Buying a house and paying mortgage with student loans?
Being logical or not paying a mortgage with student loans, grants or other government benefits you might be entitled to would not work. In order to get a grant or student loan you would have to apply each time. With each time there is a possibility of denial and there in lies the problem. In order to purchase a house you would need to prove you have a stable income that has been generated over a minimum of 2 years. If you are speaking of purchasing tax liens as a means of securing a house for you and your son. This might not be the best means of purchasing a house. This should be considered an investment more so that a means of purchasing a house. Occasionally you would be able to secure a house by buying a tax lien. You may solve your situation by finding distress (foreclosure, divorced, or probate sales) property or an owner carried mortgage. There are several books on the subjects that would assist you in accomplishing either one or both methods that you decide best to fit your needs. You would want to be as intelligent about the subject of buying distressed property or owner carry mortgages as possible. Look in your local news papers for ads that read "For Sale By Owners (FSBO), owner will carry. these are the type properties that might solve your problem or buying a house. When buying such properties it is best to make some type of contract with the important sale information, all involved in the sale process should sign this document. Take this signed document to a local title company and escrow company. These companies would insure the closing is completed according to local, state and federal laws. These are called non traditional ways of purchasing properties used by many investors and savvy people that are aware of these methods. In order for your parents to be of assistance to you in buying a house they would have to be the primary buyers as you have no provable income, though you would be allowed to be on the mortgage loan application as a co-owner. It would be best if your parents are left out of this financial situation as they might be close to retiring or is retired and would want to be financially comfortable with the plans they have made. I hope this has been of some benefit to you, good luck. "FIGHT ON"
Am I stupid for buying a new car, putting $4000 down and paying $275.00 a month?
My father once told me: Either buy old or new. Why buy in between and have car notes and maintenance bills? I would pay cash and save money for repairs, or buy new and have a warranty. Good Luck
Do Billionaires have mortgages?
Sure, they can have mortgages. Maybe they could pay cash, but why should they? They're smart enough to realize that many fortunes have been made in real estate. And the real fortunes have been made with leverage--by using borrowed money, that is, mortgages. Here's an example: Let's say there's a house that costs $200,000 today. You pay all cash for it. No mortgage. In 5 years, the house is worth $400,000. Excluding miscellaneous expenses, you've doubled your money. You've earned 100% return on your investment. Over 5 years, that's a 20% annual return. Pretty good. But let's say you only put 20% down--$40,000. You borrow the rest. That means you have a mortgage of $160,000. In five years, the house is worth $400,000. Same scenario as above. But your investment--the money you had to come up with--was only $40,000. You've earned 500% return on your investment--$200,000 on a $40,000 investment. Over 5 years, that's a 100% annual return. Much better. But let's say you only put down 5%--$10,000. You have a $190,000 mortgage. Five years later the house is worth $400,000. You've earned $200,000 on a $10,000 investment--a 2000% percent return, or 400% annually. Even better. So billionaires (and wealthy people, and real estate investors) might be able to pay all cash for a property. (And they do, if the cash purchase will sufficiently lower the cost.) But, in general, why should they? There's a lot more profit (and more risk) to use leverage. Hope that helps.
If you buy a house do you have to pay morgage?
I mean like buying a 1,000,000 dollar house completely, mortgage is when you borrow from a bank? I know i sound stupid but I'm only 18 and want to buy a house, don't know much about house buying, so when i buy the house for 1 million dollars do i have to pay anything else? Like ill probably have to pay for water electric bill and all that, correct?
When you pay rent, arenyou paying for last month or for current stay?
A friend of mine just moved in to my house on march 20th, take note I have paid my mortgage for the month of March so to help her atleast, im not asking for any payment for march. but would like her to pay on april 3rd or 3rd day each month since thats the last day of mortgage payment but she disagreed, she believes im asking payment too early because she moved in on the 20th then she should be paying every 20th of each month. Then I explained to her that Im basically giving her free rent of 2weeks in March, and thay payment in April 3rd she will be giving me is to cover the entire month of April. I told her too that rent is paid in advance monthly, anyway is it still okay for her to pay on the 20th? instead of 3rd of April rent, how do I explain it to her?
I’m a real estate investor who pays cash when buying, should I rather leverage the money and pay interest and fees or keep paying cash?
It's a good idea to pay cash because then you’re competitive against other bidders. Then, to retain capital for other opportunities, just refinance the real estate that you've purchased.