real estate developing - how to finance commercial condo construction? My husband and I have not done this before, we have no clue where to start. We have found an amazing location to purchase land and build a small condo development to make multi millions in profit. Where do we start for financing?! We would need to borrow $1.5million (this is including the land)... we are willing to pay a high interest rate... we just need to find some way to finance this! help! We don't have alot of money (50k in bank), medium income (80k yr), don't own any property, don't even have a business set up yet. Is this even possible for us?! I have tried to email commercial brokers but none of them will talk to me because I don't know all the technical details. Anything you can suggest please, we need help! ps.. how do i find investors to partner with for the downpayment that we can't afford? who is going to invest $300k in people who have never developed before! :( for john doe below - you're being a dick, period. you actually have no idea about the details of our situation therefore have no right to speak to me as you've done. i was looking for advise on financing not to get told we are just dreaming. im not ACTUALLY a retard and have done the calculations considering we would have to pay a huge majority of our profits to investors (of course) and we would STILL come out with multi millions. so if you wouldnt want in on this investment after only reading two quick simple paragraphs lacking all and any detail, then thats your lose for not looking into the potential of things and being a big fat pussy really. have fun making all your money on your low risk investments, rich boy. im sure you're loaded.

I am looking to finance a condo in los angeles? How do I go about this? I would like to make this happen asap My credit is not that great but I've never filed for bankruptcy. I have only been at my present job for 6 months and at my residence for 6 months. Will this be problematic?

How long do I have to wait to re-finance my condo? I just re-financed 4 months ago. I needed the funds and didn't check the fine print. I ended up with a mortgage payment increased by almost $400 and with less money in the end because they discoved a $5000 early payoff fee at the end of the deal. I know I was an idiot going for the quick fix. My credit is awful as well. I just want to decrease the payments. i have the GI bill-never used it.

what lenders will finance condo hotels? Looking for some lenders that will finance condo hotels under 400 sqft.

How much will a condo really cost? I'm not at a steady job now, but say I make $40K a year before taxes and want to finance a condo for 15 years (probably upgrading to a house in 5-10). How expensive of a condo should I get? Also, how much will it cost a month with interest, HOA, insurance, etc? How much of that will be principle payments? I know that's a lot, but any advice is appreciated. Clarification: Regardless of the local market, what can a salary like that afford?

I am trying to finance a condo and they are telling me the interest is tax deductable...? could you explain this. the condo is $65,000 the interest rate is 8% because my credit blows $680 monthly payment cleveland, oh can anyone give me an idea of just how big this tax return will be? also, as a second question, could you explain why it works this way please?

I am trying to finance a condo and they are telling me the interest is tax deductable...? could you explain this. the condo is $65,000 the interest rate is 8% because my credit blows $680 monthly payment cleveland, oh can anyone give me an idea of just how big this tax return will be? also, as a second question, could you explain why it works this way please?

can i finance a condo? i only make 1500 a month.. but i want this condo that is worth 600,000..someone help me i neeed this condo!!!

Has anyone purchased a condo where there is no current associaion? If so, what company did you use to finance? I am trying to find financing for a condo I purchased, the owner is doing a carryback on the balance. If anyone knows of a company that can do the funding, I would greatly appreciate it. Thank you.

are there any mortgage lenders that will finance a condo if? there are 75% renters and 25% owners who occupy the units??????

When you buy a condo can you finance the maintainence fees into the mortgage? I'm looking to buy a condo but the maintainence fees are somewhat high. I'd like to find a way to stretch my money, even if it means adding time to my mortgage.

Is there a bank in the US that will finance me for a condo in Cartagena, Colombia? Business, home or personal? If there is not a bank is there another way without upfront cash?

How to finance investment property with almost zero down? I own two condos one, I live the other I am renting out. Both dont have any equity yet. I already have 51% debt to income. I can still afford MXM 5K down including closing costs and tax prepayments. My interest is to buy foreclosures and sell after ~2 yrs. I am aiming at high end units that can currently be bought at ~200K but will apraise to ~350 in about 6mos. Is there a way to find finance in this situation.

I am a college student with a part time job. Is it possible for me to get a condo with financing? The condo's start out at around $190,000. My rent is $800 a month right now. I really think that this rent money could be used more efficiently for mortgage.

Where can I find US based financing for a condo in the carribean? I was told the best option is to take out a home equity loan, but I do not have enough equity in my house to do so. The condo is in St. Martin and is an absolute steal at $65.000. I would use the condo as a vacation home. I have good credit and income.

