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My mortgage broker just emailed me and told me I can get 80% cash out mortgage for the first property I bought in May. I have waited six months for the aging period!
I am not sure how much the appraisal is going to be, but if it is the tax value, which is $146K, then I can get a mortgage of $116.8K, the mortgage broker will probably get a fee which will be deducted from the mortgage, but I should get $110K. If this is true, because I paid $93K for it, and after I paid the partner and repair, the total cost is about $100K, I actually get more money out of it than I paid into it, and this is exactly what I talked about when I said 拍卖永动机.
It is going to be interesting to see how it turns out.
I am not sure how much the appraisal is going to be, but if it is the tax value, which is $146K, then I can get a mortgage of $116.8K, the mortgage broker will probably get a fee which will be deducted from the mortgage, but I should get $110K. If this is true, because I paid $93K for it, and after I paid the partner and repair, the total cost is about $100K, I actually get more money out of it than I paid into it, and this is exactly what I talked about when I said 拍卖永动机.
It is going to be interesting to see how it turns out.
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