Haberdasher Square Lofts.com

2011 Closed Sales

chancock — Sat, 18 Feb 2012 23:24:23 +0000

How to pay off the mortgage on the rental property

chancock — Wed, 19 Oct 2011 18:32:35 +0000

While buying a rental property, you must have taken out a mortgage in order to finance it. Now, when you take out a home mortgage, you are required to agree to some terms and conditions of the mortgage. You need to make the payments on the home mortgage according to these terms and conditions and if you fail to stock to the terms or the payments, the property will get foreclosed. That is, the lender will confiscate the property and sell it off to get back the money which you had taken from him in order to finance the property. So, if you are having problems in making the payments, what can you do?

Paying off mortgage on rental property

In order to pay off the mortgage on the rental property, you will have to increase the cash flow from the rental property. This is because, if you can increase the cash flow from the rental property, you will be able to use the cash from the property in order to pay of the home mortgage which you can taken out against the property given out on rent. The increased cash flow is going to increase your affordability.

So, how can you increase the cash flow coming from the rental property? The short answer to this is by doing home improvements.

In order to do the home improvements, you will have to try and evaluate the value of your home. Then, you will have to research on the wants and needs of the people trying to get a rent. In addition to this, you will have to understand what is going to attract the people most. Based on all of these findings, you will have to work on the home improvements little by little. After you go on with the home improvements, you can raise the rent accordingly. However, while increasing the rent, you will have to keep in mind that the rent should be at par with the market or else people won’t even be interested in renting the property.

In addition to increasing the cash flow, you can also try and get the mortgage modified or get a refinance mortgage loan. In case of home loan modification, you can talk to the lender about the problem you are having in making the mortgage payments. He may agree to lower the interest rate on the home mortgage or extend the loan term; thereby lowering the payment amount you are required to make in installments against the home loan. This can be done only with the same lender with whom you had taken out the mortgage.

However, as all of the lenders do not agree to modify the home loan, you can opt for home loan refinancing. In case of refinancing, you are required to take out a new home mortgage so as to change the terms and conditions of your home loan. This may again, help in reducing the paying amount you are required to make against the home loan in installments. Thus, you will be able to pay of the home mortgage against the rental property.

Christine Hancock is a full time Realtor with over 10 years of experience. She is also a Haberdasher Square Lofts building resident since 1996. Working with Prudential Rubloff, one of Chicago’s oldest and most respected full service Real Estate companies , we offer leading edge technologies and personalized marketing strategies to get your home sold. For more information visit http://www.getanewhome.net where you can search for a new home, find out what the house next door sold for or get up to the minute mortgage info. Call Christine Hancock, Broker Associate 312-296-9300, and you’ll be home in no time!

Search Haberdasher Square Lofts

chancock — Fri, 15 Jul 2011 11:18:50 +0000

Now you can keep on top of all the active & sold Homes at Haberdasher. Just visit our Search Haberdasher page. To access sold properties you need to register but that will unlock Sold Data, Price Change History & Days on market. And you will not be able to just access Haberdasher you can search any building or address in Chicago & nearby suburbs.

May/June 2011 Sales/Rental Activity

chancock — Sun, 03 Jul 2011 02:40:03 +0000

April 2011 Sales/Rental Activity

chancock — Mon, 02 May 2011 12:53:20 +0000

2 Car Heated Tandem Parking Space For Sale

chancock — Fri, 15 Apr 2011 22:32:17 +0000

2 Car Heated Garage Tandem Parking Space #C-31 for Sale,
Call Chris 312-296-9300.

2 New Homes For Sale at Haberdasher

chancock — Sun, 10 Apr 2011 12:49:50 +0000

more info www.728wjackson606.info

Sunday April 3rd – 2 Open Houses

chancock — Sat, 02 Apr 2011 19:13:22 +0000

Come & visit 2 open houses units #1003 & #712 Sunday April 3rd from 12-2 PM. Both are 2 bedrooms/2 baths, both are over 1400 sq. ft. Further Info here:
http://www.728wjackson1003.info
http://www.728wjackson712.info/

March 2011 Sales/Rental Activity

chancock — Fri, 01 Apr 2011 12:02:04 +0000

Sunday March 6th Open House

chancock — Sun, 06 Mar 2011 04:28:13 +0000

Come visit our Open House Sunday March 6th from 12-2 PM in unit 1003, more info:
www.728wjackson1003.info