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Real Estate Investment class

Jack receives the appraisal value of his house of $375,000 from the county appraisers. Considering his wage increases to a level that he can support another mortgage, he wants to invest in housing market by carrying out cash out refinance. The current house mortgage balance is $210,000. He uses conventional mortgage. He wants to use the cash out fund to support a new house. Suppose his new mortgage LTV=80% as well. Before renting the house out, he plans to use $30,000 (including all related fees but down payment) to furnish the new house. What is the highest price of the house that he can buy?

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Financial Management, Finance

Category:- Financial Management
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