Looking into buying a duplex and living in the top unit. Wondering very roughly how much it would cost to get the following work done.
Redo walls in the upper unit, roughly 1400sf.
Install hardwood floors in the upper unit.
Install washer/dryer hookups in the upper unit.
Replace plumbing throughout the entire house to copper piping.
Possibly update the electrical wiring throughout the entire house.
Just trying to get a ballpark for this work so I can factor this into the overall cost of the house. Thanks in advance!
I’m looking to buy a house in Pennsylvania, but I live in New Jersey. Am I able to get a mortgage froma Jersey bank or credit usion, or do I have to apply for one in Pennsylvania?
We are sort of in the market for a new home. But we have a mortgage on the one we’re in. I was wondering if there is a way
to swap mortgages on property or swap property to get out of the area that we’re in? I just need some tips in home buying, while owning another home. Thank you.
Most mortgage brokers of any size most likly have the licenesing to do a real estate loan in another state. However, I would say that it is best to get a local mortgage broker to do the transaction. The local lender is going to have all the contacts you need to do the inspections, appraisal ect. Also having a local lender tends to make the seller more at ease. You may look in to using a national bank BofA, WAMU or well fargo. They will allow you to do the paper in your local office then hand off the trasaction to the branch in PA for the sale and funding. If you use a large credit union they may also be able to do this for you.
You cant swap mortgages. Sell the home you are in right now and make an offer on the new one with a contingency clause that you will buy the new one as soon as your old house sells and also that you will be able to obtain financing on the new home.
your best bet would be to put your house on the market and hope it sells. You could also rent your home (cover existing mortgage) while you buy another. If your credit and resources are in tops you can go ahead and buy the other house and carry both mortgages until the first property is sold. There’s a lot of legal issues with swapping and your lender will probably say no go.
I see no problem. However you must consult a real estate specialist (bank,agent, mortgage broker) and give them the details of your plan and what you want to do
You can use the equity in your current home to buy the new home if you want to keep your first home as an investment property.
Generally, you cannot swap mortgages. However, there are some types of loans like assumable FHA loans that if you were FHA approved you could take over the sellers loan. However, 99% of loan out there have an due on sale clause that if you sell the home you are required to pay the full amount left on the loan.
You should contact your Realtor or our accountant to discuss investment property of you want to own more than one home at a time.
We can refinance your current mortgage and give you another. Contact me if you’re interested.
This is a very common question that has multiple answers. Typically, when someone is a homeowner and wants to move, the existing mortgage is paid off when the house sells. This is how a traditional sale works. If you wish to become an investor, there are two choices: first, offer to seller-finance all or a portion of the sale price on your current property over a finite period of time. At the end of such time, you sell the house for some future price. The benefits here are A) down payment and monthly cash flow and B) profit from the sale. Now beware, 99% of these deals do not culminate in the sale. This means after receiving the down payment and monthly cash payments, you usually get to start over down the road with another down and more income payments. If the house does sell at the end of the term, you get the profit. Either way, you win. The second way to do this is to use your existing equity to purchase another property. You can lease either property or sell one in this scenario. The third option you have is to find someone willing to purchase your property as in investment and wrap your existing mortgage.
We work investment deals and seller-financed deals regularly. Any of these scenarios can work to your advantage.