Jeffrey T
I'm thinking of putting it all in a couple of mutual funds or maybe half mutual funds/half CDs. I would cash out on other investments to avoid short term capital gains.
I get hit with the alternative mimimum tax so my accountant said I should invest in property as in an upgrade or rental.
Answer
I did that, seven years ago. A home equity loan for $100,000. Tried to invest it in a market that went bust. I am not kidding, this is true.
Well first, I, (we) lost the $100,000 on the stock market (options really---thanks to Wade Cook).
Second, with $1,700 already due on the first loan, and now $1,100 due on the HEL we soon lost EVERYTHING: Lost he home, lost the marriage, my dog died, my credit went to hell, etc. Filed bankruptcy, and damned, if the loan from BANK ONE, which was the home equity loan, wasn't written off completely.---true story
But don't do it, you'll be sorry, too.
I did that, seven years ago. A home equity loan for $100,000. Tried to invest it in a market that went bust. I am not kidding, this is true.
Well first, I, (we) lost the $100,000 on the stock market (options really---thanks to Wade Cook).
Second, with $1,700 already due on the first loan, and now $1,100 due on the HEL we soon lost EVERYTHING: Lost he home, lost the marriage, my dog died, my credit went to hell, etc. Filed bankruptcy, and damned, if the loan from BANK ONE, which was the home equity loan, wasn't written off completely.---true story
But don't do it, you'll be sorry, too.
home loan for renovation of property which is on mothers name?
Nagendra K
as mentioned in title can i get home loan for renovation of property which is on mothers name?
if yes, is that loan repayments eligible for tax exemption?
Answer
No, only your mother can get a loan for the house.
No, only your mother can get a loan for the house.
Is it possible, as a first time home buyer, to get a home loan and have money left over for renovations?
Carmencita
For example: Can I take out a loan for $100,000 but buy a house for $90,000 and use the rest for renovations? If not, what options do I have to immediately make renovations to my home?
Answer
they have what is called a 203 k. it is a fha loan for fixer upper homes. you have to put 3% down.
they have what is called a 203 k. it is a fha loan for fixer upper homes. you have to put 3% down.
When I get a home loan, can I take out more than the price of the home for renovations?
soberlunat
I am doing this alone, no partner, husband, etc. Cost of the house is 65,000 but I want to build a garage and put up a fence for a dog.
Answer
Are you securing the loan with something else as well?
Example. Total assessed value of property = 1 million
Value of loan = 1.5 million
If person runs off tomorrow then the bank is screwed half a million.
Bad idea neh?
Are you securing the loan with something else as well?
Example. Total assessed value of property = 1 million
Value of loan = 1.5 million
If person runs off tomorrow then the bank is screwed half a million.
Bad idea neh?
I just bought my home in May 2008 and I need a loan for home renovations? But I am in unemployed at the moment?
sanchez.ro
Where could I go to get a Loan for like $5000??
Answer
I do not know where you live however when I lived in Jacksonville, Florida the city had grants that low income home owners could get for home repair..check with your city or state.
I do not know where you live however when I lived in Jacksonville, Florida the city had grants that low income home owners could get for home repair..check with your city or state.
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