgage if my income is only around $60k a year? I plan to finance the mortgage by renting the property out.I used a loan calculator a...
Shauna Adams
15 years @ 3.5% or 30 years @ 5.125%
Hello BP Community,
I am interested in buying duplex for $200,000. I have the following loan options 15 years @ 3.5% or 30 years @ 5.125% both with a 25% down payment. I am currently a high income earner but will po...
Account Closed
Should I ask the seller to Refinance?
When you do a subject to and the seller has equity and he is willing to do a subject to BUT he wants his equity.. what do you do? Do you ask him to refinance to pull out his equity and then you take over his payments?...
Nick Watkins
Advice please.
I found an 8 plex with 7 extra acers approved for 70 more units. They were asking $400k and I casually offered $240k and was told they would work with that number. I talked to a few commercial loan officers, and they ...
Jason L.
Owner financing
How can you do a 15 year loan to ensure your home is paid off in the 15 years? Higher interest rate and/or more money down?
Monette Lowry
Loan prepayment without changing duration?
Hello,I have a question about a loan prepayment. I borrowed money from a family member. Since it was a large sum and we did not want to pay gift tax, we did it as a loan using the IRS interest rate that was effective ...
Steven C.
Loan options for new construction rental
I have a 3 flat that is fully paid off that has three rental units. It’s very old and it makes sense to tear it down and build something new to maximize the lot size and generate more rental income. I don’t intend to ...
Benjamin Cowles
A couple newb questions about simple and compound interest and mortgages.
When figuring out the 'seller finance' terms with your seller or buyer how does simple and compound interest figure into it? I read that mortgages use simple and I also read they use compound interest. Who's the exper...
Raymond Santos
House hack questions and insights!
Looking to get into a house hack, starting out with an FHA loan and that comes with MIP/PMI. My goal is to get rid of the pmi the first year I move out by refinancing to a convetional loan, but I heard you need to hav...