- Mar 26, 2015
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Why would you go fha and be forced to pay the upfront MIP? Maybe I'm missing something, unless you have to due to credit or down payment requirements.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Mar 1, 2011
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my score is 726 im in NYC and im only putting down 3.5%. instead of dropping more cash imma just do 3.5 w a sellers concession. so im only spending 20-25k and ill refi to a conventional later on. just want the crib mane
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- Nov 6, 2012
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Condos are risky, because you are at the Condo Associations mercy. Most condos have a percentage of condos that can be rented, so if 10% rate out of 200 only 20 can be rented.
Condo fees go up pretty much yearly as well. I wouldn't be comfortable with a condo (especially in this area) as my first rental.
- Mar 26, 2015
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- Mar 1, 2011
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- Jan 29, 2007
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Either gonna sell my house in Flatbush Brooklyn or gonna turn it into a two family and live in the basement and rent the above 3 floors.. but not sure.
Figure since apartments are going $2500 to $4000 a month in this neighborhood a whole house for 4 racks is a steal. Plus in close to Broolyn college. So chopping it up into 3 different rental floors is on the table too.
Downside: I'm super behind on repairs and upgrades I.E.: still running UNgrounded plugs, out dated but working water heater and of course plaster and lathes on the walls need to be torn down and insulated and sheetrocked instead.
If anyone from NYC has experience holla at me... I'm open to all ideas.
To get a idea of my house Just go on zillow and put kensington / Flatbush brookyln or 11226 area code for reference.
PS nearly century old Victorian style home 3 floor plus basement, 8 bedroom, 4 bathroom blah blah blah ...
Figure since apartments are going $2500 to $4000 a month in this neighborhood a whole house for 4 racks is a steal. Plus in close to Broolyn college. So chopping it up into 3 different rental floors is on the table too.
Downside: I'm super behind on repairs and upgrades I.E.: still running UNgrounded plugs, out dated but working water heater and of course plaster and lathes on the walls need to be torn down and insulated and sheetrocked instead.
If anyone from NYC has experience holla at me... I'm open to all ideas.
To get a idea of my house Just go on zillow and put kensington / Flatbush brookyln or 11226 area code for reference.
PS nearly century old Victorian style home 3 floor plus basement, 8 bedroom, 4 bathroom blah blah blah ...
- May 7, 2015
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Bruh once I read "brooklyn college"... I dont know much and I'm still learning but man renting it 3 different floors sounds really good with a college campus near.
- Jan 29, 2007
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You feel me!!!!
But still need a wide array of advice... but bruh the whole Flatbush is nuts right now with the rent and home owners are cashing in and I'm next in line [emoji]128514[/emoji]
- Mar 31, 2006
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It looks like you have to talk to a contractor about getting it turned into a multi family. You can talk to the bank about taking out a home equity loan to pay for it. I'd talk to a realtor about it also. Be mindful, they'll probably push you to sell cuz thats how they make money. You can get their opinion on if prices will continue to rise and make a decision.
I dont know the area at all but I just moved to south queens from Ridgewood where a full on gentrification is going on. Anyone who is selling right now in Ridgewood is dumb. It's no where near close to peaking IMO.
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- Nov 8, 2013
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Hey NT fam, I've been following the thread for a minute and, finally, I saved up a down payment and just got pre-approved for a mortgage.
I wanted to look into a duplex at first, however, the duplex/multifamily market out here in Portland, OR is pretty dry at my price point, housing stock is pretty limited as is. So, we'll see. I'm getting in touch with a few realtors to figure out who I'd like to work with.
A few questions for y'all who have been through the process:
1) Any experiences/stories for a first time homebuyer in the Portland metro area? I've asked around locally as well, and I figured I'd put out feelers here too.
2) I'm assuming I don't have to go with the bank where I got my pre-approval, if I find a better rate elsewhere and they can't match?
3) Any red flags I should be watching out for when I start working with someone?
I wanted to look into a duplex at first, however, the duplex/multifamily market out here in Portland, OR is pretty dry at my price point, housing stock is pretty limited as is. So, we'll see. I'm getting in touch with a few realtors to figure out who I'd like to work with.
A few questions for y'all who have been through the process:
1) Any experiences/stories for a first time homebuyer in the Portland metro area? I've asked around locally as well, and I figured I'd put out feelers here too.
2) I'm assuming I don't have to go with the bank where I got my pre-approval, if I find a better rate elsewhere and they can't match?
3) Any red flags I should be watching out for when I start working with someone?
- Mar 1, 2011
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signing contracts friday!
- Jul 29, 2012
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You can go with whichever lender/broker your want. Check out first time-home buyer programs in Portland, and if there are any first time home buyer programs in the city you're looking too as well (some will help with down payment). My advice is to contact several realtors/lenders and interview them. They'll be your team going forward that you'll be dealing with for probably several months. Go for the best rate, but also consider APR.
Congrats!
