Home Buying & Real Estate Thread

[superb]

My fico scores are EQ 706 TU 715 EXP 685. I'm getting ready to go apply for mortgage in the spring.

I just took a look at my TU report and I have $41k available with my credit utilization being 10%,10 new accounts, and 8 recent inquiries. I have a paid tax lien for $600 from a couple of years ago that's scheduled to come off next year in October. I'm going to pay everything I owe before I go apply.

How much are the inquiries, new accounts, and tax lien going to hurt me when I go apply for a mortgage ? I took advantage a lot of cards with large sign up bonuses so it's not like i'm going out and spending it on things I don't need. Would closing some of them help ? I have 14 total accounts open. Most of the cards have a $0 balance accept for 2 or 3.

With those fico scores don't even worry you will get approved

Talk to a agent first before you go paying stuff off, because if gouboay the wrong thing off and can Bute you hard because they will re report your debt

So find a agent now so they can go throw your credit and tell you what if anything is worth paying off. They work close with underwriters and banks so they know what the bank want to see but don't pay anything until you talk to a agent

Do not even close none of your accounts because this can Bute you as well and drop your score.

Talk to an agent first ,they know exactlyy how it will need to be done

 

[superb]

You got any pics of the interior?

Yea man. I have a few of the first floor that I took a few weeks back. Still a few things we wanna do downstairs, but all in all we're happy with the changes so far. Those built-ins were 1st priority when we closed, had to have an office with that setup since there's no basement...

Nice house, looks like one of my house. But man you need to remodel that interior

 

[Mark Antony]

Interior looks solid man, don't listen to the dude with the 20k crib about interior design.


Was thinking about Charlotte (still may do it short term) , but I've come to the realization that when I buy my own its close to family and permanent.

 

[steelreign0341]

Yea man. I have a few of the first floor that I took a few weeks back. Still a few things we wanna do downstairs, but all in all we're happy with the changes so far. Those built-ins were 1st priority when we closed, had to have an office with that setup since there's no basement...

Very nice crib!

 

[edshoecator]

suburbanguy do yourself a favor and block absurd aka superb.

Your house is gorgeous. Love the decor.

Looks like a home you see on a movie

 

[Kaleo15]

You got any pics of the interior?

Yea man. I have a few of the first floor that I took a few weeks back. Still a few things we wanna do downstairs, but all in all we're happy with the changes so far. Those built-ins were 1st priority when we closed, had to have an office with that setup since there's no basement...

Nice house, looks like one of my house. But man you need to remodel that interior

What are you talking about man? That interior is MONEY!

Let's see your house, along with that Challenger bruh

 

[suburbanguy]

Interior looks solid man, don't listen to the dude with the 20k crib about interior design. Was thinking about Charlotte (still may do it short term) , but I've come to the realization that when I buy my own its close to family and permanent.

I appreciate that man. My Lady has done most of the interior bits, we're no where near done downstairs though. My only task on the 1st floor is the office...she can do whatever she wants (within reason because I don't want it to to look too feminine) everywhere else in the home. Office is still a work in progress, still gotta find an old skool leather chair that doesn't set us back a grand, frame out the lake map in the middle, etc. But we gotta take a few months off man and recoup some energy and let the bank accounts breath some. I'm exhausted talking to subcontractors, flooring guys, etc. Gotta shed some of this new home weight too.

CLT is a madd kool place to live man, it has it's perks and minuses like other major cities, but it's growing like crazy...

http://www.bizjournals.com/charlott...tte-named-best-big-city-bargain-by-money.html

 

[suburbanguy]

@Steel, Edshoe & Hawaii. Madd respect on the compliments, Truth.

 

[zapatohead408]

You got any pics of the interior?

Yea man. I have a few of the first floor that I took a few weeks back. Still a few things we wanna do downstairs, but all in all we're happy with the changes so far. Those built-ins were 1st priority when we closed, had to have an office with that setup since there's no basement...

Nice house, looks like one of my house. But man you need to remodel that interior

What are you talking about man? That interior is MONEY!

Let's see your house, along with that Challenger Mustang bruh

fixed.

But word, that house is beautiful. Someday I'll have something similar.

 

[superb]

What are you talking about man? That interior is MONEY!

Let's see your house, along with that Challenger bruh

I was referring to the funiture

Walking in it looks like my grandmother lives there

 

[zapatohead408]

crcballer55

If in 3 years I were to put a down payment of $50K on a home I'd be renting out, what would be the chances of getting another loan a few years later on another home assuming I put the same or more down?

 

[bravelude]

@crcballer55

If in 3 years I were to put a down payment of $50K on a home I'd be renting out, what would be the chances of getting another loan a few years later on another home assuming I put the same or more down?

You gotta do research on the 'type of loan' you are aiming for.  For example, rates vary.  For example, investment property loans have a higher interest rate.

And in terms of CHANCE? Well, this isn't las vegas.  You need to 'qualify' for the loan. lol

 

[zapatohead408]

[@=/u/38462/crcballer55]@crcballer55[/@]


If in 3 years I were to put a down payment of $50K on a home I'd be renting out, what would be the chances of getting another loan a few years later on another home assuming I put the same or more down?

You gotta do research on the 'type of loan' you are aiming for.  For example, rates vary.  For example, investment property loans have a higher interest rate.

