Home Buying & Real Estate Thread

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This thread is awesome. I'm a pure noob when it comes to buying a house and all the factors that you have to consider when buying a house. Does anyone have any advice where to start and learn. I literally want to master this and own a lot of property. Much appreciated!
r/personalfinance

r/realestate
 
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Think about what you want your life to be about.
Conventional wisdom says you can afford up to 35% of your gross income in mortgage payments. But you have to decide for yourself is that really a life you want to lead. 
Do you want more lavish accommodations and a higher payment, or modest living but peace of mind.
My girlfriend and I each make roughly what you make. So when we went to look at houses, all these sales people were like, "but you can qualify for so much more!" in attempts to get us to spend $650k. But we knew that a smaller model, with a mortgage that could be handled by either of us individually in the case of emergency was better for us long term.

Do you have an emergency fund?
Thanks for the input. I have about 3 months of living expenses saved, and $30-40K in stocks with any extra money going towards student loans. I pay $1500 for rent right now and it's very comfortable for me
 
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Thanks for the input. I have about 3 months of living expenses saved, and $30-40K in stocks with any extra money going towards student loans. I pay $1500 for rent right now and it's very comfortable for me
Just out of curiosity: how much is your student loan debt (total owed, not monthly payment) and at what interest rate?
 
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Good day. I know some states do it, but is there down payment assistance that anyone knows of in nyc ? I googled but never seem to get a clear cut answer.
 
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My sister and I were having a conversation with my mother yesterday. My mother owns 3 homes and 3 condos, she is getting older and of course would want to pass down these properties to her children instead of just selling them. My sister and I would love to have them but neither of us live in the same state as our mother so in my opinion it would be more difficult to maintain, rent out etc. Is there any advice anybody could give me on what to do with these properties?
 
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Can someone explain closing costs to me. some one told me they purchased a house FHA 3.5% down & their closing costs were over 24K. They bought the house for 260K.
Why were the closing costs more than their down payment? Is there a rule of thumb as to how much closing costs should be?
for FHA loans, you pay the typical closing costs + an upfront FHA fee at closing. This is because FHA is insuring that loan if it defaults, this way it leverages the risk. Honestly, If you can I would suggest saving up the 20% and avoid any additional fees.
 
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Anyone know how accurate Redfin is for property valuation? They claim to have a 2% error rate. Is this real life? I just purchased this home exactly a month ago.
 
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Anyone know how accurate Redfin is for property valuation? They claim to have a 2% error rate. Is this real life? I just purchased this home exactly a month ago.
I think they are just as accurate as any of the other "estimates" from Zillow, etc.  They just algorithms to determine the value based upon recent sales, what your home last sold for, zip code, etc. 

I've actually been emailing back and forth with RedFin recently, because they show my house as being like -$48k from what I bought it for 2 years ago (when every other house in the neighborhood / zip code is up $40k+).  Ended up finding out that my value was based upon a "For Sale by Owner" listing for the house on Oodle.com.... that was posted about 5 months after we had moved in.  It wasn't us, which I told them.  They removed the listing and said it will take a week or so to update.  Its been at least 2 weeks, and it still hasn't updated the number.  

Not a big deal, but I wouldn't put much faith into how accurate it is. 
 
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Anyone know how accurate Redfin is for property valuation? They claim to have a 2% error rate. Is this real life? I just purchased this home exactly a month ago.
I've NEVER trusted any of those property valuations. Even when i run the numbers on comps from MLS to determine an ARV on a property, those redfin/zillow, etc...figures are always off. 
 
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@turbospartan  @ekREV98

Thanks guys. I'm assuming an appraiser would also calculate recent home prices and average home prices within the zip code. What's the best way to calculate the value? Do you look at the value during the annual tax assessment?
 
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Anyone have any area recommendations on purchasing a home in Long Island, NY? (To actually live in) 

Price point $350k or below.  Needs to be a good quiet neighborhood.  I work in queens so prefer commute to be less than 40min. Thanks
 
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Anyone have any area recommendations on purchasing a home in Long Island, NY? (To actually live in) 

Price point $350k or below.  Needs to be a good quiet neighborhood.  I work in queens so prefer commute to be less than 40min. Thanks
You don't want to be a landlord ? My girl & I were looking in the same price point. We looked into West Babylon, North Babylon, Deer Park, and Lindenhurst before we decided to stay in Queens. We bought a 2 fam. My girl works in Glendale and the rush hour commute would of been brutal. My girl has a cousin who lives in West Babylon and they like it. I have a friend who just moved to Deer Park and they like it. You don't want to move near the border of Wyandanch though.

Lynbrook seems like a nice & quiet neighborhood. We're thinking of buying a duplex there next year.
 
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ekrev98 ekrev98 , have you ever installed a 30x30 shower in a bathroom ? I have a small space in the basement that is a 1/2 bathroom at the moment and want to add a shower. How small is it really ? It looks small in pics but not too small.
 
