Foreclosure Property - Posted by Bary

Real Estate Investing Real Estate Law
#1

Posted by JT-IN on May 13, 2007 at 17:55:49:

Bary:

If you purchased the property for 490K and financed 100%, and assuming an int rate of 6.5% (which you may get an even higher rate due to credit score), the Principal and Interest is $ 3100 per mo. Then factor in taxes and insurance, you are probably at the 4K per mo figure total pymt. Sure you may get some rent to offset a little of it, but no one is going to loan that amt of mtg on your income. Sorry.

This shoe just doesn’t fit right now.

JT-IN

#2

Foreclosure Property - Posted by Bary

Posted by Bary on May 13, 2007 at 02:46:31:

Hello Everyone on this Board,

I am in NYC and I am considering the following Deal to buy:
The said property is in foreclosure and going to be forclosed in 30 days. 2 family house with basement apt.

MKt Value: 675,000.00

Owner Owes: 420,000.00 (First Mortgage)

Wants: $70,000.00 ( Selling Price: 490,000.00)

Property Needs work: Aprox: 25000.00

I have $20,000 to use and my credit score is 590. I have a job and I make $4000/ month. It is a new job. I am working here since feb, 2007.

Please suggest If is a good deal and If I can buy it with my current situation. I mean if I can get a loan to buy this property.
Thanks

Barry