Hello DG family,
I had sent Rina a message about some addition helpful tools and doc's I had that my original idea was to add them to the "student resources" section. Then I thought why not make a post and offer it to some members for them to check out to see what they think.
They mostly consist of different bits of helpful info for buying properties and include some financial quizzes with answers for the reader to gain a better understanding on how financing and transactions work.
Just PM me and I'll e mail you the bundle of info for you to sort through and let me know what you think by posting on here.
Here's an example from one of the Quizzes;
The variables used are:
N= number of payment periods used in the calculation
I= Interest rate the seller is earning on the income stream (if any)
PV= Beginning balance on the income stream (always a negative number)
PMT= Amount of the periodic payment
FV= Balloon amount on the income stream (zero if fully amortized)
Someone would like you to find them a home. They have $2,000.00 to put down, they can make $800.00 monthly payments for the next 30 years and they qualify for a 8% interest rate. What price range will you look for?
N=360 I/YR = 8 PV -109,026. 80-2000 PMT=$800 FV=0