I have $320K to buy a home.  Single (53), no other investments, new job ($31K/yr.).  Cash or finance?
359023
I don't know how much house you are looking for, but you could buy 2 pretty nice 3 bedroom houses and have some left over where I live for that much money.\n\nI paid cash for a house last year.  It was the most liberating thing I have ever done.  I never again have to worry about the house payment.  Most of my peers are 2 paychecks away from going under.  I hated that feeling, and now it is gone forever.\n\nNo mortgage, and no credit cards.\n\nIs this house less than what I wanted?  I wouldn't have bought it if it was.  The peace of mind is everything.
445442
Put money aside, 10% of your gross income. The word "fast" has more than one signification. I suggest to spend the least possible, as in "to fast."
849853
Invest most of it.  $7 million (I'm assuming after taxes even) doesn't go too far anymore.\n\nI would give some to charity.  I would probably buy a modest home, a new car for my husband and I.  And I would make sure my home phone number is changed and unlisted!
210067
I looked into interest-only loans for investing.  I own 5 investment properties, 3 with no mortgages, 2 with just under 27 years left on 30 year fixed.\n\nIn my opinion, interest-only loans are designed to rip-off people who aren't very good at math, or those who have too much money.  Which are you?  If you are neither, compare the various loans looking at parameters that are important to you.  For me, it was the amount I paid in interest and the amount of the total payment (P&I).  I would have done shorter term than 30 years, but with vacancy, I needed a sure thing.\n\nI don't like debt very much, that's why I bought three of the houses with cash.  When I recently re-fied the 2 with mortgages, I kept the existing terms of ~27 years instead of extending out to 30 years.  I am also paying extra principal on the one that I intend to own and keep in the family for generations.  I hope to have that paid off in about 10 years, savings about 100K in interest.  Overall, I am not yet cash flow positive except on the 3 without mortgages, just one more reason I prefer cash.  BTW, these are in Pittsburgh, PA, where you can (or could 2-3 years ago) buy a house in ok condition for under 20K.  The 2 with mortgages are multi-units (triplexs) and around $100K to purchase.\n\nBest of Luck
80159
You should have some financial knowledge before setting out to get a loan.  I imagine you need the loan to purchase a one family house, instead of some apartments and other high end real estate.  I would suggest that you read a book first on buying a house, it will explain many of the curve balls the bank will throw at you when it comes time to buy the house.  Credit is not so important because the house will be your equity.  If you dont pay the bills the bank will take the house.  Try going to one or more banks, if they decline your loan, then ask them why, this way when you get to the next bank you will have some experience.  The bank is the safest way to borrow money, aside from loan sharks, and family.  You should look for a competitive interest rate, something less then 5% is good but I wouldn't pay more then 6.5% no matter your credit.  Well if you have a credit rating of less then 500, then be prepared to pay more in interest.  A large down payment will defer some of the monthy payments.  When buying a house I prefer to tie up the deal first, then worry about the money.  Also look the housing market in the USA showing slow growth this year.  I bet next year houses will be a lot more affordable.  Whatever the asking price is, take 10% off that price and offer the person that.  Look at the house, if there are cracks and damage take that out of the asking price.  I would buy a book on real estate before buying a house.  Get something like real estate for dummies,  I know it sounds degrading but its a 20 dollar book and could potentially save you thousands of dollars.  Its better to be informed before making an expensive decision.
784923
Try community banks. Any other type of financial institution would be willing to work with you esp. with the individual guarantees. Sounds like you should have no problem so long as the cash flow from rental income is sound.
1184915
Are you trying to get a loan to purchase this house?  Do you have a large down payment? Do you have income to pay the mortgage? You do not need a job, you need the income that is usually provided by the job.\n\nIf you get retirement or disability benefits, money from investments, or income from other sources, and that is enough to pay the loan payments, you would not need to have a job.\n\nDepending on the amount of equity (money) you are putting into the deal, and the amount that you need to borrow, you may be able to get a "no qualifier" loan, where the equity in the property is enough for the bank to make the loan without any other requirements. \n\nFor example, if a property is worth $250,000 and you have $210,000 in cash to put down, the bank most likely will not care about your job situation. They are not risking much. They have a $250,000 property that they are using as collateral for a $40,000 loan. If the loan has to be foreclosed (you do not make the payments), the bank will be able to sell the property for enough to pay the loan and any and all costs.
