This portfolio package consists of 18 residential units. The units are centrally located in the Miami-Dade and Broward County areas. The portfolio is being sold collectively with a Transferable Mortgage debt: $3,175,125.00. This portfolio consist of 11 duplexes, 2 Fourplex, 2 triplex and 3 single family homes totally 45 units. The rental portfolio has 54% section 8 tenant occupancy at market value .The Portfolio presents investors the opportunity to invest into 19 properties with separate folios above average cash flow beginning on day one of purchasing. Most of all the properties have received numerous major capital improvements and are being delivered turn-key. Portfolio is currently running at a 91% Occupancy with the ability to increase the rental income on the some of the properties to market rents.
South Florida Miami-dade and Broward County
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It's a tough market for homebuyers. Prices are high and supply of available homes is low. And while the Federal Reserve's rate hike could make home buying more expensive, house hunters shouldn't start panicking yet. The Fed increased its benchmark interest rate by one-quarter of a percentage point on Wednesday. The Fed doesn't directly set mortgage rates, but its actions can affect the housing market. Mortgage rates tend to move with the government's 10-year Treasury note, which serves as a benchmark for many forms of credit, including mortgages. Interest rates on the notes have already risen since Donald Trump was elected president and on signals the Fed would continue to tighten monetary policy. But Wednesday's hike was widely expected, meaning the markets had already priced it in. So many experts don't see rates moving much higher in the coming weeks. "The last couple of times the Fed made a move, the rates firmed up in advance of the decision, and when it happened they kind of faded," said Keith Gumbinger , vice president of HSH.com. The Fed has now raised rates three times since the end of 2015. Following the first hike in December 2015, mortgage rates started 2016 with a drop for the first few weeks.
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For the past few years, the housing market has been unbalanced. Strong demand and lean supply keep pushing prices higher and higher.
On Wednesday, a fresh piece of data confirmed that trend. The Mortgage Bankers Association’s weekly purchase loan data showed that the average size of a home loan was the largest in the history of its survey, which goes back to 1990.
Higher prices have a few different effects on the market. Buyers have to make tradeoffs on the kinds of homes they can afford, or may be shut out of ownership altogether.
They may also adjust their borrowing. Larger mortgage sizes may reflect not just more expensive properties, but also more leveraged ones.
The 20% down payment is a relic: the median down payment in 2016 was 10%. For first-time buyers, it was 6%. First-timers and other buyers of less-expensive homes are more leveraged now than they were at the height of the housing bubble a decade ago.
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You see the list price, meet it, and get the house... right? Wrong—the current owners often have their pick of buyers, and in a competitive market the price can be bid up, or the house could go to a different buyer who’s offering cash instead of a mortgage-backed bid. So, before you get your heart set on a dream house that’s “the one,” be prepared to suffer through a few rejected bids, a little more negotiation, and a couple of road bumps before you finally secure a house you love.
The number of homebuyers considering a riskier mortgage — a kind of loan that became notorious during the housing boom and crash — has doubled since the presidential election.
Last week, 9 percent of total home loan applications were for adjustable-rate mortgages, or ARMs. That’s twice the level seen in the first week of November 2016. It’s also the highest level since October 2014, according to the Mortgage Bankers Association.
“We’ve had more inquiries about ARMs, hesitantly, but the questions are there,” says Pava Leyrer, chief operating officer of Northern Mortgage Services. “It’s just not about the rate. Housing is so extremely tight with bidding wars that people feel pressured to raise their price and need a lower rate, but in many cases, it’s not enough to make a difference.”
The average rate for 30-year fixed-rate mortgages was at 4.46 percent last week, while the 30-year fixed-rate loan backed by the FHA — popular among first-time homebuyers — increased to 4.33 percent from 4.29 percent the week before.
By contrast, the average rate for a 5/1 ARM — fixed rate for five years and variable after that — fell to 3.41 percent from 3.45 percent.
The difference can really add up. The monthly payment for a 30-year loan at the current rate on a $180,000 mortgage is $807 (not including taxes and insurance). For a 5/1 ARM at the current rate, it’s $710 (without taxes or insurance). However, that payment can adjust either up or down after five years, depending on the interest rates at the time.
Millennials in Ohio are getting the most affordable mortgages, with Toledo, Akron, Lakewood and Dayton claiming four of the top 10 cities with the lowest average mortgage amounts for the age group, according to LendingTree. California, however, is on the opposite end of the spectrum, with four of the 10 cities with the highest average mortgage amounts: San Francisco, San Jose, Los Angeles and San Diego.If you're considering buying a new home — regardless of where you live or how old you are — it's important to shore up your credit before applying for a mortgage. That's because it's going to play a major role in whether you can actually get a mortgage and what kind of rates you'll end up paying. You'll want to clean up your credit if necessary and make sure there aren't any errors weighing down your scores. If you spot them, here's how to address any errors that you may find.Now, without further ado, here are the top 25 cities where millennials are buying homes.
Renting might be ideal for people who don't want to be tied down or deal with costly home repairs. Although renting has its advantages, there's no escaping the fact that rent never ends and owning is sometimes cheaper than renting.
Owning a home also presents an opportunity to earn equity and write off mortgage interest. But even considering these financial rewards, the process of buying a home is pricey. There are costs before, during and after a purchase. And if you don't prepare, you'll get more than you bargained for.
This isn't meant to scare or discourage you from the homebuying process. However, before you commit to one of the largest financial decisions of your life, taking these smart steps can save you thousands when buying a home.
Paying off your mortgage can feel like endlessly feeding dollars into a vending machine and not getting to enjoy that candy bar until your appetite has disappeared. But trust us, eventually, your mortgage will be paid off and the return on the investment will be a sweet reward!
That said, you can work to shorten the total time until your mortgage is paid off and enjoy that reward sooner. Making one extra mortgage payment a year can shave off years of interest payments on that abode in San Francisco, CA, or that home in Colorado Springs, CO. What’s the key to making one extra payment this year?
Before you decide how you’ll make an extra payment this year, use mortgage calculators to understand why making an extra payment can save you years of payments down the road. For example, say you begin paying back a $150,000 mortgage with a 4% interest rate. Following a standard 30-year payment schedule, you can expect to pay off your mortgage by January 2047. But if you were to contribute one additional $716 payment each year, you could expect to pay off your mortgage in January 2043. That shaves a full four years off the total repayment time! Not a bad deal.
Shelter is one of life’s basic necessities. The biggest problem for millions of people around the world is that housing is often not affordable. What percentage of the average monthly income is required to afford the average mortgage payment? How much is rent in a local city compared to average New York City prices? This infographic examines the affordability of mortgages and rent in 102 countries around the world in a spectacular data visualization.