- Jan 29, 2007
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Bruh I get offers in the mail non stop, went to the bank to get a new safe deposit box and son was like sooooooo prices are good right if you wanna sell.. [emoji]128529[/emoji]
Values for houses like mine on my block alone are anywhere from a milli flat to 1.3, BUT in my neighborhood they shoot up to 2.4 M so it's a frenzy out here..
Sidebar one bozo offered me 600... [emoji]128529[/emoji][emoji]128529[/emoji]
I'll dip out for a cool 900 because Reno cost are my biggest fears
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- May 7, 2015
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Bro I'm from brooklyn myself... if your house is in the flatbush area where I think it is... you have a gem and I would not let that go!!
Anyone here do the good ol "buy a house and rent it out" game?
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- Mar 31, 2006
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I'm assuming the houses going for 2.4M are multi-families. If the area is still developing then I would hold on to it. I'd talk to agents in the area and compare what they're telling you. Do your own research also. I like using redfin to check out how much are homes selling for. It really depends on what you want to do. Some people just want to cash out and move on with their life and others are willing to wait for more money.
I just closed on my duplex in October in Lindenwood, Queens. i live on the first floor and rent out the second.
- May 7, 2015
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You don't have to go into detail but how has that been overall? Worth it?
- Mar 31, 2006
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I'd say so. The thing with NYC is people pay a premium for a single family home. You spend a little more,get a multi fam and your portion of the mortgage will be less than it would be with a single family. The sound proofing kinda sucks for a newer home. If theyre wearing dress shoes or heels you can hear them walking. If they're arguing you can almost make out what theyre saying. It doesn't really bother me much. My girl hates it. They had an issue with mice and some plumbing issues. Thankfully, we have friends and family who do those things for a living and we an get things done at a discount. Plumbing is insanely expensive. You'd think they were making doctor money for what they charge you. I take care of any issues my tenant has as soon as I can and rent has been on time every month.
Best advice I can give you is to be picky with who you choose to live with. i wouldn't just get anyone in there to start collecting rent ASAP.
- May 7, 2015
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Thank you for that will keep in mind. Got a long way to go but would love to start playing that "game".
- Jun 13, 2002
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We've had 2 rental properties. Sold 1 so we only have 1 now. Neither of them was bought to be an investment property. They were houses we lived in and instead of selling we decided to rent it out. Overall the experience has been a positive one for us. The last few months have been rough of all the rain we've been getting. The roof started leaking and it was impossible for to find someone to fix it. Luckily, I know a handyman who is able to take care of all kinds of stuff.
My neighbor on the other hand got burned pretty bad. He rented his place to a family who ended not paying rent for 9 months and trashed his place. The experience was so bad he left it vacant for the past 9 months so he hasn't gotten any money from it for the last 18 months. I know most of you guys are already thinking you would never let that happen but it's not that simple. You can't always just kick them out or change the lock. You have to go through a process to evict them.
My advice is to learn about the landlord/tenants laws. It's different in every state/city. Make sure the numbers work. Not just mortgage/ins/property tax but money you put aside for repairs and replacing appliances. Check out the worksheet @Still Itachi uses. Make sure you have a good idea of the condition of everything in the house. The water heater, furnace, electrical, plumbing, roof, etc. And have a good team of people who can do the work for you. Or else use a property management company.
- Mar 31, 2006
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damn, that blows. This happened in NYC recently.
http://newyork.cbslocal.com/2017/02/23/bronx-landlord-tenant-fatal-stabbing/
http://newyork.cbslocal.com/2017/02/23/bronx-landlord-tenant-fatal-stabbing/
- Aug 10, 2012
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Any FL real estate professionals out there? or buying a home in FL? Let me secure your homeowners insurance! Help a brother out give me some work
- Aug 14, 2005
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Thanks man, yea we are seeing record numbers in the city right now. Have over 20 right now in the city either under construction or in inventory. I'm looking for small multi or mixed use right now. Let me know if you need help with anything.
Yea VCU has pushed a lot of this growth we've been seeing for sure.
- Mar 31, 2006
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I use to live in the house in the rear.
http://newyorkyimby.com/2016/12/fiv...-filed-at-455-onderdonk-avenue-ridgewood.html
http://newyorkyimby.com/2016/12/fiv...-filed-at-455-onderdonk-avenue-ridgewood.html
- Mar 6, 2004
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This is a few blocks from me. Ridgewood is getting all of the Bushwick gentrification overflow.
- Aug 14, 2005
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Another one we just finished up yesterday in RVA.
Bought it 3 years ago for 60k. Saw market trending so held onto it. Full gut renovation, all new systems, and etc. Listed yesterday and already have one offer at asking (345k), hoping for a bidding situation as no showings until tomorrow at open house.
Bought it 3 years ago for 60k. Saw market trending so held onto it. Full gut renovation, all new systems, and etc. Listed yesterday and already have one offer at asking (345k), hoping for a bidding situation as no showings until tomorrow at open house.
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