Posted by GregNY on January 20, 2002 at 21:50:03:
Maybe thats why the score is 547.
Put that $50,000 to better use.
I think my credit is more important than a house on a golf course.
But, who am I?
GregNY
Lease/option, should I stop gambling ? - Posted by David Hasselberg
Posted by David Hasselberg on January 20, 2002 at 05:30:40:
I just lease/optioned a home on a two year deal . I wanted to clean my credit up before I bought the home (my score is 547 ) I put $50,000 down because it was a home on a golf course 3300sq ft and got it for the county’s accessed value $299,000. It appraised at $375,000 . I’am getting a little nervous because i started thinking about what if I get hurt or lose my job (BOEING) ? I been told that I should be able to get 9% ? Can I get some insurance that a bank would loan on if I was to get disabled ? Or should I just suck it up and pay the 9% instead of 7% interest and stop gambling .Thanks for the advice Dave
Re: Lease/option, should I stop gambling ? - Posted by David Hasselberg
Posted by David Hasselberg on January 21, 2002 at 03:01:04:
Scores 547 because i lost everything I owned in the 1995 Boeing strike and my credit . I put $50,000 down because this was a home I decided to live in permantly , sorry I did not sort that part out.
Re: Lease/option, should I stop gambling ? - Posted by phil fernandez
Posted by phil fernandez on January 20, 2002 at 08:46:17:
If you have $50,000 of your money on the hook I would definitely lock up now at the 9% interest rate rather than down the road hoping you can get 7%. By the time that you clean up your credit to the point you can get a lower rate, the rates at that time may not be at 7%. They may be higher. Plus you will have secured your financing to excercise your option.
If in the future after your credit is better you see a lower rate you could always refinance at the lower rate.
How come you put up $50,000 on one lease option deal. Golf course or no golf course. I can take your $50,000 and use it as down payments on 10 houses. You’re tieing up too much of your money on the one deal.
Re: Lease/option, should I stop gambling ? - Posted by GregNorman
Posted by GregNorman on January 21, 2002 at 11:24:09:
David,
The other reason you’ll want to buy: What if the owner loses his job and decides to use your rent to pay for mortgage on his home and not the home you live in?
That $50k would be going down the tubes!
When I first started lease purchasing homes, I had more problems w/ owners than I did with tenant/buyers!
Lock it up… and next time don’t put that much money down!
GregNorman