Home Buying & Real Estate Thread

[ajiiiplatinum]

Anyone have a buying forclosures 101 article or book that they found really helpful. Thanks in advance.
I am looking at buying a homes but am debating looking at a fixer upper forclosure since it is so much cheaper. I dont really know the ins and outs besides putting in the elbow grease and sweat. I also dont know anyone personally who bought a forclosure besides those on here.

 

[Mark Antony]

Looking at other spots that sold recently for that area in BK, that's really what they do right now which is wild.

 

[polosanddunks]

Looking at other spots that sold recently for that area in BK, that's really what they do right now which is wild.

Its booming out there in BK or at least it will

 

[stork]

Anyone have a buying forclosures 101 article or book that they found really helpful.

some people tend to work a lot in the foreclosure niche, but it's better to be open to any property open market, probate etc.. also your state may be judicial or non-judicial, research your states laws.

often an NOD on title will motivate the seller to list the home, but there's many many properties that end up foreclosing that are either Active or in escrow, because the seller is greedy and tries get market value when their 3 weeks from NTS

wholesaling is a good thing to research when dealing with an NOD property. if you haven't already start listening to biggerpockets podcast.

 

[HankHill]

Has anyone done a HomeStyle Renovation loanor 203(k)?

 

[mez 0ne]

Where do I even start when it comes to looking to own a condo or home? I've been (thankfully) able to save a ton yearly and have no idea where to even start Unfortunately NY real estate is ridiculous as well so I'm being patient about it

Any good reference points (links) would be appreciated, such as types of loans and what to expect

 

[al audi]

ekrev98 do you only do work in CA? i am very interested.

 

[ekrev98]

ekrev98 do you only do work in CA? i am very interested.

PM'd you

 

[B Sox]

Where do I even start when it comes to looking to own a condo or home? I've been (thankfully) able to save a ton yearly and have no idea where to even start Unfortunately NY real estate is ridiculous as well so I'm being patient about it

Any good reference points (links) would be appreciated, such as types of loans and what to expect

Talk to a lender first to see what you can be pre-approved for. That gives you your price point/range. Then do some research and hire a good realtor and tell them everything you are looking for in your home.

 

[dam itz lou]

Where do I even start when it comes to looking to own a condo or home? I've been (thankfully) able to save a ton yearly and have no idea where to even start Unfortunately NY real estate is ridiculous as well so I'm being patient about it

Any good reference points (links) would be appreciated, such as types of loans and what to expect

Before talking to a lender, make sure your credit is in good shape and everything is accurate.

Dope house ekrev98 , I love shaker cabinets. I love the look of the white but I feel like they'll get dirty easily. I love the gray shake cabinets,white quartz, and dark hardwood floors look.

 

[capital sb]

Before talking to a lender, make sure your credit is in good shape and everything is accurate.

Yeah I would also do a mortgage calculator to see if your even close to qualifying for the condos/homes in your area.

I wouldn't waste a a hard pull without at least knowing generally where I stand.

 

[ekrev98]

Before talking to a lender, make sure your credit is in good shape and everything is accurate.

Dope house ekrev98 , I love shaker cabinets. I love the look of the white but I feel like they'll get dirty easily. I love the gray shake cabinets,white quartz, and dark hardwood floors look.

Thank you! I've seen the grey ones and I love the look of them as well. It's just one of those things where you ask "will the buyer like the grey?" Can never go wrong with white...such a clean look. But lately I've been seeing grey shakers at other flips so it's something for us to consider for future projects.

 

[jaypesoz]

Inspection went well last week, and got a few hits on my condo this weekend. I hope it doesn't take long to get a renter, I'm trying to be in my new crib before my daughter's first bday in June so I can throw her party in the backyard.

Wish me luck, fellas. Wife and I must've looked at over 40+ houses in the past year and this is THE one.

Spoiler

Inspection was good, a couple small cracks in the roof that were repaired and as a "just in case", the homeowners are giving us $2k break to help for any future repairs. I got two different Independent Roofers to inspect it and they said there shouldn't be any problems anytime soon.

Other than that, all the other inspections look good and we just signed out condo earlier this week.

June 20th is the big day

 

[gm0ney561]

If anyone needs any real estate help in south Florida let me know. I'm a realtor with a lot of referrals.

 

[slicknick951]

Inspection went well last week, and got a few hits on my condo this weekend. I hope it doesn't take long to get a renter, I'm trying to be in my new crib before my daughter's first bday in June so I can throw her party in the backyard.

Wish me luck, fellas. Wife and I must've looked at over 40+ houses in the past year and this is THE one.

Spoiler

Inspection was good, a couple small cracks in the roof that were repaired and as a "just in case", the homeowners are giving us $2k break to help for any future repairs. I got two different Independent Roofers to inspect it and they said there shouldn't be any problems anytime soon.

Other than that, all the other inspections look good and we just signed out condo earlier this week.