Is it possible to use 100% financing in the New York City condo market? I'm pre-approved for an 80/20 for the purchase of a condo in Brooklyn, so getting financing is not the problem. My realtor says that I'll need to put at least 10% down to be considered. I countered that the seller gets the same check no matter what financing arrangements I have, so it shouldn't matter. My realtor maintains that NYC is "different" and that we will need to put down the "required" 10%. To me, this seems ridiculous, because the bank is assuming all of the underwriting risk, and the seller really doesn't care about the financing details when the check is cut. Am I crazy? Is NYC "special?" If not, what possible reason could this guy have for wanting me to put more money down?

How much does it cost to list a house for sale in the Bay Area(how much does real state agent charge) ??? I am buying a condo from my brother. i have real good credit score. I am getting financed from a ban. But they tell me that they (the brokers) need to charge me a percentage (1 %) to do the necessary paper work. This does not include the standard charges the banks make when they finance a home/condo.

Condo conversion in Chicago suburbs question...Financing?Contractor?Listing Agent? I recently found 2 different apartment buildings that I would highly consider for condo conversion. One is a 10 unit all with 2BR/1BA, and the other is a 12 unit with 8 2BR/1BA and 4 3BR/1.1BA. The 10 unit building is selling for $900K or $90K per unit, and the 12 unit building is selling for $1.4K or $117K per unit. Both buildings have had minor updates recently such as roofs, tuckpointing, painted hallways, updated plumbing...... I have researched the area and for 2BR/1BA within a 3 mile radius there has been nothing sold for under $145K, and 3BR/1.1BA hasn't sold for under $165K. I think this looks like a great time to get in since most owners of these buildings want to get out, and I firmly believe the market will rebound in the near future expecially since it never really fell here due to the fact public transportation into the city is minutes away and the highways are just as close. I am 22 and would need financing and a contractor. Please Advise.

Do I need to buy Owners Title Insurance, if i am doing 100% financing for my condo? I need an impartial opinion about whether I need to purchase Owners Title Insurance since i am doing 100% financing. My logic for not purchasing the title insurance is that since i'm financing 100%, i won't have equity, therefore, if something was wrong with the title i could literally walk away and not have anything to lose (i.e. equity). What's your opinion?

Please help! I need to find a lender - 90% financing for a condo-hotel in FL? credit in 700s No no, I want to buy myself... Marty! I just sent you an e-mail... Thank you very much for all of the responses!

Condo Owners: Do you incur additional risk to admit a new co-owner to your Assn. with FHA financing? A realtor is asking the co-owners of my condominium association to amend and/or waive certain provisions in rules so as to allow a new buyer with FHA financing to become a co-owner and member of our association. We will have a meeting about this shortly but I am curious what would be the additional risk we are being asked to take on to allow in a buyer with FHA financing via an amendment or waiver to our rules? My sense is that they could be marginal buyers credit-wise without the FHA financing and guarantee. If they default on their mortgage payments, how quick will the FHA be to step in their shoes and make payment for them? Won't that become a troubled loan / workout situation such that residual services like property insurance & maintenance fees may become compromised by non-payment from this new member, not able to pay their mortgage? If your condo rules prohibited FHA backed owners, would you waive that rule to allow them to purchase your co-owned property?

Finance Planning? PLease help me. How can plan my finance so i can buy a condo house by 2010.?

if i hand the keys to my canadian ski condo back to the CAD bank what effect does it have on my UK finances? I cant afford the Condo / Apt i brought in Mt Tremblant Canada a few years ago. The rental income just about covers the mortgage payments. I dont have any spare cash in the UK to keep topping it up. I have tried to sell but no luck. If i hand the keys and deeds back to the bank what effect will it have on my UK finances. Can they send baliffs round. Will my credit rating be affected in the UK. I dont care about Canada because i wont be buying anything there in the future. If anybody can help or has great ideas of how to get myself out of a difficult situation i would be greatful.

Financing of 4 Star Condo Hotel in Branson, MO. Term sheet issued for $36 ... as advisers to the developer of? need to know who the developer is of this Hotel in branson mo, NEED TO KNOW WHO THE DEVELOPER IS ON THIS PROJECT

I live in central California. I wanted to buy a condo. The mortgage lender said unless 51%? of the units in the complex are occupied by the owner of the condo itself they would not finance it. Is this standard with all mortgage lenders???????????????????

