If you're looking to get financing for real estate investment property, Fannie Mae might throw some restrictions at you. Fannie Mae is limiting investment property financing to up to 10 properties. Other lenders might be following more strict guidelines, like four-property rule for investment properties. What have other investors and brokers been seeing for investment property financing from Fannie Mae and other lenders?
If you're living in a condo, you will have to deal with the condo association and all that comes with it, including condo association fees, dues, meetings, rules, and if the condo association gets involved in a lawsuit, it can become even more complication. Especially if you're a new buyer, you should receive disclosure about any lawsuits the condo association is involved with before you buy. If you do not request or receive such seller disclosure, you may be able to get out of paying some costs, or get out of the sale itself.
Ilyce Glink Show Notes - January 10, 2010 - Unemployment and Michelle Singletary. Today on the Ilyce Glink Show, we discussed the dismal unemployment numbers released by the department of labor last week. Another 85,000 jobs were lost, and in an even more surprising turn, some 660,000 Americans left the job force, obviously fed up by their inability to get a job. We discuss the unemployment numbers in today's show. Award-winning, nationally-syndicated columnist Michelle Singletary joins us for a live discussion on personal finances and her new book, The Power To Prosper: 21 Days To Financial Freedom. Michelle, who is with the Washington Post, discussed her recommendation for a 21 day money fast - literally, zero discretionary spending. Want some new tools for a new decade? Sign up for my March 27, 2010 event: How to Invest Your Money Right Now. Details below.
Today on the Ilyce Glink show, we discussed the troubling unemployment statistics just reported. A report showed 85,000 lost their jobs in December, compared with 4,000 jobs created in November. Ilyce had award-winning Washington Post columnist Michelle Singletary as a guest today. Her new book, The Power to Prosper: 21 Days to Financial Freedom dares to ask, can you go 21 days without buying anything discretionary? We discuss Michelle’s idea of a three week money fast, and hope to inspire listeners to take on her thoughts on becoming financially stable. Listen to the full show here, or download from iTunes. Check Ilyce's blog for more show notes and helpful links.
Once you sign a lease for an apartment or house rental, you are responsible for fulfilling the terms of your lease. If you want to leave before the lease ends, you will usually have to pay some form of penalty. You are also responsible for any damages, according to the terms of your lease. If you have roommates, you will still be responsible for their damages to the apartment. Make sure you understand the terms of your lease because breaking the lease without penalty may be impossible.
Happy New Year from the Ilyce Glink Show! To start off 2010, Ilyce invited three special guests could give financial insight to our listeners for the new year. Sam Wyly, a graduate of the University of Michigan Business School, became a millionaire by age 30 and is now a self-made billionaire. We had a great conversation about his book 1,000 Dollars & An Idea. Ilyce talked with resume whiz Liz Handlin, CEO of Ultimate Resumes LLC about how listeners can improve their resume for the new year. Ilyce also talked with Ricky Novak, President of Strategic 1031 Exchange Advisors, a top-rated exchange company based in Atlanta. Ricky will be on a panel for our March 27, 2010 How To Invest in 2010 event. Listen to the full show here, or download from iTunes. Check Ilyce's blog for more show notes and helpful links.
Ilyce Glink Show Notes - January 3, 2010 - Happy New Year!Today on the show, we had three guests: Sam Wyly is the author of 1,000 Dollars & An Idea, Entrepreneur to Billionaire. He offered up some tips on becoming an entrepreneur. Liz Handlin is a resume expert and the publisher of Ultimate_Resumes.com. She had some tips on polishing your resume for the new year. And, Ricky Novak is an attorney and president of a 1031 Exchange Company. He talked about 1031 issues and tax changes real estate investors should think about in 2010. Don't forget to sign up for HOW TO INVEST IN 2010, our newest event, on March 27, 2010. And, we have a free books and ebooks offer.
Dealing with the consequences of bankruptcy can be very tough and it can take a long time. After you file for bankruptcy, you cannot qualify for a home loan from Fannie Mae, Freddie Mac or FHA for at least three years, if not longer. Buying a home after bankruptcy may not be an option right away. Consider renting and saving money while you are recovering from bankruptcy before trying to buy a home so soon after bankruptcy.
Prepare yourself for the new year by cleaning up your personal finances. The recession has affected us all, but it's time for a fresh start with New Year's Resolutions to get your personal finances back on track. Follow these New Year's Resolutions now and for the rest of the year to clean up your credit, save money, and stay on top of your investments. These New Year's Resolutions will help prepare your personal finances for the rest of the year.
Make sure you calculate the costs of refinancing before trying to get a new loan. If you have a low balance loan, a lot of lenders won't even let you refinance. And refinancing wouldn't make any difference in your monthly payment, anyway. If you decide to refinance, make sure you understand the costs involved in refinancing, how long it will take you to pay off your loan, and what your monthly payments will be.
