Real Estate

I’ve had a job for about a year now and i’m getting close to 4000 dollars. At first I thought i’d buy a car but what good would an old used car do a few years down the road, i’d just have to buy another one in a few years plus pay for all the repairs. So investment struck my mind. I’m only 16 though and have about 4000 dollars with a limited amount of income. This will be my first time investing and I’m not really sure how to do it and have some questions?
Can a 16 year old invest?
Do I have to invest through a broker? How does that work?
Is that enough money to invest in real estate? Is it possible to join in with other people investing in realestate?
Should I wait to invest because of the bad economy?

I know there’s also mutual funds but that doesn’t really appeal to me.

Best bet would be shop around for a CD (Certificate of Deposit). Stocks are risky at the moment, and are for more long term investments. Real estate is also shaky and for $4000 you really wouldn’t be able to do too much. You can get a CD at any local bank, they usually hold your money for 6 months to a year and can tell you exactly how much money you will earn for letting them hang onto your money for that year. If you want to learn more just click the link I have.

I live in Los Angeles and I am considering purchasing realestate in texas. I am trying to generate positive cash flow. I am looking for 1 stop place where broker can help me purchase and help me with property management. Since I live in LA it has to be someone extremely responsible and knowledgeble. If you had positive experience in this area please let me know who I should contact

You’re too late. Too many investors have already bought, driving sale prices up and driving rental prices down.

In San Antonio, there are new, never been lived in houses, sitting vacant since July because they’re not renting. Also, when they do rent it will not be for a positive cash flow.

The average sale price in San Antonio is about $165K. A house in that price range, bought with a 5% down payment and 6% interest will have a mortgage (with escrows for tax and insurance) of about $1,600. That house will then be able to rent for about $975 to $1,150.

My broker is a full time property manager and this past summer was getting calls from SO many California investors who had just bought houses that they wanted him to rent for them. Their hearts were broken when he told them the facts of how much they could rent for.

Ok so long story short ….I am getting screwed by my broker he is charging me over 4000.00 more then origanial quoted and then he didn’t give me my GFE till 3 days ago a month & 10 days after I signed it. I was going with another lender at first who now that I can compare was going to give me a way better deal. My realestate agent says she will take care of it but if she cant I want to change lenders. How far would I go passed closing? I already have had a Va inspection but she said we may not be able to transfer it to a new lender if the inspector is not on there list? What is involved with transfering this close to closing? Please help!!!!
Ok so my broker broke respa not giving me the GFE within 3 days. So I wouldn’t have been able to review the costs and espcially so I couldn’t compare it to the one I had had from my another lender. It is a long story but if my Realestate agent doesn’t take care of it I want to change bokers/ lenders. I am asking how to do that and how bad it will mess everything up? F.Y.I. GFE is a good faith estatement
Also it will cost me 150.00 every day past the day of closing and the house is a forclosure and is owned by a bank not sure if that is important. Thanks for any help!

Tell the seller that you will release your entire earnest money today in return for a 15 day extension of the purchase contract. Then get your loan to a broker who won’t cheat you. Switch today..

The value of a feature that is present in the subject property but not in the comparable property.a: subtracted from sale price of the comparable B: added to sale price of comp C: not a valie variable in priceing the comp. D: none of these

An appraiser may substitute his own opinion in the place of reliable date A: if he has long experience. B: never. C: if requested by a supervisor. D: if it will increase the price of a property.

An appraiser needs A: realestate lisence. B: appraisal license. C: brokers license. D: affiliate brokers license

In the sales comparison approach the probable sales price of a building may be estimated by: A:considering sales of similar properties. B" determining accrued costs. C:determining construction costs. D: considering depreciatin

Which approach would be given the most weight in valuation of a "strip shopping center"? A:cost approch. B:income approach. C: cma D: none

A
B
B
A
A

The new state telangana which is being formed bcos of decades of negligence by politions, expolitation by andhrites and backwardness should also loose hyderabad as its capital which is the only big city in the region and livelyhood for whole telangana? dont u think if it is made a U Territory, no one will profit except realestate brokers? The andhrites after exploiting and depriving the people of telangana of opportunities will also deprive them of the only city they are dependent on. There is not even a single city in telangana (other than hyd) which is as big as even vijawada. up on that they have Vizag a city much biger than vijawada. keeping all this in mind Don’t you think its wise to keep hyderabad in telangana?

Ideally Hyderbad will have to be with Telangana if at all it forms, because it is surrounded by the Ranga Reddy district which comes in the Telangana region.

The following points in your question needs to be debated:

1. Negligence of politicians: What were the MLAs and MPs elected from the Telangana region, irrespective of their party doing all this time? If development was a serious issue and if they were unable to address the issue, why did they not step down accepting incompetence?

