Home Buying & Real Estate Thread

[slicknick951]

You can get pre qualified where they dont run your credit but look at all of your financials. I did it 2 years before buying to get an idea of where i stood and what i had to work on.

 

[tripleplusone]

im probably going to buy a house in the next year or two, but am curious to see what id get pre-approved for right now.

would it hurt just to see what i could get or should i just hold off and wait til im actually ready to buy?

I don't think its a bad idea to start looking around.  Like @Slicknick951  said let them just run basic financial stuff and see.  I personally would get your credit score ran and see what you looking at for sure.  That way you have an pretty close idea to your price range and you can start keeping you eye open.  

And this is obvious but don't go crazy.  Not sure of your financial situation, marital status, and such but you will typically get pre-approved for more than you may think even if you can't afford it.  Me and my wife got pre-approved for around 600K and i could never afford a house in that range.  I was shocked at that amount.  If you have none to minimal debt (credit cards and such) and a great credit score, i feel like banks will throw money at you. 

 

[mynameaintg]

You can get pre qualified where they dont run your credit but look at all of your financials.

is this something i can do online, or would i have to go into an office?

 

[ekrev98]

is this something i can do online, or would i have to go into an office?

It would be best to find a local office to see/meet your loan officer

 

[ootherocoo]

The renovation continues.  We're now nearing the end, and a lot of the fine detail work still needs to be done.  Here are a couple more Before/After pics.

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MORE PICS TO COME

 

[nazdrowie]

 

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digging those doors...

 

[Los Angeles]

just finished watching the big short, man

 

[edshoecator]

 
The renovation continues.  We're now nearing the end, and a lot of the fine detail work still needs to be done.  Here are a couple more Before/After pics.

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I struggled with taking a lot of the character of my house too but the modern look is cleaner.

The craftsmanship looks great too.

Where in NYC?

 

[just reason]

just finished watching the big short, man

must watch this!!!!!.. on netflix?

also beautiful work on those doors and ceiling..
just saw a house i spotted while driving for dollars in March listed at 299k(foreclosed) and just put on the MLS for 515k after maybe 55k in reno! :x

 

[crcballer55]

Anyone have recommendations for a general contractor in the San Fernando Valley with references?

 

[blackdynamite]

Thanks, I will look into what HOA says, but the location is so good; it would be the perfect Airbnb spot! Like literally a 10 min walk to the heart of downtown.

 

[capital sb]

Just started AirBnB'ing my guest room in my house . Currently $75/night 2 night minimum.

Looking to furnish my smaller room then start that at $50/night 2 night min.

I only allow bookings Thursday night -Sunday night.

I gotta watch the big short.

 

[blackdynamite]

Just started AirBnB'ing my guest room in my house . Currently $75/night 2 night minimum.
Looking to furnish my smaller room then start that at $50/night 2 night min.

I only allow bookings Thursday night -Sunday night.

I gotta watch the big short.

So much money to be made doing that. One of my friends does it and she made like 15k so far, but after cleaning and other expenses has profited about 11k this year.

 

[capital sb]

So much money to be made doing that. One of my friends does it and she made like 15k so far, but after cleaning and other expenses has profited about 11k this year.

What other expenses is she looking at? Someone told me my $25 cleaning fee was too high lol I have to cover toiletry and cleaning expenses somehow.

If you stay for 4 nights thats only $6.25/day lol I'm not going any lower than that. I might change the fee to $6.25/day I guess it will look better to guest.

 

[blackdynamite]

What other expenses is she looking at? Someone told me my $25 cleaning fee was too high lol I have to cover toiletry and cleaning expenses somehow.
If you stay for 4 nights thats only $6.25/day lol I'm not going any lower than that. I might change the fee to $6.25/day I guess it will look better to guest.

I meant to say that she has profited 15k so far this year and used around 4K to upgrade her place. Like she bought a 50 inch tv, new couches, decorations, etc. for her Airbnb spot...I'm lowkey envious and want to buy a house at 23, but I need to do more research before I pull the trigger.

 

[capital sb]

I meant to say that she profited 15k so far this year and used around 4K to upgrade her place, like buy a 50 inch tv, new couches, decorations, etc. for her Airbnb spot.

Oh okay makes sense. I believe if I can become a Superhost by October I should be able to pull in $800/weekend. Then do some small renovations to my basement and make it a private suite for $130/night to net $1300/weekend.

 

[Xennial]

 
Just started AirBnB'ing my guest room in my house . Currently $75/night 2 night minimum.

Looking to furnish my smaller room then start that at $50/night 2 night min.

I only allow bookings Thursday night -Sunday night.

I gotta watch the big short.

 

[edshoecator]

me and the wife were looking to get a 6 room craftsman in Anaheim, near Disney, and airbnb it the whole year (half the rooms), but as soon as we turn the news on...

Anaheim residents vote to kick airbnb out of Anaheim 

 

[throwback1718]

I wanna get a multi family building. Been plotting on how the process goes.


Have any of you guys when buying your first homes ever received down payment assistance, or are looking into it?

If you are getting a FHA loan max unit size is 4. The loan process works the same.
I received 22.5K closing/downpayment assistance when I purchased my home. Look into your local area first time home buyer programs.

Thanks Brodie.

What were the requirements?

 

[sneakaprince]

Got an accepted offer for a second duplex yesterday. Pretty excited.

Only bad thing is my loan company is saying I need to put down 25% since this is an investment property and I won't be living there.

The place is only 60K and I have 15 to the side but should I shop around for a cheaper down payment.

 

[crcballer55]

 
me and the wife were looking to get a 6 room craftsman in Anaheim, near Disney, and airbnb it the whole year (half the rooms), but as soon as we turn the news on...

Anaheim residents vote to kick airbnb out of Anaheim 

Gotta let the mouse have all the money.

 

[capital sb]

@millenial I live on the MD/DC line and have 2 metro stations right beside my neighborhood really shouldn't be an issue.

I put it up last Sunday and have 2 nights booked so far. My first guest come today.

@throwback1718 every state is different, but I just had to make under a certain amount.

@SneakerPrince NIce! What area are you buying in?

 

[HankHill]

Got an accepted offer for a second duplex yesterday. Pretty excited.

Only bad thing is my loan company is saying I need to put down 25% since this is an investment property and I won't be living there.

The place is only 60K and I have 15 to the side but should I shop around for a cheaper down payment.

Nigeria real estate must be lit.

 

[sneakaprince]

Nigeria real estate must be lit.

Nah fam I'm in Milwaukee. Real estate in Nigeria is lit tho.

The long term goal is definitely to have some places there.

 

[dam itz lou]

A lot of people on BP are investing in Milwaukee. They're buying places for $20-$25K, doing a small rehab, and cash flowing.