June 20th is the big day

Congrats and good luck

 

[dam itz lou]

Theres a 2 family property in NYC that if we can get it for a little lower, the numbers might work. I think they recently reduced it and its been sitting on the market for over a year. The only thing is we'd only be able to do a FHA loan. I was thinking of doing it and refinancing later on.

Has anyone gone through something similar ?

 

[lilchico4life]

Theres a 2 family property in NYC that if we can get it for a little lower, the numbers might work. I think they recently reduced it and its been sitting on the market for over a year. The only thing is we'd only be able to do a FHA loan. I was thinking of doing it and refinancing later on.

Has anyone gone through something similar ?

Do you plan to occupy one side and rent out the other side? That is the only way you'll get an FHA loan.

 

[dam itz lou]

Do you plan to occupy one side and rent out the other side? That is the only way you'll get an FHA loan.

Yeah.

 

[lilchico4life]

Do you plan to occupy one side and rent out the other side? That is the only way you'll get an FHA loan.

Yeah.

Go for it! Rent would pay a portion or all of your mortgage.


Personally, I would hate having to live next door to my tenants. Constant knocking on my door about something begin broken or needs attention. Can't deal with that.


Also, see if the owner would finance.

 

[dam itz lou]

Go for it! Rent would pay a portion or all of your mortgage.


Personally, I would hate having to live next door to my tenants. Constant knocking on my door about something begin broken or needs attention. Can't deal with that.


Also, see if the owner would finance.

I hear ya, but i'm in NYC. it's either the burbs or living in one of the units if I want to stay in NYC. I just spoke to the bank and she told me it would be about 8-10k to refinance.

 

[mez 0ne]

Talk to a lender first to see what you can be pre-approved for. That gives you your price point/range. Then do some research and hire a good realtor and tell them everything you are looking for in your home.

Avoid the "big" banks in this case right?

Also been trying my best to get my credit score above an 800, been stuck at 760 for ages (guess I'd have to own property to get to that point)

 

[crcballer55]

 

Talk to a lender first to see what you can be pre-approved for. That gives you your price point/range. Then do some research and hire a good realtor and tell them everything you are looking for in your home.

Avoid the "big" banks in this case right?

Also been trying my best to get my credit score above an 800, been stuck at 760 for ages (guess I'd have to own property to get to that point)

Absolutely!

While things may look good on the front end, I can't emphasize the incompetency and bureaucracy on the backend if things go sideways. I had to deal with Chase for 2 years on the post-foreclosure side and the stories from owners trying to save their homes were heartbreaking. One family drove 3-4 hours to an Oakland event 2-3 times trying to negotiate with the bank to save their home. Each time, they would come fully prepared and submit the requested documents and each time the refinance department would say they had everything. All the while, the foreclosure department was going along with their process. Come several months later the Realtor shows up on their doorstep with the notice of foreclosure.

The rules changed recently, but the point is that they're not as competent is doing what you think they're doing as you think they are just because they're big. Go to a bank where you can talk to a single point of contact and get them to fight for you or at the very least a small bank with a good reputation in the community.

Ideally, I like to make sure the bank is going to make my loan a "portfolio loan" to make sure it doesn't get sold to one of the big banks and I jumped through all of those hoops just to end up where I didn't want to be in the first place.

 

[B Sox]

Avoid the "big" banks in this case right?

Also been trying my best to get my credit score above an 800, been stuck at 760 for ages (guess I'd have to own property to get to that point)

CRCBaller hit the nail on the head...I always try to direct my clients towards local lenders. Having the single point of contact is huge. Once you start dealing with the big banks they end up making you speak with several different people and if something starts going south, it is a nightmare. Plus, local lenders can be contacted at all times of day, just like your Realtor. The big banks only work banking hours.

 

[just reason]

Where do I even start when it comes to looking to own a condo or home? I've been (thankfully) able to save a ton yearly and have no idea where to even start Unfortunately NY real estate is ridiculous as well so I'm being patient about it

Any good reference points (links) would be appreciated, such as types of loans and what to expect

I'm an agent and might be able to help you get started. Depends on credit, price range, location, buy and hold or buy and flip, and how motivated you are. Education is definitely key so a site like biggerpockets.com will help you learn a lot about real estate like for instance being in a condo and having to deal with hoa fees or trying to cop a co-op and having to get board approval. You can learn a lot of stuff and I'd always be willing to help anybody around Westchester County and NYC area.

 

[dam itz lou]

I'm an agent and might be able to help you get started. Depends on credit, price range, location, buy and hold or buy and flip, and how motivated you are. Education is definitely key so a site like biggerpockets.com will help you learn a lot about real estate like for instance being in a condo and having to deal with hoa fees or trying to cop a co-op and having to get board approval. You can learn a lot of stuff and I'd always be willing to help anybody around Westchester County and NYC area.

What's the best site to check sales in an area ? I know the MLS is the best, but besides that ? I've been using redfin but a lot of homes seem to be missing.