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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 31 May 2005 21:56:49 -0700
/ Author of the message: "matt" |
Title of the message: |
Re: investment question
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Text of the message: |
If you are going to do this, think about a home equity LOAN on the primary property instead of a line of credit. Your interest rate will probably be 1-2% higher than the line of credit, but the rate will be fixed for the life of the loan, which could be at 20 years. That way you don't have to refi the original mortgage and sacrifice your good rate. Also, how come you can only get 80K out of the primary property? At 90% loan to value, you should be able to get 200K out of the property if you wanted to. I wouldn't go that far, but you could borrow 100K on a loan, use 20K for the car, and then 80K for the down-payment on the second property. Interest only loan + 2 properties + minimal equity + 50K salary + new car = very risky If you had a higher income and/or a ton of money in the bank, then the risk might be worth it. If I were in your situation, I wouldn't do |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.