1186787
First of all, you're obviously no dummy if you already own 3 properties.  You've got some good equity and you're selling at the top of the market.\n\nWhat you need to figure out is how much money you're really going to have after you sell the properties.  If you'be been a landlord, I assume that you've been depreciating the properties while you've been renting them.  Well, now you're going to have to pay that all back to the government.  Also, you're going to have to pay capital gains tax on your properties (unless you've lived in one of them for at least 2 of the past 5 years), so there goes more of your equity.  All that affects how much money you'll have to invest, so figure that out.  It's important.\n\nNext, you'll have to figure out what your goals are.  If intend to buy another home to live in when you get to Florida, you're going to have to put some of your money into something fairly liquid for your down payment, like a  money market fund.\n\nI see you're participating in your employer's 401(k) fund.  That's good.  I hope you're contributing up to the maximum match.  Free money is good.\n\nNext, if you're not doing the IRA thing yet, do it.  Whether you choose the traditional or Roth IRA depends on whether you think you'll be in a higher or lower tax bracket when you retire.  Personally, with taxes at a very low point in history and a ballooning federal deficit, I'd bet on tax rates being higher when you retire so if I were you, I'd choose a Roth IRA.  Tax-free growth and withdrawal are good.\n\nIf you've maxed the IRA contribution out, go back to the 401(k).  Tax deductable contributions are good.\n\nFinally, if you still have money left over,  I'd put half into an index fund covering the total US stock market and half in an index fund covering the international market.  Go for no-load funds with low expenses.  I'd recommend looking at Vanguard, T Rowe Price and Fidelity fund families.\n\nIf you really want a good investment, go buy a book on investing so you can decide what makes sense for you. Sure, you could give your money to a financial advisor but how do you know he's not just in it for the fees and commissions he charges you? How do you know his advice is right for you? You need at least a foundation so you can make an informed decision. Frankly, nobody's ever going to care as much about your money as you are, so learn at least enough to know if any advice you're given is any good.  Personally, I like "The Only Investing Guide You'll Ever Need" by Andrew Tobias. It'll give you the basics. Good luck.
164477
As you have realised, your portfolio is very heavy on property.\n\nOne of the fundamentals of investment risk management is to diversify. When you are diversified when one investment type experiences a decline another might go up. \n\nIf you are carrying no debt on your 2 properties you are actually in a good position but might need to move things around. Are all of your properties currently rented? What is happening to the income from that?\n\nYou may want to consider buying some shares as an additional investment. They will provide you with a semi regular income and can be sold very quickly and in small parcels, unlike property. \n\nYou'll obviously need some money to purchase shares. Would you consider selling one of the units in your complex for this purpose? Or taking a loan against the units? \n\nAnother investment category it sounds like you should be strongly thinking of is cash. You should have a "rainy day" account that could keep you going for at least a couple of months.\n\nI would suggest you talk with a financial planner. Shop around for a decent one and understand what services they offer and how they get paid e.g. are they going to just flog product from one place. \n\nSounds like selling the unit block and converting the proceeds to a smaller block or less units and shares and cash may be a good idea.\n\nI am not an expert and don't know anything about your situation so it's hard to comment
820301
19 and looking into the future..\nThat is a great start my young grasshopper....\nYou are on you way to big adventures if you are smart with your decisions...\n1st you need to evaluate your expenses becasue if you do not have the money, you can not do it....\nIf I were you start looking at prices and conditions, meaning size of house, bedrooms, bathroom, lot size, taxes, insurance, etc...\nNow start saving $5000 per year, and in 5 years you will have $25,000 to put down on a nice home.....The more you put down the better loan you will get and easier process.\nYou have to calculate what you make a year and to see if you can afford the Mortgage, taxes, and insurance, etc....\n\nI bought my 1st home when I was 27, I put $20,000 into it, and now I own 3 more houses...\n\ngood luck
652705
Above answer is correct. If this is an income property, me as a buyer rather buy a property that is making money rather than after the purchase look for a new tenants and advertise, screen tenants etc. Property is attractive if you show cash flow and if I can get cash right after purchase from rents. Always a good thing.
452198
depending on how far you want to go. You can make it simple and cheap, or you can go all out and spend thousands. I would keep it around 500 dollars and keep the other money you were going to spend to live on.