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ekrev98 ekrev98 , have you ever installed a 30x30 shower in a bathroom ? I have a small space in the basement that is a 1/2 bathroom at the moment and want to add a shower. How small is it really ? It looks small in pics but not too small.
Never installed a 30x30 shower but I've been in one. It's small and for somebody who's big, it might be too tight for them. That would be the only issue.
 
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guys i need advice. got an accepted offer and approval for the loan. also got the inspection done and this is raising a concern. my realtor says not a big deal but im not sure. what do you guys think? theres an odor after some use of the bathroom next to this room.



is this as simple as draining it then resealing better? any plumbers in here? thanks in advance. contracts are being drawn already just dont want this to be a deal breaker.
 
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for FHA loans, you pay the typical closing costs + an upfront FHA fee at closing. This is because FHA is insuring that loan if it defaults, this way it leverages the risk. Honestly, If you can I would suggest saving up the 20% and avoid any additional fees.
get the seller to include a sellers concession to help pay for some of your closing costs. what sucks about fha now is the mip doesnt come off at 78%ltv anymore. gotta refi to conventional now. im still going fha though lol
 
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guys i need advice. got an accepted offer and approval for the loan. also got the inspection done and this is raising a concern. my realtor says not a big deal but im not sure. what do you guys think? theres an odor after some use of the bathroom next to this room.



is this as simple as draining it then resealing better? any plumbers in here? thanks in advance. contracts are being drawn already just dont want this to be a deal breaker.
If you have any reservations, get a second opinion. Your realtor is just tryna close to get that check, they won't have to worry about the problems down the road but you will. An oder could be a crack in the pipe somewhere or something.
 
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guys i need advice. got an accepted offer and approval for the loan. also got the inspection done and this is raising a concern. my realtor says not a big deal but im not sure. what do you guys think? theres an odor after some use of the bathroom next to this room.



is this as simple as draining it then resealing better? any plumbers in here? thanks in advance. contracts are being drawn already just dont want this to be a deal breaker.
If you have any reservations, get a second opinion. Your realtor is just tryna close to get that check, they won't have to worry about the problems down the road but you will. An oder could be a crack in the pipe somewhere or something.
normally thats what I would think but hes been my boy for over 10 years. got trust in homie. showed my other boy whos a plumber and hes saying if anything its a less than $500 fix. more opinions are welcome however. this is a HUGE purchase im lowkey nervous and anxious :lol:
 
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for FHA loans, you pay the typical closing costs + an upfront FHA fee at closing. This is because FHA is insuring that loan if it defaults, this way it leverages the risk. Honestly, If you can I would suggest saving up the 20% and avoid any additional fees.
get the seller to include a sellers concession to help pay for some of your closing costs. what sucks about fha now is the mip doesnt come off at 78%ltv anymore. gotta refi to conventional now. im still going fha though lol
was this in the most recent executive order that caused a stir?
wasn't sure I read that, but that sucks.
 
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for FHA loans, you pay the typical closing costs + an upfront FHA fee at closing. This is because FHA is insuring that loan if it defaults, this way it leverages the risk. Honestly, If you can I would suggest saving up the 20% and avoid any additional fees.
get the seller to include a sellers concession to help pay for some of your closing costs. what sucks about fha now is the mip doesnt come off at 78%ltv anymore. gotta refi to conventional now. im still going fha though lol
was this in the most recent executive order that caused a stir?
wasn't sure I read that, but that sucks.
been like that for a few years now I think. They were suppose to lower the upfront MIP but they put a stop to that smh
 
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Has anyone bought a condo with the intent of renting it out for an additional stream of income?

Looking into buying a condo next year (1br/1-1.5ba + den or 2br/2ba) with the intent of renting it out after 3-5 years. I'm in the DMV for reference. Heavy military presence and there is decent demand for temporary housing when folk are here on tours. Questions I have are:

1) Is there a minimum % required for the down payment? I'm trying to payoff my CC, student loans, and get from under water on my auto loan. Just trying to improve my credit but maybe I should put that money towards the down payment? Likely have between 10-15k saved up a year from now. Condos I'm looking at range from 150k-320k so I won't have 20% for thr down payment.

2) What's the more ideal situation: rent out a 1br or increase profit potential by renting out a 2br? Cost of living is high so roomates are very common. Plus there are single parents with teens/kids that need their own space.

3) Is a 30-yr mortgage for a condo.. uh... "stupid"?

Thanks for any input. I'm done with renting after this lease. Spent too much money over these past years with nothing to show for it.
 
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1. search this thread.  been talked about.  Wait until you have more capital. u not ready yet, IMO.

2. entirely up to you. i would lean towards getting a deal on a 2br.  more options i would think

3. 30-yr is pretty standard for 1st time homebuyers.  especially if you are living in it.  tax shelter.  you could always apply more towards your principal
 
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