Rent or Buy? Buying One’s First Home May Be Cheaper Than Renting in Some Cities
There is no shortage of reports and news items mentioning several cities in the US where it is cheaper to buy a starter home than to rent; conversely, there are also cities where it is still considerably cheaper to rent than to buy. Some of the statistics are persuasive, due to massive rent increases in some areas over the last two years, particularly for smaller apartments. From a range of reports and news items dealing with this issue, a consensus indicates the following:
What happens if you default on a hard money loan?
Hard money loans tend to be significantly more expensive than a traditional loan, often with interest rates in the range of 12% to 20% with relatively high upfront costs. In addition, the owner is usually a private individual with substantial wealth and requires collateral in the form of real estate. Hard money loans aren’t all bad as they can be a way for someone who cannot obtain traditional financing to have the means to purchase real estate.