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investing my home equity into profitable property?
Posted on April 29th, 2009 2 comments
sparkinharley asked:
this property is all long term renters 6 unit Grossing an income of 35,580.00 …per yr . total Operating exp. $13,500 so there is a profit of 22,260.00 which can pay off my home equity loan in a short time. the property is listed at 139,900 I would offer $105,000 i can get a home equity loan up to 45,000 to cover the 25% down payment which will lower the mortgage payment.
the owner is older women , her hubby has passed away and cant do much anymore. I was assuming this would be a good investment cause I can do 99.9 % of any repairs if needed. I was thinking keeping this investment cause, after the home equity loan is paid off, i ‘ll have additional income to pay off this property sooner all apartment are up to date also
would this be a good investment ??
JIMInvesting Additional Income, Apartment, Home Equity Loan, Hubby, Investing, Mortgage Payment, Older Women, Pay Equity, Profitable Property, Short Time2 responses to “investing my home equity into profitable property?”
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So?
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t-bone May 1st, 2009 at 06:33
I also thought the same thing, and had as good an offer as you did.
for three years i had a money maker, last year i had three of my tenants lose their jobs and they were receiving welfare, but welfare decided to pay me the rent, the problem is they only pay what they always pay 50% of what i was asking, so i attempted to kick the people out,( No such thing) i was told even though they don’t pay the gas and lights i cant kick anyone out.
the only way i could get them out was to get them another apartment and agree to pay their first three months payments. i did it but now i have been told my four other tenants are in the same boat. so this week i applied for chapter 11 im all done trying to make what you say was easy money. to manyt hidden ghosts in that deal, be very careful my friend if it sounds to good a deal it surely is a stinking deal old lady or not .
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bud68 April 29th, 2009 at 12:30