Upcoming Foreclosures - Real estate question again?

Real estate question again?

Real estate question (S) help !? I have a 100k+ in the bank (investments); I want to buy ( first home ) a small inexpensive house in the mountains. and will most likely sell in 2 -5 years (or rent depending on location -undecided ) I will most likely inject another 5-10k in the property for modern upgrades. What would suit me best ? 30ymortgage? 15yr, or ARM? And what program would be my best target ? FHA, HUD, Foreclosure?? I am not too picky and I have the abilities to do major renovations. This property will most likely be in the Johnson city TN. area. And it is possible I might consider another (affordable) property in another state ( the following year for business). Now, what are my options and how can I least affect my bank investments. ONE last item how much should I put down? 20%+ (to cancel the PMI??)or is it worth it? I am making roughly 8.8% on all my bank investments- (net). Thanks ! for me it is about choices...

Public Comments

sell its crashing
I wouldn't worry about the mortgage program (FHA, HUD, etc.) If you qualify, choose the least expensive mortgage available. With today's rates and good credit, you can get a fixed-rate 30yr conforming and conventional mortgage at about 6.00%. Check out www.etrade.com to get a quick rate quote and guaranteed estimate of closing costs.
You have to get your financial house in order. Not that you are in financial trouble, but you are in need of hard number scenarios for all of the choices facing you. It's too much to do in a short forum like this one. I can advise you, however, that underestimating the costs of home renovations is probably the greatest cause of personal financial collapse in America today. Your estimate of 5-10 K for upgrades is far too low. 5-10 K is low, even for everyday maintenance (simply replacing roofs, doing exterior painting and so on.) Talk to a real estate pro and make up a few very broad scenarios to consider. The real numbers should shock you into making better decisions.
real estate is a very bad investment these days. buy a home if you want to settle down for many years in an area and house you love, not as an investment. If you want to sell in 2-5 years you will most likely owe way more money then the house is worth and not be able to sell unless you can negotiate a "short sale" with your lender.
If you are making 8.8% on your other investments I would use as little as of your investments as possible. Check with a few banks to see what differeny options they have. Let them know what the other banks are offer and see who will give you the best deals. Make the banks work and compete for your business, they will. If you find yourself looking for a proberty in MO contact me.