can i buy a home in las vegas on a fixed income?
151798
A mortgage company can’t discriminate based on you getting your income from disability.  In fact, most mortgage companies are very comfortable loaning to someone w/ a fixed income because they know that your income isn’t going away due to job loss or anything like that.  In some cases they will loan a higher percentage, because you have an unchanging income month to month.
1065155
I would buy an investment property or two, then put the rest in some type of money market fund earning an average of 10% or more. The Rule of 72 states that any money invested @ 10% will double every 7 years.\n\nIf you used 100k of that 400k, on down payments on one or two investment properties to create you some month to month cash flow, and build long term equity. Then the other 300k in a fund, in seven years you'll have 600k, 14years 1.2mil, 21years 2.4mil; geez your retired good for you!!
997727
Probably.  It depends how you look at it.\n\nOver the long term, stocks & real estate will probably give you the same return on the dollar (learned this in Finance at University of Chicago nobel prize winner).  However, that may vary in the short run/shorter time horizons (e.g. over 10 yrs or less).  Recognize you usually own a home for longer & usu get a 30 yr loan.  Lately, obviously real estate has been doing better than the stock market.  But, with interest rate hikes, the real estate market seems to be cooling off.  And, real estate can differ greatly pending on the house you buy & its location.  I do not claim to be an expert and you may want to speak w/ an objective real estate agent (if you can find one).\n\nThat being said, in general buying is almost always preferable to renting as your monthly payments will be lower, esp as time goes on.  This, in turn, will allow you to save more so you can invest it whereever you want to.  Usually rent increases year after year; but, your mortgage payments will be the same as they are today for 30 yrs.  I say this as someone who has rented the last 10 yrs & wish I had bought sooner.  My apartment just went condo & I bought it 2 months ago.  In retrospect, I wish I had done it sooner.\n\nI read an excellent book on the subject that was very educational for first time buyers.  It's called "The automatic Millionaire Homeowner" by David Bach.  It explains all the basics & how to think abt mortgage options and what might be right for you.  It was really helpful.   A few months ago, I was a complete moron on the subject...now, I understand what others are talking about.
72496
BUYIN HOME IN ALBANY IS A GOOD OPTION.THE HOUSE OVER THERE ARE STILL LESS EXPENSIVE AS COMPARED TO REST OF THE STATE AND THEY ARE CATCHIN UP PRETTY FAST.SO IF YOU BUY A HOUSE NOW YOU CAN BUILD UP SOME EQUITY REALLY FAST AND CASH IT LATER IF YOU WANT TO.I'M SAYIN THIS FROM EXPERINCE SINCE I'M A REAL ESTATE AGENT IN NY.
1175233
I do not think that you have any other options... sorry to be the bearer of the news... but you might want to see if you can declare this as a primary residence... you are really reaching on this one.\n\nThere are essentially 2 types of applicable exchanges:\nA 1031 exchange and a Section 121 exchange.\n\nYou know from your question what a 1031 exchange is.  If you need more informaiton feel free to check out my site (I'm launching next week, so the site will grow soon to help you with your needs):\nhttp://www.1031store.com\n\nA section 121 exchange is for a primary residence and allows 250K after 2 years for single 500K for married.  Key term here is a primary residence.\n\nYour renting the place.  If you have claimed the income on your taxes or have depreciated the property, you are in the realm of a 1031 exchange...  the way it works... please don't hate me for it.\n\nI've estimated your gain to be as follows:\nhttp://www.1031store.com/resources/1031_capital_gains_calculator.php?check=form&original=180000&grossprice=240000&improve=&sellingexp=12000&depreciated=6000&staterate=5.04&payment=&payment=&payment=&payment=&payment=&payment=\n\nI'm releasing the site next week, but very relevant as a source.  I'm not the end-all-be-all... but...\n\nHope this helps...
1070480
That isn't going to be easy.  Most places do a credit check.  There are ways with good credit to buy with no money down.  An individual might sell you real estate that way, but it isn't a wise way to do business.
549740
You can,but how are you going to pay the bills is the problem. Your on a fixed income and credit would be your ruin.
1018884
It may be but there are somethings to consider.  FNMA will make the borrower qualify for the entire payment without counting the rental income unless the borrower has previous experience as a landlord.  If the rental income is allowed as income, FNMA will only allow a credit of 75% of the rental income to compensate for a 25% vacancy factor.