And in terms of CHANCE? Well, this isn't las vegas.  You need to 'qualify' for the loan. lol

I guess what I'm asking is, if I have that first loan, is it unheard of for someone in my situation to try and buy another home while still owing hundreds of thousands on the first home?

 

[superb]

crcballer55

If in 3 years I were to put a down payment of $50K on a home I'd be renting out, what would be the chances of getting another loan a few years later on another home assuming I put the same or more down?

Hard to say. Your home value have to be a lot more then the payoff of your loan. At least that is what banks what to see in my case. I own 2 homes

So for instance if you put 50k down on a 100k house then pay another 24k in 2 years ,principle wise you owe 25k even though the house is worth 100k so you have 75 k equity built up.

If your income allows you to afford a 2nd mortage then your at a good starting point

If you plan on getting a 2nd house and the bank right now says we will approve you for a 200k house mortars 2k a month etc. Then what u want to do is buy a house for 100k with mortgage around 1k.

So when your ready to buy a 2nd house your mortage will equal the 2k a month all together the bank orginaly approve you for taking in consideration you don't get any more bills or car notes

 

[superb]

I guess what I'm asking is, if I have that first loan, is it unheard of for someone in my situation to try and buy another home while still owing hundreds of thousands on the first home?

Hundreds of thousands not unheard of, but your $$$$ game and credit better be up to par...and if your even asking this question I assume not

My old landlord had 15 homes total, all paying a mortage at one point but I'm sure some of those is paid off by now


And also if you get a 2nd house it will have to 've a great investment if bank won't approve.. like if it's worth 200k and you can get it for 150k that's a good move for you and the bank. If you default banks now's they can recoup their money easily

 

[bravelude]

I guess what I'm asking is, if I have that first loan, is it unheard of for someone in my situation to try and buy another home while still owing hundreds of thousands on the first home?

dude, it all depends on your credit situation and where you stand. a bank is not going to lend you money, even if you wanted to.  even if you believe you can manage the income/debt.  banks have their own benchmarks in evaluating.  why worry so far?  you'll get it in due time

 

[zapatohead408]

I guess what I'm asking is, if I have that first loan, is it unheard of for someone in my situation to try and buy another home while still owing hundreds of thousands on the first home?

dude, it all depends on your credit situation and where you stand. a bank is not going to lend you money, even if you wanted to.  even if you believe you can manage the income/debt.  banks have their own benchmarks in evaluating.  why worry so far?  you'll get it in due time

I want to own two homes by age 30 and make the most money asap. That's why I worry.

 

[bravelude]

I want to own two homes by age 30 and make the most money asap. That's why I worry.

LOL.

Go to school.  Good luck.  Keep that dream on!!!

 

[crcballer55]

 

 

I guess what I'm asking is, if I have that first loan, is it unheard of for someone in my situation to try and buy another home while still owing hundreds of thousands on the first home?

dude, it all depends on your credit situation and where you stand. a bank is not going to lend you money, even if you wanted to.  even if you believe you can manage the income/debt.  banks have their own benchmarks in evaluating.  why worry so far?  you'll get it in due time

I want to own two homes by age 30 and make the most money asap. That's why I worry.

Like I've said before, when you're young, don't worry about Real Estate unless you know a lot about it already. It's pretty capital intense and you're at the beck and call of your tenant if/when something goes wrong. If I'm in that situation, I would invest the money in the market in a mix of high growth and dividend funds until about 35, then use that money to buy a property. By buying an investment property, you're locking up your money in one asset. Should something go wrong, you might be up a creek.

Regarding the loan though... Ask a lender. They have their own standards they go by based on their risk appetite.

 

[edshoecator]

 
Like I've said before, when you're young, don't worry about Real Estate unless you know a lot about it already. It's pretty capital intense and you're at the beck and call of your tenant if/when something goes wrong. If I'm in that situation, I would invest the money in the market in a mix of high growth and dividend funds until about 35, then use that money to buy a property. By buying an investment property, you're locking up your money in one asset. Should something go wrong, you might be up a creek.

Regarding the loan though... Ask a lender. They have their own standards they go by based on their risk appetite.

Don't even want to tell you the amount of money spent and stress harbored due to tenants.

It's a big part of retirement but boy does it have its pitfalls.

 

[imrobindahood]

This is a great Thread. Really loving the tips and pointers in here

 

[goldmember]

Thanks for the info fam.. wifey and i are currently saving up to buy our first home..

No more over priced crappy quality Js

 

[edshoecator]

Thanks for the info fam.. wifey and i are currently saving up to buy our first home..

No more over priced crappy quality Js

it'll just turn into over priced crappy quality Ikea, and trinkets.

 

[3900stabler]

On the subject of real estate, is anyone here a realtor? If so, what has been your experience? I was thinking about becoming one part-time on the weekends.

 

[crcballer55]

On the subject of real estate, is anyone here a realtor? If so, what has been your experience? I was thinking about becoming one part-time on the weekends.

No, but I work with one. If you're thinking of starting part time, it's going to be REALLY hard. The industry is hard anyways, but not being able to return client calls/emails in a timely manner is going to make it nearly impossible. Unless you have a large network of built in leads (family, friends, coworkers, etc.), you're not going to get much traction either.

Something like 50% of Realtors sell no houses in a year and another 30% sell less than 5 houses.