Home Buying & Real Estate Thread

[jewseejay]

$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.

I dont agree that NYC real estate will appreciate the next 5 years. I also no ZILCH about the market there lol but I know half of Philly/NYC is moving to the beach and snatching up all the good stuff I can imagine real estate values in NYC/San Fran/LA plummeting with so much more work being done remotely

 

[freshpairs]

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.

Chase/us bank >

 

[slaughterx]

11/30

 

[waitwut]

In on this thread thinking about copping a crib soon

 

[lovehateself]

Spoke To a loan officer this week and he said he’ll be able get me a conventional loan w 5% down
LA area

2021 is my year

 

[Canadian Destroyer]

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

Is it more than a one family home? Can you rent it out to multiple renters while you purchase something upstate?
You’re kind of in a tough spot right now because prices up state are going up too the longer you wait. I hate those mini buildings that pop up where a house used to be. They make that mill back right away.
I’d say a year ago you could have easily gotten 1.5 mill

 

[freshpairs]

Spoke To a loan officer this week and he said he’ll be able get me a conventional loan w 5% down
LA area

2021 is my year

How? You’ll avoid paying pmi for sure as well?

 

[SneakerProSr.]

How? You’ll avoid paying pmi for sure as well?

Check with your credit union

5% down with no pmi as long as you are above 700

 

[slaughterx]

Yeah I also got a conventional 30 year loan with just 5% down, no pmi but the taxes are disgusting. Gonna get them reassessed asap.

 

[putting in work]

Yeah I also got a conventional 30 year loan with just 5% down, no pmi but the taxes are disgusting. Gonna get them reassessed asap.

Where at?

I know New Jersey has high property taxes, but man Long Island NY is on another level.

I'm in Queens and will be looking to purchase next year, but I was hoping the pandemic would cause house prices to drop.

I was wrong and they're only raising in NY.

 

[slaughterx]

US Bank

 

[アミーゴ]

Lol and 08 was bad

 

[putting in work]

US Bank

Sorry I meant location are you in the tri state?

 

[based mod]

Hol up.

5% down, no pmi, and comparable rates? I could've gotten a place years ago before the market shot straight to the moon here in San Diego? FML.

Yeah I also got a conventional 30 year loan with just 5% down, no pmi but the taxes are disgusting. Gonna get them reassessed asap.

What taxes? How's it different from, say, having done 20% down instead?

 

[azbucks916]

For those looking at purchasing a home, I suggest looking into a mortgage broker. I work for a community lender based out the bay & went and did my refi with a homie whose a broker rather then my job. Compared to a large lender or your bank, you can save a considerable amount in closing costs and other fees like appraisal etc. Also rates are typically on the lower side also and usually competitive. First time home buyers also ask your LO about first time buyer programs & grants. As of last week VA and FHA were around. 2.25% & Conv 30yr at 2.50%.. Obv things could have changed since then especially after today’s political changes.

 

[slaughterx]

Hol up.

5% down, no pmi, and comparable rates? I could've gotten a place years ago before the market shot straight to the moon here in San Diego? FML.



What taxes? How's it different from, say, having done 20% down instead?

Completely unrelated... I am just gonna ***** about it for the next 30 years because the taxes and insurance are literally $100 less than my actual mortgage, but luckily it's all combined and it's still less than what I was paying for my 1 bedroom apartment in CO.

 

[pdino]

locked in at 30 yr, 2.6% with closing cost credits FHA. Will refi out when I can

 

[MakeNTGreatAgain]

fambzzz who was the dude in this thread in LA who financed with NACA?

i have some questions for my dude

 

[freshpairs]

Fml I refinanced too soon back in june thinking it will shoot back up and didn’t want to sleep. Still got it at 3.5% but people getting under 3% has me kicking myself.

 

[monstar]

Hol up.

5% down, no pmi, and comparable rates? I could've gotten a place years ago before the market shot straight to the moon here in San Diego? FML.



What taxes? How's it different from, say, having done 20% down instead?

20% down means smaller loans thus lower mortgage payments. You can include an escrow account to ensure it is paid on time and at the correct rate.

But taxes in cali are based on new purchase price of home then new assessment.

That's partly why that proposition that in cali that let long time owners keep there property tax at a lower rate. And for some reason I think idiots voted against it who dont own property

Fml I refinanced too soon back in june thinking it will shoot back up and didn’t want to sleep. Still got it at 3.5% but people getting under 3% has me kicking myself.

Never hurts to just hit up your current lender and m ask if they can do an adjustment.

Some credit unions allow you to lower your rate

 

[mplsdunk]

Peeped a bunch of lots today, things are moving though already had two I was looking at sell right before I could get them. I guess there is a massive amount of people moving in.

 

[bwsteg]

Where at?

I know New Jersey has high property taxes, but man Long Island NY is on another level.

I'm in Queens and will be looking to purchase next year, but I was hoping the pandemic would cause house prices to drop.

I was wrong and they're only raising in NY.

where on Long Island are you looking to purchase? I live in Nassau and my property taxes are about $13k a year and I get to deduct zero of it because of the salt cap. To be honest unless you have kids, I’d suggest looking elsewhere. 75% of total taxes goes to your school taxes. Prices are also skyrocketing here.

 

[MakeNTGreatAgain]

20% down means smaller loans thus lower mortgage payments. You can include an escrow account to ensure it is paid on time and at the correct rate.

But taxes in cali are based on new purchase price of home then new assessment.

That's partly why that proposition that in cali that let long time owners keep there property tax at a lower rate. And for some reason I think idiots voted against it who dont own property


Never hurts to just hit up your current lender and m ask if they can do an adjustment.

Some credit unions allow you to lower your rate

I voted against having these old geysers pay lower taxes

hell nah over my dead body fambz

 

[monstar]

I voted against having these old geysers pay lower taxes

hell nah over my dead body fambz

So people in fixed income should have to go back to work to make sure they can pay taxes?

Or force em to stay put, interesting hot take that lacks awareness or lack of access

 

[MakeNTGreatAgain]

So people in fixed income should have to go back to work to make sure they can pay taxes?

Or force em to stay put, interesting hot take that lacks awareness or lack of access

u talking about prop 19 right?