I am a new investor in rental properties and would like to do my own mortgage calculations for potential properties.
135064
How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don't mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.
10781
Maybe you can try looking up mortgage topics on Wikipedia.org.  They usually have a wealth of info on all sorts of topics.
475925
Get a Comparative Market Analysis from a local realtor.  They should be able to help you calculate the average rental per square foot in your area.  Many landlords base rent on the amount of their mortgage plus additional for maintenance.  Good luck.
526507
Go down to the county assessor.  They have this information.  If you have a friend who works in a Mortgage or Escrow office, you can have them run this for you as well.
66155
Call a title Company, they keep these list in their data base. If you are not a real estate agent or in the business they may make you pay for the info.
601572
A copy of the lease contract between lessor (you) and lessee (tenant) is what the lender is going to want to see in order to qualify you for the loan. Multiply the monthly rent x .75 and subtract the mortgage payment on the property. They will also want to see a utility bill in the tenants name to verify it is really rented out and you aren't trying to buy another rental property. \n\nTake all other expenses and add the differnce from above. Divide your total (gross) income and if you get above .45 you may have problems getting approved for a full doc loan.\n\nFYI... there is no way of verifying that the amount you PUT on the lease contract is truly the amount of rent that is being collected. Even in cases where you are using tax returns to document income, you could have upped the rent since the previous years taxes where filed. In no way am I telling you to create fraudulant documents, that would just be wrong...
183019
Luaren, \n\nWith out knowing what part of NYC your talking about, and where you live. I would say that most if not all locations are over priced. If you do a cost analysis of the potential rental income to cash flow, you might be floating in red ink right off the start. It would most likely be looking like you would have to place a 10% down on a property valued at 230K (that's a very conservative number), and if your only clearing 500 dollars a month after paying for your mortgage and other maintenance fees (and that is a very liberal number) your cash on cash return is extremely low. At that rate you would have to keep the property for at least 46 months to recover from your initial investment and that doesn't include the cost of the closing. In most cases, you wouldn't even be able to cover the cost of the mortgage payment since your interest rate would be higher because of the fact that it's an investment property. You would have to do your own due diligence in researching not the property value market but the rental market to see where the trend is moving towards.\n\nHope this helps...contact me directly if you have any other questions.
670910
You can't figure the calculators out? Sorry toots, you're way too stupid to be buying a home. \n\n100% financing? Learn to save money you irresponsible person!
52856
http://www.aea-bank.com/calc/CompoundSavings.html
340044
There is one that i often visit at http://forum.dtfinancial.com There are a few real estate and mortgage professionals on there that give good and usually pretty quick replys to questions.
552895
You should talk to your landlord about the possiblility of re-renting your unit yourself and getting out of your lease. I don't think you can add that money to your mortgage.
620037
Go to mortgages.interest.com\nClick on calculator link on the left\nThey have different types of calculators including a comparison of 15 and 30 year mortgages.
236961
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20992
Yes you can. In this instance I would suggest finding someone in your area who buys properties for rental purposes. See if they will talk to you about how they purchase propery. There are a few who constantly buy property with little out of pocket capital. There are also books by Robert Kyosocki, and Cources by Carleton Sheets that do work that can teach you how to do this. \n\nYou can even find small trailer park communities in your area. and purchase them for $1,000 to $6,000 clean them up and resell them at double the price and offer financing with 10% interestes for couples trying to find the first home. you can quickly flip several of these and creat a significent down payment for a home of your choice and just use a bit of "Sweat equity".
548180
YOU MAY WANT TO READ THIS ANSWER -- THE OTHERS ARE WRONG !!!\n\nYes, your understanding is correct that when you convert a rental property into a principal residence there may be capital gains consequences.\nIf you have never lived in this property but are contemplating doing so, what you need to do in order to determine whether there is a gain is to obtain a current "fair market value" of the property. In your case, you will want as low a value as possible, so get it appraised or ask a real estate agent to give you a potential selling price given the area, market values, and condition of house (so get this done BEFORE you make any repairs).\nTo determine if there is a CG : take the current FMV and subtract from it the price you purchased the house for (example....if you bought it for 80K and it is valued at 96K when you move in...then your gain is 16K) but from this 'gain' you get to subtract any costs or outlays you incurred (these include legal bills to purchase the property + land transfer taxes + appraisals + capital improvements to the property that were never expensed such as new furnace or new roof or new appliances etc....) so to continue the example...if these totalled 12K, then your CG would now be 16K - 12K = 4K...so you would need to pay tax on HALF of this gain or 2K. The tax would be whatever your tax rate is for your income level x 2K (21%, 31%, as high as 46%).\nIf your CG is actually negative, then there is NO tax owing as there is NO capital gain.\nAlso, here's a small but significant point, if you have not been claiming the rental income on your tax returns these past years, then you certainly would be foolish to all of a sudden claim capital gains.\n\nIn a nutshell, you will want to have as LOW a fair market value as you can currently, have as many outlays accounted for as possible (many of these will be found on the Statement of Adjustments from the lawyer at time of purchase -- also any bills for improvements) as these go to lessen the 'actual' or deemed gain.\nAlso, if you initially did live in the house for a time and then converted to rental...then this may be of benefit as when you converted to rental (there is no CG as it was primary residence) the FMV at that time becomes your ACB - Adjusted Cost Base, which you use to calculate the CG instead of the purchase price.\n\nAlso, be careful reading the advice some are giving -- they really sounded unknowledgable.
378891
Use a mortgage calculator because it's very hard to figure out compound interest manually - it's compounded every month, but also reduced by the amount you pay (assuming you make monthly payments) so you can't just multiply the principal ($4,327.77) by 10%\n\nIf you're not making monthly payments, then use an investment calculator.
2232
To figure your return (ROI) (return on investment) Use the following:\nTotal rental income - expenses = annual cash flow\n\nannual cash flow / downpayment+ fix up costs = Rate of Return on investment.\n\nFor reasons to own investment property clik this link:\n\nhttp://www.garygeer.com/Why_You_Should_Invest/page_542147.html