682097
If it is a post 1976 structure on fee simple land and you have 25-30% down, two years full income documentation, two years housing history (rent or own) and good credit you should be able to get a 20 year fixed fannie mae loan somewhere in the 6.5 - 7.0 range. \n\nIf it is on leased land, not attached to the ground or anything else funky your going to have a very difficult time doing something with a manufactured home in CA. You may have to goto a specialty company 10-14% range.\n\nDrop me a line and we can go over your specifics.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
8738
With $130K in household income, you should be able to buy a $450K house.  Your monthly income is $11K.  Lenders will lend you 80% of the value of your house, so $360K, so your monthly nut should be no more than $2,500.  The standard mortgage to income ratio that lenders look at is about 30%, so you are well within the range to get a loan.  Then, you have to cover the downpayment.  A lot of people borrow a higher percentage of the purchase price, like 90%.  Others borrow downpayment money from family, or have it from savings.  \n\nAnyway, with your income, you should be able to afford the house you are talking about.
769801
Sure you can... talk to a discount broker. You can also throw your money into your trash can for faster results.
1095478
Yes and no. \n\nProperty taxes are based on a % of the homes value. The % is fixed depending on where you live. \n\nSay it is 2%.\n\nIf you bought a $200,000 home, you would pay $4,000 a year. \nIf you bought a $500,000 home, you would pay $10,000 a year.
1100645
Well, technically, you're going to get market value, no matter what.  But, if you want more square footage for less money, there are a few places I'd look: Eagle Mountain, Magna and West Valley, Heber Valley (although prices are going up), Toole, South Salt Lake, Santaquin, and the north-western parts of Weber county (even North Ogden).  \n\nWhat you end up doing is paying less for the house, but you've got more crime and a longer commute.  \n\nIf you see your home as an investment, you're going to want to avoid these places, and buy something you can afford about anywhere else.  Even West Jordan (as rough as parts of it is) may do better for you than these other places.\n\nOne way to get into some of these more expensive neighborhoods is to buy foreclosed homes or homes just "flipped" by an investor (who bought the home in a fire sale, fixed it up minimally, and sells it to you a few % points below market value).  \n\nFrom all the areas described above, Heber Valley and Kamus (North Summit County) is one of the best-kept secrets for real estate in the area.  The commute from Riverton was longer to Salt Lake than it was from Midway (I've lived in both places) because of traffic.  I spent a little more in gas (say $100 a month with today's gas prices and a daily commute), but I enjoyed my commute much more (less traffic until I got down to the valley).  Just so you can make an apple's-to-apple's comparison, $100 per month is about $17,000 difference in house price (if you can save more than $17,000 in the price of the home, you'd be better off spending the money on gas than mortgage).  \n\nThere are probably some other caveats, but that's going to get you started.  One other thought, you might want to discuss this with a good real estate agent.  I'd recommend a friend, Mike Bersie.  I don't make anything by recommending him.  He's just very focused on working with buyers only and delivers better service than others I've found that works these markets.    Also, you usually spend less on purchasing a home when you have your own agent.  His number is  (801) 427-0487.\n\nGood luck
308494
Depends on what your goals are for the property in question. Are you looking to hold onto the property for an extended amount of time or looking to flip in 12 months? Are you looking for cash flow control, or do you want to know what your payments will be every month? How much are you willing to place down for the new property? \n\nMost lenders will require you to place down a minimum of 10% towards the property, meaning that you would receive an 80/10/10 loan. Your interest rate because of the fact that it's an investment property will vary from lender to lender, however it will be higher than an O/O property. Your second will be the killer for interest rate. Because your interest rate for the second will be outrageous, you might want to entertain the idea of MI, it might be less than the fully amortized amount of a second loan.\nAgain, depending on your time frame that you want to hold onto the property will determine the program that you enter. If you’re only looking to keep the property for 2 years, then there is no reason for a 30yr fixed program. However if you plan on holding it for 30yrs you might want to entertain an ARM to reduce your monthly obligations.\nThe Pay option ARM is very popular with investors since it allows them to control the cash flow of the payments. However it is a one month adjustable and they normally want a larger down payment. You would have to calculate your cash on cash return to determine if this is an option since you'll be placing down about 25% of the purchase amount. There is a formula you can use to determine cash flow /deferred interest and appreciation to determine how effective the program will be for you. Again, it really depends on a lot of factors as the investor that you need to decide and then find a vehicle that will assist you in reaching it. If you have any other questions, you can contact me directly.
1114731
You can.  I know people who have done it.  In some very rare times you can even recieve a check when you buy a home.  It is possible but not always easy.  Each market is different and each seller is too.
1024625
You may, but you will have to rent the house back to live in it.\n\nWhat you essentially need is to remorgage your house. Perhaps to free up your cash.
195239
Yes.. if you buy a house in Ca, then you will at some point make money- that market will never drop!!