I am interested in purchasing a condo with 3-5% down or even better 100% financing...? I have imperfect credit (score of 650) but a co-signer with excellent credit...Is this possible? I am a first-time home buyer and the price for the condo is $115,000 in NJ. Would it be a better option to have my co-signer listed a primary for a better rate? I am trying to get an understanding of how things work and would like some guidance. In addition to that, my co-signer owns their home outright...is that a bonus for me? Please help me with any guidance possible. One more question is it possible to get a co-op loan with the same options? Please help. Thanks : )

Help my condo property tax is wrong what do I do please read on? I live in a condo in Brooklyn, NY. it is around 830 square feet. My property tax is around 5,500 for the year. In my building I talked to a few people and their apartments are bigger and with a view and they pay around 2,100 for the year. I called up The city of new york department of finance and I always get someone that says that property taxes are high and it is what my building management submitted when they built this building so I went to my building management and they said this has nothing to do with them. Please help I dont have much money to file a lawyer or something what could I do. I mean isnt it common sense 830 square feet apartment cant run a property tax bill of that high. And if other people in building has bigger apartments how come theirs are cheaper I mean by 50 percent cheaper. Please help.

Do I have to put money down on purchasing a Condo ? If I want to purchase a condo, could I do 100% financing or do I have to put money down ? I'm a first time home buyer and looking into the condo market. Thanks.

Refinancing my condo.? My situation: I own a one Bedroom condo where my 3-year arm is ending in June. I thought I would be out by then, but I will not be. I am paying 6.625% interest now. After June, it will go up 1%. That is high, but I just got married last April, and my husband seems to think we can pay this off in about 3 years. My question: Does it make sense to re-finance where I will have all of these closing costs or should we just start making aggressive payments each month? My husband said we could have this condo paid off in about 12 months. I have other questions that stem from this but this is the base question. I have a typo in my question. My husband thinks we can pay off this condo in 12 months. I do have this listed, but in one statement I indicated 3 years (I had 3 year arm on the brain). My original loan amount was $123,000.00. I purchased when I was single. I re-financed in 2004 for 3/1 arm (VERY STUPID OF ME) - I refinanced with a new loan amount of $118K. So I've made a round a stupid mistakes. We are not 100% debt free except our car and the condo. He makes over 6 figures, and I will make close to that. With no debt except montly bills, we CAN pay it off. My loan person is telling me that it is a stupid mistake to not go ahead and re-finance, but it's going to be at least $3K to $5K in closing costs for a 15 year loan (this is what he is working up for us), but my husband said "We can pay this off in 12 months - let's just do it then rent the condo out later on when we buy a bigger place." My fear is that "what if something tragic happened where one of us lost our job." This iswhat my mortgage guy is telling me... sorry for the drama, but i'm in a state over this b/c I know for one that things can and will change"... I want to make best deicison.

Should I buy my own condo or an investment property? I'm just out of college and in the finance world. I know about the obvious reasons for building your own equity, but I'm having a hard time deciding whether I should buy my own 1BR condo in Chicago, or to purchase an investment property to rent out. Either way, I will be building equity, and obviously both would be the way to go, but I don't have enough for both down payments yet.

Can I finance my closing costs into the mortgage for a 30 year fixed rate loan.? im buying a new construction condo and the builder wants 5,000 down to finish the house (tile and flooring), but that was the money I was going to use for my closing costs. Since I will have paid down part of the principal, could I finance the closing costs? my mortgage is 100% financing

How long will it take for me to get a decent Fico Score in order to get a home loan? I am a renter thinking about purchasing a townhome or condo in my neighborhood for about 3-5 years, selling and then finally moving into my perm. home in the same neighborhood. My rent is increasing from 946 to 1011 a month and instead of wasting that money, I'd like to put it toward a home. Problem: No savings, Poor credit history, Fico score between 499-526 from all three credit agencies 35/K a year, 6+ years with my job, and the loan amount I'm looking to finance is between 164-219/K. I figured it would be cheaper for me to buy instead of renting which I'll be doing for the next 3-5 years if I can't get a home loan. I know my credit situation is bleak. How long will it take to ramp my fico score to at least the national average and what other advice can anyone of you give for a first time home seeker looking to buy in the near future? What can I do for the next year to get my score up? Oh I live in Houston, TX btw.. Thanks in Advance!!

