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Housing Payments


StraightCash

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Whats up guys,

I know I don't post here too much, but I kinda need some advice on something. Recently, my fraternity lost our house because our landlord had sons coming to school, so we are searching the market for a new house. I have kind of taken it upon myself to help find us a place to live. Basically, here is the place I found and I had some questions about how much it would cost.

Firstly, it is a complex that holds 6 studio apartments. It sells for 1,095,000$. Basically my questions are these.

1) Generally, How much of a down payment would it take to afford this?

2) How much would need to be paid each month to afford the payments to the bank?

Any ball park numbers would really help alot, I don't need anything exact. Thanks.

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Whats up guys,

I know I don't post here too much, but I kinda need some advice on something. Recently, my fraternity lost our house because our landlord had sons coming to school, so we are searching the market for a new house. I have kind of taken it upon myself to help find us a place to live. Basically, here is the place I found and I had some questions about how much it would cost.

Firstly, it is a complex that holds 6 studio apartments. It sells for 1,095,000$. Basically my questions are these.

1) Generally, How much of a down payment would it take to afford this?

2) How much would need to be paid each month to afford the payments to the bank?

Any ball park numbers would really help alot, I don't need anything exact. Thanks.

What state are you in?

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Whats up guys,

I know I don't post here too much, but I kinda need some advice on something. Recently, my fraternity lost our house because our landlord had sons coming to school, so we are searching the market for a new house. I have kind of taken it upon myself to help find us a place to live. Basically, here is the place I found and I had some questions about how much it would cost.

Firstly, it is a complex that holds 6 studio apartments. It sells for 1,095,000$. Basically my questions are these.

1) Generally, How much of a down payment would it take to afford this?

2) How much would need to be paid each month to afford the payments to the bank?

Any ball park numbers would really help alot, I don't need anything exact. Thanks.

What state are you in?

and the realtor smells blood...Watch out for the sharks brett.

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Depending on your income, with the market these days, you will probably need 20-25% down (meaning 200-250k). They will also need to see the prior 2-5 years rental history on the apartments as well (the seller would need to provide this). They will want to see what the going rates are for each unit, as well as what the avarage vacancies are (there's a term for this that I can't recall at the moment). They will come up with an average income figure on the property taking into account rents and average vacancies. That number will need to cover their total payment amount. Any overage will be counted against your income. Being that you are in a frat, my suspicion is you have no income or very little income. I hate to break life to you, but unless your parents have a pretty solid income, low debt, and are willing to cosign with you, you really have no shot. People don't get million dollar investment properties bringing no income, job, and downpaymnt to the table. At least not these days anymore.

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There is a lot of FHA loans going out with only 3% down. There are soooo many programs out there, IF you qualify. PM me if u want some detailed info;)

For a 6 family house over a mil, where the principal borrower likely has little or no income (he is still in a frat)?

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