2. Exploitation by Andhrites – I don’t agree to the concept of one group exploiting the other. India is a free country and please compete and prove yourselves. The same is the reason I object the MNS and SS ideology. Don’t blame others for ones drawbacks.

3. Hyderabad as UT- I guess Hyderabad has a cosmopolitan population with migrants from across the nation and if regionalism sets in, following division, none of them will be willing to forsake their hard earned money and property through decades. Making Hyderabad a UT gives some sense of security to these people.

4. Hyderabad with Telangana – Maybe Hyderabad can be with Telangana, provided there is an assurance on the security to the lives and property of other too.

5. Real estate brokers – Regarding the real estate group, I am not much aware, may be you are right.

The Aftermath Inc. – An Indian Citizen.

I was born and raised in LA California… and his home town is guadalajara, mexico…. I am so freaked out about moving there… I was planing to get my realestate license and become a broker and now it looks like my plans are going to change… this is not what i wanted… but how far does one go for love… After all is love more important that goals… someone give me some advice. or if someone has been in that city of mexico give me some feed back on how it is… I have never been to any part of mexico except baja… please HELP!!!!!

tell him that crossing the border and living and working there will make you an illegal alien…maybe all americans should do that especially since all the jobs are there.. move to mexico and become an illegal alien…..

The bailout money, not the originally requested 700 billion, will purchase mortgage backed securities.

Mortgage backed securities are kind of like high paying bonds that are secured using realestate.

The person who took out the mortgage makes payments.

The person who holds the mortgage receives those payments until the mortgage is paid off.

If the mortgage payer stops paying two things can happen:

The mortgage is renegotiated.

OR

The mortgage is foreclosed on.

The preferred situation is to renegotiate the mortgage and keep the pyaer making payments.

The US government will probably make money and at the least, will not lose money on the bail out.

Who made money on the Mortgages?

The brokers who wrote them made the most money. The big corporations who underwrote or purchased the mortgages LOST money.

Scummy mortgage brokers wrote bad loans to low income people and sold them to underwriters and investors, people with IRA’s and 401K plans.

Most of these mortgage brokers were Minority Owned businesses in low income areas who sold ARM mortgages with ridiculous payment terms. The kind of people Acorn works with.

Now morons are blaming the people at the ends, the borrower and the investor and are not blaming the mortgage brokers who, along with groups like Acorn, caused the problem.
Nope chi-guy, it is the mortgage brokers fault, the upper income scum bag taking advantage of poor people and the very good record of mortgage backed securities as investments.

Not the poor guy taking out the mortgage and not the "big" corporation buying a "vetted" mortgage as an investment.

The scum bag mortgage broker who wrote the crappy mortgage.

The scum bag who might get away free unless you demand their head on a platter.
Dig deeper Lu.

Most of the bad mortgages were written in lower income housing markets.

Follow the money and you will find about 60% of the mortgages were written by minority owned businesses.

That sucks because it gives the minorities, who were generally the people who were scammed the worst, a bad name.

These are predators who, much like drug dealers, are preying on their own.
True Bin laden, but, if the broker is a "good used car salesman" the underwriter is looking at how much they can make selling the mortgage.

And believe me, those mortgages were sold all over the world.

Thanks Bob O, this is one of the few posts of yours I have appreciated. Now you will probably edit it
Lehman did buy a scum bag mortgage broker, but, that represented a small percentage of the problem and the problem was still with the broker, not the borrower or the investor.

Nice to know you think people who have IRA’s, pension plans or 401K plans are greedy. Billions of people who have money invested in everything from bank accounts to pension plans lost money on this.

All those greedy people working for a living.

I’m right there with you – except your mysterious claims that most of the brokers were minority owned businesses. that is not an allegation I’ve heard before. The lending was predatory and did concentrate on low income recipients (typically minorities), but I’m not willing to agree that the brokers were also minorities without some more information.

agent ref me to a loan broker his father, I live in cali &HE removed contigencies knowing we didn’t have a loan (We didnt know this). we had to put 5% down for loan, Then our loan guys calls us 10 days before close asking us for 3% more & with an outrages APR or else I’ll lose my 10k in escrow. We had to leave work and try to get another loan from Bof A which we got with out anymore money other than the 5% we may not close in time & will be fined by the seller. my agent (was a friend) knows that my son was diagnosed w/? i have been unfront with them from begining to end i told them everything my credit & financial situation and they both said no problem. Before I placed a bid we asked our agent only place it if we are confrimed with the loan becuase we have no money to put down and the little that we do we need it to make the renovations the house needs. I want to fire agent can i (no buyers agency) he told us not to worry that he promises that the money we put down we will get back
i live in L.A i never had a loan and my agent new this but we never knew this everytime I emailed agent to get status he never respnded he would however call from time to time but never with any answers we told him not to remove cont. until he was certain we had loan. we have put up 10k earnest &22k loan (sorry confusing but i dont hve much characters 2 wrk w/) his broker said we are fine since we managed to get another loan from BofA. Contract stated that we needed 20k down, when we seen this we advise our agent to pull since we did not have that money and the money that we did have was to make repairs that it desprately needs, we told him if we have to put more than the 10k earnest money we put down then we dont want to continue he said not to worry that he promise that his father (loan brker) will use a portion of the loan as the 20k , as you can see he couldnt even get us a loan. This house needs wrk my son needs surgery&cant recoop in this house we want to walk & 4get the 10k