How can we enforce a contract to purchase a house? We accepted an offer to purchase our condo. The buyer has still not secured financing and we are now paying the mortgage on two homes. How can we force the buyer to honor the contract and continue the purchase and to what extent can we recover out of pocket costs? Frankly, this whole transaction has ruined all of the excitement of moving into a new place and has certainly stressed out my wife. I think that pain and suffering are legitimate damages in this instance. By the way, this was not a "by owner" transaction. Actually, the buyer was brought to us by our realtor and the preliminary credit report and prequalification showed them to be capable of securing financing. We will be contacting an attorney. There is a contract, they are qualified and they need to perform.

Condo owners: Can one charge the realtor if they require you waive certain rights to allow their buyer to buy? I am a condo owner and there are 10 co-owners in our condominium association. Under the terms of our agreement, whenever one of our condo owners lines up a buyer for their unit, the other condo owners have the right of first refusal to buy the unit at that price, either individually or as a group. The purpose of this was to protect our property values from falling should some owner wish to sell at such a deep discount that our comparables would be affected and we would all lose value. Now a realtor (who also happens to be our condo assn. Pres.) has lined up a buyer for one of our units and that buyer is marginal credit wise, needing FHA financing support (typically only 3% down from buyer to purchase). The realtor is asking us to eliminate our right of first refusal, claiming the FHA won't support a mortgage for same if that right is still there. If we give up a right, I say we deserve a FEE to compensate for additional risk. What would appropriate fee be for this? Also, the realtor and the FHA agent are giving us this line that by our having this right of first refusal, we could be sued for discrimination should someone try to buy and we don't like their color so we buy the property ourselves. While if that indeed happened, there might be a case for such a charge, but the right by itself I don't think is discriminatory by itself. The realtor is trying to scare the other co-owners that we HAVE TO get rid of this right of first refusal or else we might get sued. I think that's a crock of you-know-what and the only thing this slimey realtor wants is her fee, and she's willing to bring a marginal buyers because the market is down, so she's trying to scare the rest of us that "this is only for our own protection". Can FHA sue you for discriminatory housing practices by virtue of having a "right of first refusal" clause in your condominium association covenants and rules? Or would it be the propsed buyer who would sue you if denied purchase?

Condo in San Francisco? I am 22 years old and my annual salary is around $45,000 and I am interested in purchasing a 1 or 2 bedroom condo in San Francisco, preferably in the Marina area. I have a solid credit rating (812) and want to know if it would be possible to find a place and financing so that monthly mortgage payments are about the same as renting an apartment.

what does 100% financing mean in regards of either purchasing or renting a condo.?

We want out of our Condo? We only wanted to live in this condo (Wisconsin) for one year when we got it in January 2006. We try selling it in Febuary 2007, but no body wanted it, and was on the market for 4 month. We took it off the market. Now, we're in debt over our ears, and the condo is at the same value as when we purchased it. We were told by our ReMax agency that we (out of our own pockets) needed at least $5,881.00 at closing even if we had a buyer..We need to go to Ohio now. Also, the ARM is going into effect in Febuary 2008 at a rate of over $200.00. We're going to bail or abandoned this condo January 1st 2008. We will phone the mortgage company in one week of our plans. We also just signed a lease for an apartment so that we can rebuild or finances for 6 months or so. My question is, do we have to pay January?

in the short term, would buying a mobile home be any worse than buying a condo? if i was only going to be living in it for a couple of years, why would a condo be that much better? will it really appreciate that much faster? I live in the bay area and am considering buying in the Rohnert Park area The way i figure it, I will end up having to pay more in interest over the two or three years, more so than any appreciation that would accumulate. The mobile home wont grow in value at all but you can afford much more square footage and you dont have any neighbors who share walls. you can usually get a brand new one for about half the price of the cheapest condo on the market. Mobile home parks have leasing dues that you have to pay but condos have HOA's you have to pay as well and in that area, they seem to be about the same. I will be financing 100% where am i going wrong here? thanks!

how long does buying a house take? I'm wondering how long the whole process of buying a house usually takes. I mean, from start to finish, not just once you've found something you like, to the time you can actually move in. I want to buy a townhouse/condo, and am planning on renewing my lease for one more year (so I can get some stuff paid off) so I want to have a place of my own to move into by the end of May 2008. My friends are already looking for a place, but their lease is up in October 2007, so I was wondering when I should start looking for a place, how long it would take me to find some financing, and how I should time it to have the move in date by May 31st, 2008. I won't do anything now, until I see my parents in early May this year, because I know my parents want to help me with the down payment, and they'll have experience with that stuff. But since they're in FL and I'm in MN they can't help with much else in the process. Also, wondering which I should do first, find a place, or find a loan?

