Should I Buy A House Vs Buying An Apartment Complex
If you’ve never owned any real estate and your in the market looking at homes and apartment buildings, you make want to consider who’s going to pay for that piece of real estate. Let’s say you’ve found a house you like and an apartment building in the same area. The mortgage on the new house is $1500.00 and the apartment building is $1500.00.
One person decides to buy the new house for his family. Now, he’s the only one responsible for that piece of real estate. So, if he loses his income, he’s going to more likely lose the house and hurt his credit. Now the other person decided to buy the 4 family complex. His mortgage is also $1500.00, however he decides to rent out 3 of the units for $500.00 each, which covers his mortgage. So whether he has a regular income or not his still keeps his piece of real estate.
Also, the second person decided to add solar panels to the property and switch everything over to electric, and increase rents to $850.00 for each unit. He decides to pay all utilities for those three tenants. He gains an extra $1050.00 in rental income and he still does not have to pay any of his income into this piece of real estate. He also gets to save up to buy the house the first person lost and the tenants from the apartment complex are paying for that house to.
How to buy a new car with bad credit to drive for Lyft and Uber?
If you’re struggling with employment, bad credit, or transportation, you may want to consider ridesharing. Although, you need a car you have several options to get that transportation like the following:
1. Buying a car
Buying a car is a big challenge for a person with bad credit. However, you still have options to own a car and build a business through ridesharing. If you’re employed but have bad credit you can buy a car from a buy here pay here car company. They do not look at your personal credit which is perfect if you have bad credit. You may also have the option to borrow a car from a love one that has multiple cars and making payments to them. Understanding buying a car is no small purchase, however, having the opportunity to up $16 an hour ridesharing it may just be worth the investment.
2. Express Drive
Lyft has partnered with General Motors to provide rental cars via the Express Drive Program, with weekly rates between $135 and $250. Drivers are eligible for $0 weekly rates when they hit 75 rides a week.
You’ll need to drive most of the week to bank that many rides, so it’s best for people who are looking to test the full-time driver lifestyle but don’t want to commit to buying a car.
3. Hertz and Enterprise
Hertz has partnered with Lyft and Uber to provide rideshare rentals. Lyft's deal starts at $165 for weekly rentals of compact sedans. After a certain number of rides per week, which varies regionally, drivers can earn a Power Driver Bonus to cover the rental cost.
Uber’s deal with Hertz is similar to Lyft Express Drive, but the two programs are offered in different cities. The Uber program has a $180-per-week base rate, which drops to zero after 75 rides a week.
Enterprise’s rentals, specifically for Uber, are a pricier $215 a week.
Renting is typically more expensive than buying a car and making monthly payments, but if you're a high-volume driver it basically can become free. Plus, if you don’t like rideshare driving, you can quit after a short trial period.
4. Uber Xchange
Uber Xchange offers short-term car leases from partnering car dealerships. Drivers pay a $250 deposit to start and make weekly payments over three years. Xchange leases to people with poor credit, but monthly totals and interest rates are much higher than with conventional financing.
For example, a 2013 Toyota Camry L Base leased through Uber Xchange may cost 156 weekly payments of $130, or $520 monthly. Comparatively, leasing a 2017 Camry through a Toyota dealer is only $199 a month — though you need a good credit score.
Xchange saves drivers money by including maintenance and insurance, but this means full-time drivers are dependent on Uber servicing their cars quickly.
“My car was in a shop over a month while a claim was investigated, and the people in the Xchange office had no willingness to work with me on payments since I was generating no income,” says James Taylor, an Uber driver from Los Angeles.
However, Xchange offers unlimited mileage, whereas traditional leases typically start charging extra after 12,000 miles. It also allows members to return the car and back out after 30 days – minus the $250 deposit.
Consider Xchange only if you’re driving 40-plus hours per week, want a car for personal use and can’t get other financing because of your credit. Remember, some lenders may be able to help you buy a used car at a better price.
5. Hyrecar
Hyrecar is a peer-to-peer rental service specifically for ridesharing. Uber and Lyft drivers connect with car owners to use their vehicles at varying daily, weekly and monthly rates. There are no contracts or sign-up fees, and daily rates are as low as $35. Weekly rates float around $200 to $300.
Being a homeowner is a great feeling. You know you’ve made some progress in your life, when you’re no longer a renter but instead an homeowner. However, many of us struggle to get the chance to own a home because we have bad credit.
Now, you don’t have to be discourage anymore, because there are home buying programs and lenders willing to help you become a home owner even with bad credit. Although, they may have a few extra criteria’s, you can buy a piece of real estate.
With the FHA mortgage program, their criteria’s are fairly simple. They would like for you to have a minimum credit score of 580, 3 to 6 months of paystubs, 2 years of taxes, and debt to income ratio of 35%. They also want you to have a down payment of 3.5% of the mortgage value and you can even borrow that from a friend or family member. Another nice thing about the FHA mortgage program, if you have relative living with you, they will include their income to help you qualify for that mortgage.
There are also conventional mortgages that also have become very flexible when working with new home buyers, such as allowing a home buyer to put 3% down on that house. Also, they’ve made it easier for veterans to buy a home with no down payment.
So, can I buy a home with bad credit? The answer is yes, however I would encourage to fix your bad credit so you can get a lower interest rate.
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