Unfortunately, that $1million home ended up selling for $1.1million to some chinese buyer who paid cash and closed within 30 days escrow. And now, I still need to pay $3000/month for rent. I wonder if I will be able save more and more as rent keeps going up and up.
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658 here. This is what happened - yes, this was a 20% down payment, so 80% LTV. I had no problems with banks, they were competing for my business, worked with BOFA, WF, US Bank and a small local outfit. The house was 30+ days on the market and without an offer. I've offered 5% less than what they were asking, they countered with 3.5% and I accepted. WF closed under 30 days (around 8/1). A house next door went through a pretty much the same scenario, about 40 days on market, no bidding wars and a very slight discount. Both me and my neighbor are not Asian and we both work for living (unfortunately no trust funds or family support here)...
Only way you are going to get a house for 30% of value is if it's REA (--owned by the bank,) and at least 50% of the note has been paid by previous owner. Good luck with that!
@Anonymous200658 how did you fend off the hordes of asian investors with their suitcases of cash!?!
F*** you Anonymous200658
I just bought a 1M home (August), put 200K down, at 2.75% interest for a 10 year fixed arm, my monthly mortgage payment is slightly over 3K. Amazing view, 2.5K sq ft. I do not care if I am laid off, I can make that payment three times regardless of what's happening with the economy, anybody even slightly technical should be able to do so. In 12 years I am moving back to Arizona whatever happens here. Good luck renting.
Cool story bro
Cool story bro
Cool story bro
I am the great landlord; bow before me. I rent out $1million houses for $3000/month. I lose money because this rental payment does not cover the mortgage, but I will make it up in appreciation. Housing prices always go up. They must. I have my entire life savings invested in this. How do I do it? I am willing to teach you my method for a one-time payment of $1,197.00. You will learn how to buy property with no money down! Here's my info: http://www.fortunebuilders.com/real-estate-investing-seminars
cool fake story bro