Posts by Richard Edwards10

They used to just flood your inbox with spam... Looks like they’ve upgraded to the good old-fashioned way of bothering you via direct phone calls...

Richard Edwards10 said:Are you holding The New York Times from its Nasdaq debut? I highly doubt you're actually counting that...

If you held any other stocks before you decided to "go to cash," as you put it, feel free to list them and when you exited. I think we'd all be pretty interested in seeing that.

Let me try that again.

Investing isn't everything. There’s actually a certain art to spending, too.

I know from firsthand experience that JPMorgan Chase will approve a mortgage based on freelance income.
When I was looking around, Wells Fargo was offering home loans to merchant marines and people working for international corporations...

P.S. What’s with this "unemployed" label? Sounds more like someone who just can't find anything to do and prefers lounging around the house...

silentpuma16 said:So, I was just wondering what HROK actually means for those of us who are already heavily leveraged... When it comes to loans, it seems like now, regardless of whether you have a spotless credit history or a messy one, if a third of your paycheck is already tied up in debt, you simply CANNOT get a loan.... and even if you somehow can, they demand an absolutely ridiculous amount of insurance coverage....
In my own situation, my monthly debt payments are roughly equal to my entire salary, which is about $4,500, and I’ve always been perfectly responsible—never missed a single payment or received a warning—plus we run our own small business, but when I finally went to buy a condo.... they just told me I was overextended and left it at that....
Of course, I fully understand all the debt I've taken on because every cent is backed by something; it was either a mortgage on the house, two co-signers, or life insurance. Every single loan I ever took out was specifically for renovations or purchasing a home, a condo, some land, or other similar investments....
I had really hoped that HROK might help distinguish the reliable borrowers from the risky ones, but believe me, they are looking strictly at your total debt-to-income ratio.....
It makes me think about a parent who wanted to buy a condo in Chicago Union Station to rent out, hoping the tenants would essentially cover the mortgage, and I honestly don't know how they're supposed to pull that off now... it seems like the banks only care about how much you owe, rather than where the money is actually coming from.
In my case, my tenants are the ones helping me pay down the loan and so on... If anyone else has had different experiences... please let me know... and which bank you used....
Because it feels to me like the days are gone when you could just pick up three condos for $50,000 each and rent them out,,,,,, since everything is so transparently tracked nowadays.....👎

The only thing is, there's no way to hide the fact that you've rented those units out somewhere.😉

About a year and a half or two ago, most banks had pretty much pulled the plug on mortgage products—or they just didn't offer them at all. I actually managed to snag one through JPMorgan Chase. The terms were decent enough, though the interest rate sat right around 10-11%. Honestly, if you’re planning to pay the whole thing off within two or three years, it’s a solid move to dodge those high interest costs.

About a year and a half or two ago, most banks had pretty much pulled the plug on mortgage products—or just didn't offer them at all. I actually managed to snag one through JPMorgan Chase. The terms were decent enough, though the interest rate sat somewhere around 10-11%. Honestly, if you're planning to pay the whole thing off within two or three years, it’s actually a solid move since you dodge the brunt of those high rates.

Man, I had the exact same thought immediately... Seriously, how long does it take for a person to actually see a return on this...

Honestly, there’s a better chance an interstate highway gets built right through your orchard before you even hit your first harvest...

Just kidding... it's a solid plan if you've got nothing but patience on your hands! 👍

Look, you’re always left with the adult content. 😁

Just kidding, but... business is business 😉

I don't need the European Union breathing down my neck to tell me how to be an honest person.
Whether they're around or not, I have no intention of dodging my taxes. Besides, the tax on rentals isn't even that steep.

Angela Richardson15, I thought you were planning on building right by the coast... or are you trying to have it all?

I’ve had a change of heart too. Once this place is finished, I’m not selling—I'll be renting it out instead. But that's a problem for future me. Right now, construction is at a standstill because someone decided to take a vacation.😲

With JPMorgan Chase or Zabiti, you can pull off a mortgage if you have a co-signer who’s got a steady job. You still need to show some kind of income yourself, though—freelancing or whatever counts.
At JPMorgan Chase, they actually let you get a mortgage without any income or guarantors at all. They just secure it against the property and a deposit. Not sure how other banks handle that.
Generally speaking, the smaller players, like Wells Fargo, tend to be way more restrictive and offer much worse terms.