Finance Questions

Archive for August, 2008

Question: GPA required for Columbia graduate program in finance?

GPA required for Columbia graduate program in finance?
I am a Biomedical engineering student at a public university (City College of New York) where i attend the honors program. I am a sophomore and my GPA at the moment is 3.4 which I expect to go by alot since most of my grades are A’s and the only one grade that brought my GPA down was a D (caused due to my own negligence). I was just wondering if anyone here has been accepted to the Columbia University graduate prgrams in financial engineering or mathematical finance. What would be an acceptable GPA to get into such a program. I am aware that GPA requirements for Med SChool are higher than ever. What about masters of finance programs at say….Princeton or Columbia. I am confident of doing well on teh GRE. I am also a writer for the school paper. and about to do an internship with the NYC Dept Of Finance in the coming summer.

Answer: I would aim for a 3.5, but even if you’re only at about a 3.0 I’d still apply. They let in as low as 3.0 GPA, but will obviously prefer higher when they can get them.

LETTER to RED LIGHT TRAFFIC CAMERA Court

Question: Car Financing?

I’m 18 (almost 19), I have no credit score and no co-signer. I do however have two, full time job that brings in a total of $2,400.00 per month. I live with my mom and dad, so I don’t have an official bills to pay.

Answer: Your best bet is to talk to a bank (credit union or one that you have a checking or savings account at.) Ask them to help you out. Tell them that you don’t have any bills yet, and show them that you have steady employment. They may help you finance for a loan but maybe at a slightly higher rate of interest. Then head to a car dealer and show them you are approved and find a car you want, try it out, have it checked out by a mechanic and mom and dad (if you trust their judgement) and then offer the dealer 500.00 less than ticket price for the car and once they agree then use that 800.00 you saved up for downpayment for insurance and for tags, title, and tax and any inspections you may need done. Before you rush to a lot to get a car hit car.com and check out the cars then run it with nada.com to see the value of car. Find what you want first. Then call the insurance company you will use and have them quote you a price so you can see how much the insurance will be. It takes a while to shop for a car if you do it the right way. Good luck.

Car Market Total Collapse

What is Community Property?

Community Property is a form of property ownership, solely between husband and wife, recognized in community property states as follows:

• Arizona
• California
• Idaho
• Louisiana
• Nevada
• New Mexico
• Texas
• Washington
• Wisconsin
• Alaska (Adopted an optional community property system)

Specifics in law differ from state to state, but the defining feature of community property is this: irrespective of the name(s) on title documents, ownership of (almost) all property – including income from wages and self-employment – acquired or earned during marriage by either spouse is automatically split, so that each spouse owns a separate, undivided one-half interest.
Since the two equal interests of the spouses in community property are separate, each spouse is free to dispose of his/her half of community property in a will, subject to that state’s spousal anti-disinheritance laws.
Community property does not automatically pass to the survivor; as it would if owned jointly, with right of survivorship in non-community property states. As a result, the deceased spouse’s federal taxable estate contains his/her half of the couple’s community property and will be subject to the probate process. Probate may be avoided by using a trust to hold community property assets.
If a couple lives, or has previously lived, in a community property state, he/she should be aware that some special rules apply to community property. Any property they may have acquired while living in one of these states may be considered community property when they no longer reside in a community property state. Since these rules vary widely from state to state, a client should consult with local counsel.
In community property states, property acquired by a spouse separately and brought into the marriage remains separate. In these states, too, property acquired by gift or inheritance, or in exchange for separate property or money, also remains separate. The income, if any, the separate property produces is treated differently among the community property states. As a practical matter, commingling of assets can obscure separate property ownership, until it finally becomes community property. This often happens with checking and other financial accounts.
For more information see IRS Publication 555, Community Property.

Question: Does it make sense to charge points on a property I am buying for my investment and finance those points?

I would receive the cash up front, but I would be able receive a check up front from the points. the property i am buying is an investment but i am the buyer.
i just got my mortgage license to learn about mortgages for investing but I am trying to figure out if I can make money on the side.

Answer: Your question is not very clear. You want to write your own loan, and charge yourself origination points so you receive a rebate? You would get a check, but it will be from your own bank account? Please elaborate more what you’re trying to do.

Investment Property Finance Solutions

Question: what are the general rules as a buyer when buying a house that the owner is willing to finance?

what tricky lingo should I look for and what should I state in the contract on my part?

Answer: Hire an attorney. Lawyers who specialize in real estate know what to look for in a contract. The minor investment in hiring one will seem small in comparison to a potentially bad contract. (I’m not a lawyer)

Owner Financing, Rent To Own, Lease Options, Lease Purchase, Contract For Deed…