Tag Archives: CONDO

Is it a good idea to move from Chicago to Las Vegas to start a new business in mortgage?

Posted on November 5, 2011 by admin| 2 Comments

Now I am working in a Mortgage Company in Chicago with stable salary and I own a condo and a car. Our company is expanding to Las Vegas, I’d like to know if I shall move to Las Vegas to start a new branch office over there? I will be the office manager, but my income will be commission based with totally new market. I have no idea Las Vegas’s real estate industry and mortgage market, and what will be my new career future in Las Vegas? I m a single girl. Just seperated with BF. Shall I sell my condo in Chicago before I move to Las Vegas or keep it, in case later, i can come back Chicago if the market is not good in LV. How can I keep my condo here in Chicago, rent it out, who take care of the rent and maintainence? It is a big challenge choice for me. thanks and look forward to getting your instant response.

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Posted in Mortgage Tips

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HELP!!! Should I buy a condo that is a land trust?

Posted on October 31, 2011 by admin| 3 Comments

This is the numbers they gave me.

Land = 80,000
Condo=120,000

So if I purchase it, I would only be responsible for the 120,000
mortgage. However, when selling they are in tilted to 75% of the
gross sale price over 120,000 (what I bought it for)

Does this sound like a good deal or am I getting screwed?

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Posted in Land For Sale

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HELOC or Sell? Is there a guideline?

Posted on October 4, 2011 by admin| 5 Comments

I have a condo that I bought for $119,500 last year. My first mortgage has a balance of $93575.93 @ 6.25% fixed while my 2nd mortgage has a balance of $23251 @ 8% variable. Currently, similar units are going for $145K + is my area of south New Jersey.
I want to move closer to work. My current drive is a 100 miles round trip and I have had enough of the commute. I am considering two choices. Taking out a HELOC to combine $3K of credit card debt, $1200 of medical bills, $3000 student loan, the balance of the second mortgage, and a few home improvements. I would take out the HELOC so I can rent out the unit.
Choice #2 is to completely sell the unit and hold the cash until I am ready to buy again.
Any advice, opinions, or suggestions here?
Units around me rent for about $1000/month.

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Posted in Home Improvement

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what estate of usa is best to buy a land and buuilding condos for sale?

Posted on September 28, 2011 by admin| 2 Comments

if you had some money and wanted to buy a land and build a condo what would you do

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Posted in Land For Sale

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Should I Be Worried! Please Help – About to Purchase Condo?

Posted on September 28, 2011 by admin| 9 Comments

Ok, first thanks for reading this question.

My wife and I purchased a Condo Last Year in Chicago for 360k, this Condo was under construction and will be ready in July. We already gave 36K deposit for earnest money which will be used as down payment. We plan on putting another 36k at least to make 20% down. We might put more down, maybe even 100k total.

We make combine 70K and have a combined credit score of about 680 -

My question is – do we qualify for a traditional 30 year fixed at a good interest rate? Is it even possible to do a 15 year fixed with our income.

I’m a little worried we will not qualify for a loan because of our low combine income(70K).

The condo has 3 bedrooms so we plan on renting 2 of them out for 1000k a month to help out with the mortgage (do lenders consider rental money and should I even mention it?)

Thanks for any help =)

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Posted in Mortgage Tips

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