mplsdunk
Supporter
- May 25, 2004
- 30,410
- 41,061
About to cop some land with these rates. They want 25%-30% down though so I’m not about to spend too much. Not trying to drain all my bread right now.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Jul 20, 2012
- 4,772
- 1,174
Really? I thought land you had to buy cash .
- Aug 9, 2014
- 12,853
- 28,008
What do you want to do with it? Use it for your own investments or to be an agent for other people? I’m interested in getting my license for my own investments.... my wife signed up for the classes but started her business this year and has been too busy with that. I have the time right now so maybe I should just do it.
- Aug 9, 2014
- 12,853
- 28,008
Has anyone in here invested in real estate via tax deed auctions? This is a decent introduction article:
www.fool.com
What is a tax deed?
All real estate is subject to property tax. When a property owner falls behind on their real estate taxes, a tax lien is placed on the property in the form of a tax lien certificate. Depending on the state, the owners have a few months to a few years to pay the taxes due. Eventually, if the taxes remain unpaid, the city or county will sell the property through a public auction as a means to recoup the back taxes owed to them.
How to Invest in Real Estate | The Motley Fool
Investing in real estate is a great way to diversify your portfolio, but many don't know where to start. Learn about your options, how to invest, and the pros and cons.
www.fool.com
What is a tax deed?
All real estate is subject to property tax. When a property owner falls behind on their real estate taxes, a tax lien is placed on the property in the form of a tax lien certificate. Depending on the state, the owners have a few months to a few years to pay the taxes due. Eventually, if the taxes remain unpaid, the city or county will sell the property through a public auction as a means to recoup the back taxes owed to them.
- Nov 2, 2006
- 15,448
- 16,780
Initially, be an agent for others. But id like to use the knowledge down the line for my own investments as I grow.
- Feb 23, 2006
- 6,068
- 3,761
What do you want to build on it?
- Mar 22, 2003
- 29,017
- 17,696
Or just use a friends - my boy doesn’t charge me but I always take care of him
mplsdunk
Supporter
- May 25, 2004
- 30,410
- 41,061
I’m grabbing it to build on in about 5 years when I got my current house paid off.
so basically I’m buying it and will sit on it for a couple years until I have more money freed up to build what I actually want and not be cheap.
it’s gonna be a second home so I’m not in a rush.
I’ll probably be putting 30% down and financing the rest at right around 3%.
so basically I’m buying it and will sit on it for a couple years until I have more money freed up to build what I actually want and not be cheap.
it’s gonna be a second home so I’m not in a rush.
I’ll probably be putting 30% down and financing the rest at right around 3%.
- Aug 9, 2014
- 12,853
- 28,008
For real. “Can you do this transaction for me and how about waive that commission fee” lol
But u pay him anyway so...
I don’t love handouts when it comes to work, if it’s family or close friends I rather see them get paid in full... or me doing the work on my own
mplsdunk
Supporter
- May 25, 2004
- 30,410
- 41,061
nah, If you want a bank I’m using farm credit service (rural 1st) . You need a 720 credit score, no more than 25% debt to income and buy a share in the bank for $1000 which you get back if you want to sell your share when your loan is paid off.
super easy app. It’s like turbo tax. Fill in the blanks.
Last edited:
- Mar 22, 2003
- 29,017
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Yeah I bought him a Rolex for the last SF purchase so either way he is making out. He literally just does the paperwork for me lol
- Dec 3, 2007
- 8,180
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What are some lenders y'all are using? Basically trying to figure out who is giving out the best rates, as a 2-family property just popped up on my radar that I think I might pull the trigger on.
Thanks
...
Thanks
...
- Mar 22, 2003
- 29,017
- 17,696
In Palo Alto now - 10 houses on the street are empty because the owners are at their second homes. Interesting...
- Jan 29, 2007
- 1,703
- 1,736
Selling my crib in Brooklyn nyc...
covid is Killing me.. not that I can’t find buyers, but they are low balling and using covid and low renters available ( I owns stand alone home that investors WILL turn the lot into a 6/7 story building) as a reasoning.
i don’t wanna go under a magic number but I can’t take nyc anymore. And the rich cats are snatching up homes in upstate nyc, where I wanna go. SMH
for reference, I’m asking $1.25M... anything under 1.1M I’m asking for residency in the new build with a 5 year lease for free
covid is Killing me.. not that I can’t find buyers, but they are low balling and using covid and low renters available ( I owns stand alone home that investors WILL turn the lot into a 6/7 story building) as a reasoning.
i don’t wanna go under a magic number but I can’t take nyc anymore. And the rich cats are snatching up homes in upstate nyc, where I wanna go. SMH
for reference, I’m asking $1.25M... anything under 1.1M I’m asking for residency in the new build with a 5 year lease for free
- Apr 9, 2017
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I'm using Wells Fargo rn and I have to say I am not enjoying the experience... they originally pre-approved me for 155k, which is what I asked for... they probably would have given me more had I asked but 150 was really the most I wanted to spend. Anyway now they are giving me issues because I am moving... back to a store I used to work at years ago. I made about 80k the past 2 years and a row and not much less than that the years before, but they are giving me issues, so if they can't get it worked out soon I will probably end up going with someone else.
- Mar 22, 2003
- 29,017
- 17,696
Selling my crib in Brooklyn nyc...
covid is Killing me.. not that I can’t find buyers, but they are low balling and using covid and low renters available ( I owns stand alone home that investors WILL turn the lot into a 6/7 story building) as a reasoning.
i don’t wanna go under a magic number but I can’t take nyc anymore. And the rich cats are snatching up homes in upstate nyc, where I wanna go. SMH
for reference, I’m asking $1.25M... anything under 1.1M I’m asking for residency in the new build with a 5 year lease for free
If you don’t have to sell just wait it out
nako xl
may be interested
- Dec 19, 2013
- 10,478
- 9,125
Try your credit union
superantigen
superantigen
- Nov 3, 2011
- 26,543
- 29,773
This is smart.for reference, I’m asking $1.25M... anything under 1.1M I’m asking for residency in the new build with a 5 year lease for free
datznasty
Supporter
- May 25, 2001
- 22,160
- 16,428
AmeriSave and LoanDepot had the best rates when I refi'd a few years back
block506
formerly dfranklin5
- Sep 2, 2012
- 1,756
- 920
in my 8 years, how have I not stumbled upon this thread. Y’all really out here!
mplsdunk
Supporter
- May 25, 2004
- 30,410
- 41,061
It’s smart but would also be a pain the *** to have to move somewhere for a year when they build it.
good luck man, sounds like a headache.
good luck man, sounds like a headache.
- May 20, 2006
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$150k off the selling price over a 5 year lease is $2500 a month which I assume is pretty decent depending on the area of nyc. But if you're wanting to get out of the city then whats the point unless they let you sublease. If your still gonna live in the same location for another 5 years might as well hold the house, probably be worth more than you're asking currently.
- Apr 9, 2017
- 17,062
- 47,358
Well... after much drama, it looks like I will be buying that house I posted earlier, going through closing now. All I have to say is **** Wells Fargo, soon as I clean out my checking account to seal thus deal I'm closing that ****, about to open an account with US Bank.
