Make big profit

mollie asked:


Ok- I’ll type slowly with thought. My husband and I are both 53. We only have one child left in the home who is 14. We have money saved for his college education. Our income is $139,000- mtg. of 210,000 on a home just appraised for 365,000 and 2 car lease loans for 239 mo. and 411-month. WE have a great opportunity to invest $25,000 in a hotel megoplex being built in our city which is growing and becoming beautiful - exc. location.The return in 7 yrs. will be a minimum of triple the investment. We are taking an interest only loan- fixed for 30 yrs. at 6.125 - converts to conventional in 10 yrs. Will sell house in 7-8 yrs. There will be closing costs, but we don’t have lots of liquid assets. Our retirements from the govt. are solid and we have almost $150,000 in 401K. We don’t pay into retirement tho. Is interest only loan a good deal- & taking $5,000 to get house freshened- & 10- in CD for 2 yrs. Should we pay much principal if we will sell in 7 yrs, since it won’t amount to much?

susie asked:


Due to illness I have accumulated some bad credit. But have a great income now. If the banks are wanting to get rid their inventory, what do they expect now? Is it even really possible to “take over” someones payments, so that they can avoid foreclosure? Do you risk the payments not being credited to you own rating? There seems to be SO many scams out there now,I want to know what the banks position is. Ideas? I don’t know where to start.
Thanks.

Christine asked:


I currently own a condo and want to rent it because I am moving to Hartford fairly soon. The market is horrible right now to try and sell!

I plan to rent a place in CT. Most of the ads I see request a credit check. My credit isn’t horrible but not good due to debt to income (my credit score is pretty low). I don’t have forclosures, repos or deliquencies on accounts. Just a few medical bills that are pending legal action.

What do they look for when they view the credit report?

I took a huge pay cut due unfortunate circumstances. I relocated from Georgia with my son and had to leave my successful career to start over again. I now have an opportunity of a lifetime at the same company I worked for 7 years. So my credit isn’t due to lack of responsibility- just hard times!

Any advice would be great. I just would **** to find a great apartment and then get turned down due to credit issues that could be fixed when my salary increases- which it will by $25,000 and then some.

Axel asked:


I have recently gotten a great job with a high income. However my credit is not good and I am in the process of fixing it. How difficult will it be to get a decent apartment? It’s a way from home and I have no one I can stay with otherwise.
Will a co-signer help at all?