what part of CA are you in?
Not quite sure why I got a thumbs down for this question regarding your issue.
I was only asking in hopes that you might be in an area where I could put you in contact with someone who could help you.
I have family in CA in the real estate industry and was hoping to lend a helping hand.
It turns out that you are way too far north. I am sorry that I was not able to help you. I was hoping that I could.
I would really appreciate that the thumbs down be removed. I was hoping to do better than just answering your question myself, I was hoping to connect you with someone in this field. I really hope that this all works out for you. I will pray for you and your family. I am very sorry that this has happened to you.
If I were in your shoes, (I don’t imagine that you have extra money to hire an attorney), I would call a different real estate agent (one that is very well known with at least 10-15 years of experience) and ask them their advice. If there is something that you can do, they will be more than happy to take you on as their client.
Again, good luck to you.
P.S. Call 1-800-200-Lend or Lend America.com
They might be able to help

Hey I did a little research for you,
I hope this helps
LOS ANGELES CAMPAIGN AGAINST PREDATORY LENDING

The Los Angeles City Housing Department has unveiled an aggressive public outreach campaign, "Don’t Borrow Trouble," to raise awareness of the growing problem of unscrupulous lenders who prey on unsuspecting homeowners and homebuyers. The campaign includes ads, posters, other printed materials, public service announcements in English and Spanish, a toll-free hotline, (800) 477-5977, and a Web site, http://www.lacity.org/lahd/.

The aim is to educate borrowers about danger signs of lenders offering seemingly attractive loan terms that can result in the loss of the home. The "Don’t Borrow Trouble" program also includes an affordable loan program called HELP (Homeowners Equity Loan Program), to assist low-income homeowners with high-interest loans to refinance and rehabilitate their properties. Provided by Los Angeles Neighborhood Housing Services in partnership with Wells Fargo Home Mortgage, HELP will assist borrowers who may have already fallen victim to predatory lending practices. For assistance, homeowners can phone toll-free (888) 89-LANHS. Los Angeles is one of the twelve pilot cities chosen by Freddie Mac for this campaign.

My agent ref me to a loan broker who was his father, I live in cali & he removed contigencies knowing we didn’t have a loan. we had to put 5% down for loan, Then our loan guys calls us 10 days before close asking us for 3% more & with an outrages APR or else I will lose my 10,000 in escrow. We had to leave work and try to get another loan from Bof A which we got with out anymore money other than the 5% we may not close in time & will be fined by the seller. my agent (was a friend) knows that my son has been recently diagnosed with a cyst inbetween his eye&brain and could possibly be cancer, I have been unfront with them from begining to end i told them everything my credit & financial situation and they both said no problem. Before I placed a bid we asked our agent only place it if we are confrimed with the loan becuase we have no money to put down and the little that we do we need it to make the renovations to the house since the house needs some fixing. I want to fire my agent can I
http://answers.yahoo.com/question/index;_ylt=AjwRMC_QZip2mzEx6PJyIovsy6IX;_ylv=3?qid=20080217225845AAluiDZ

Things must be definetly done different in texas
An agent is "responsible" to their clients. They have a duty, called a "fiduciary duty." This means the agent is responsible to act in the best interests of their client. A car salesman does not have to act in your best interests — they just have to sell the car. It isn’t that simple for real estate agents.The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer’s best interests, etc. when is it in the clients best interest to have the contigencies removed when a loan is not in place. He removed contigencies knowing you did not have a loan call an real estate attorney. I am sure that was not even the tip of the iceberg of the things he did wrong

my landlord hired a realestate broker to find tenants for her (us), she later fired him, later when I went to him to get some paper work to prove that we had use of certain amenities that she was now denying us access to, he confessed to me that she told him to take our security deposit as his finders fee, I am living here, but moving because she breached the rental agreement by denying us access to the amenities, but I know that she no longer has my security deposit. is this fraud? shes in Chapter 13 wouldnt the judge want to know why shes saving back 100 dollars a month, that was what he told me she said she was gonna do to pay back for using our deposit.

She is absolutely doing something illegal. This is conversion and she could be fined or lose her license.