I need some advice on how and where i can get help to restore my credit problems!!!!!!!? Two years ago i lost my job and all hell broke loose with my finance, i couldn't pay my bills anymore so my credit card got charged off, phone got cut off and a few other bills that was placed in collections. I was able to get a job in january of this year and is now trying to fix my problems, but i have no idea where to start. I called the credit card company to make payment arrangements but they said i have to pay it in full and i can't because am not working that much money. I really would like to buy a little condo so my son could have his own room and all, i now learn to drive so i would like to get a car someday also... now it's not possible with a credit score of 450. pleaseeeeeeeeeeeeeeeee somebody what can i do? help me to start clearing this thing up, am only 23yrs old and am a single mom with no family around so it's hard but am trying, i just need some good advice to steer me the right way. if anyone reading this knows of a way or things i can do please let me know thank yu

how much do tractor trailers cost? Although I don't have my CDL yet,I'm toying with the idea of being an O/O after a while and wonder what a trypical "condo" cab might cost new.Straight up,no financing I mean.

How to invest into the US property market as an Australian resident? How can I obtain financing to invest into commercial property (4 to 8 condos). Do I approach Australian banks or are there US institutions that cater for overseas investors? What are other implications - are there tax breaks or do I have to expect some form of penalising taxes? In short, I don't know the first thing about this issue... please point me in the right direction.Thanks

Please Help Finance Homework? Cliff Swatner is single, 33, and owns a condo in New York worth $250,000. Cliff is an attorney and doing well financially. His income last year exceeded $90,000, and he has sufficient liquid assets to supplement his condominium and other tangible assets. Several years ago, Cliff began investing in stocks and bonds. Some have worked well for Cliff, but others have not. Cliff has never evaluated his portfolio performance, but he feels it isn't good. Cliff currently has about $90,000 invested. He has been dating a woman lately and hopes to marry her in three years, at that time he will need $20,000 for marriage expenses and a honeymoon. Cliff's only other objective is to accumulate funds for retirement, but he does not have a specific dollar target for it. Explain some disadvantages of Cliff's current investment approach. Construct a portfolio for Cliff, limiting your selections to mutual funds (assume he sells his stock and bond holdings). Make sure your plan indicates specific dollar amounts for each portfolio component. Make sure your plan also explains your selections for each portfolio component. Explain how Cliff should periodically rebalance his portfolio, indicating how frequently rebalancing should be done.

How concerned should I be about my credit? My credit score will tank if I do a deed in lieu on my property, which given the economy in Michigan, just isn't selling and for all realistic purposes, is worthless. On the flip side, I already got financing on a car that should last me another 250,000 miles, plenty of credit cards with no balance (I always pay my balances in full). Also, I don't like to maintain property since I'm always travelling, so I have no reason to own a home or condo. Should I care at this point what my credit score is? Thanks everyone; in my case, with the Michigan economy being 49/50, next to only Louisiana, I'm wondering if people will look at my situation and be more forgiving. I don't have any other credit problems, never had a late payment in my life.

my condo for sale is in a complex less than 40% owner-occupied? how can a buyer get financing as a new homeowner? Fannie Mae is out.

No one filing Fl probate.? My step father passed away a week ago. Long story short he and my mother were married 8 years, then divorced 8 and back together the last 3 but not remarried. My sister is his bio daughter and is next of kin for all legal purposes. She is 23, a wasted mess about to be evicted.. lets just say I dont see her getting an attorny and filing under probate law. Fact is all he has is debt anyway. A truck worth 15,000 but 16,000 in credit card debt and a re financed condo with a 75,000 morgage that was appraised at 80,000. Does anyone even have to file? My mom plans on moving out of the condo within 4 weeks.

Is it weird to ask family for helping on finance in American culture? My bf would like to purchase a condo as his personal investment to improve his financial standing. However, he doesn't have enough money to start his investment plan. He has friends who know someone who would be able to offer him a loan with affordable monthly payment....really unbelievable low payment for each month. For me, I think it's really strange and feel it seems fishy, because if that's a case, that means everyone could afford a condo around here. I know his parents have extra savings would be able to help him start his investment plan. However, he doesn't want to ask his family for helping him start up. I am curious if because American culture not allow him feeling ok to do so...or it's just personal preferences?