941555
Seriously, where to put your money depends very much first on how much money you have in the first place and then what kind of investment objective you have.\n\nIf you have a very large fund and your objective is stability and protection without regards to short term cashflow issues, you may want to keep your money in government bonds and Floating Rate Bonds. A good mix of these will allow you to hedge against interest rate risk involved in government bonds and give you the stability of bonds.\n\nIf you have a very large fund and your objective is stability and protection but you also need monthly or daily cashflow for your livelihood, then perhaps it is better to keep your money in high end real estate in mature areas, earning a relatively lower annual growth but with more stability. That being done, you should rent the place out in order to generate your monthly cashflows.\n\nIf you have a small fund and your objective is stability and protection with no monthly cashflow need, then you simply have to compare which bank gives you the best return on their fixed deposit an park it there.\n\nIf you have a small fund and your objective is stability and protection with cashflow need, then you probably might want to consider to buy a small rental unit for rental income or learn to do covered calls on the local index.\n\nInterest rates fluctuate all the time. The interest that you see displayed on the board today can change by next month. So, comparing interest rates on saving accounts is by no means certain what you will get in the long term.\n\nThere are a lot of avenues and ways to keep and grow money and if you are looking only at banks and saving accounts, then perhaps it is time you start to do more reading and research on the area of finance. It is a wild wild finance world out there and there is no end to the new products and investment avenues that are being created daily. Depending on your personal financial situation and your personal investment objective, you need to be able to figure out what works for you and if you are unable to do that, prehaps it is time to engage a personal investment or finance adviser. \n\nJust remember one thing, there is no such thing as "The One Perfect Way To Keep And Grow Money". Everything comes with a catch. Higher returns will come with a longer tie down period putting that money out of use for the short term and is frequently, but not always, more risky. Lower returns are frequently more stable and safer but does it mean your personal retirement needs by the time you need that money?\n\nMoney is a complex issue for the uninitiated but a pressing one. And that is exactly why it is so hard to make the right decision. Making the right decision takes the right knowledge and the right knowledge these days only comes with more reading and research. \n\nOne fact remains true despite all these talk, and that is, there is no safer way to grow money, keep it safe and fight inflation than taking personal charge of your own money instead of leaving it in the hands of any external agencies. Start learning today....\n\n\nHope these helps.\n\nP.S There may be people who hates paypal for some reason but that does not mean that it is a hell full of devils. I have worked with Paypal and grown my business with Paypal for the past 3 years and have found them to be extremely reliable.\n\n\n\n\nhttp://www.mastersoequity.com \n\n\n\n\n\n.
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
57108
I can't answer specifically about the Texas real estate market, but I can speak about loans in general. Debt is not intrinsically bad, but it is very easy to misuse.\n\nThe short answer: if you are not going to invest the money you would have on hand if you took a loan, just pay cash. If you are savvy enough to calculate the cost of the loan, and weigh that cost against other investments, you might want to take the loan. (To the point of the above answers, you have to be very honest with yourself about your investment savvy... if you really know what you're doing and are highly confident about your return, that's one thing, but if your investment strategy involves undiversified risk, don't do it.)\n\nLong answer below...\n\nWhen you buy a home, it is really an investment. Ideally, the price of the home will go up, so you can eventually sell it (or at least count it among your total net worth). So think of it as part of your investment portfolio.\n\nThere are then two things to consider: (1) do you want to diversify your portfolio so all of your money isn't sunk in the house, and you can spread it amongst other investments? (2) Will your non-house investments outperform your house, with the added handicap of the interest rate you're paying on the mortgage?\n\nThe actual calculations depend on the interest rate you're getting. Be especially careful if you are getting a variable rate mortgage, as interest rate increases could chnage your calculations. If you are getting a fixed, this is less dangerous, and you can even calculate the total cost of the loan quite simply.\n\nEdit: good point by the person below, they're correct in that tax considerations may be the biggest thing here. I'd vote for them.
849279
If you just want to invest and have no input i'd put most into cash management and get say 6.5% interest (very low risk). I would also put some into shares ie. banks or strong companies that are low risk.\n\nIf this is a lot to you, you dont want to risk it....
744778
If the options are purchase v rent, and you plan on staying in the home at least 4 yrs... then yes, it's a good time to purchase a home.\n\nIf your question is "It's getting to be the holiday seasons - is it a good time"  Then yes, it's the best time to PURCHASE.\n\nIf your question is "I want to buy a house with little down and have a renter pay it for me"  Then I hope you have deep pockets.  You'll be upside down for a few years and will have to supplement the rent to cover the mortgage.\n\nIf your question is "Prices are dropping where my investment homes are - where will I be sure to get positive value appreciation for the next ten years or so"  then yes, Texas has had steady 3-5% appreciation per year for a long time.   Do your 1031 to Texas.  Don't expect to get 20% jumps in value per year - I know some sellers are promising that to get investors to buy here.