Home Buying & Real Estate Thread

[pdino]

^VA or first-time home buyer program is all I can think of with 0% down

 

[al audi]

i got through a couple pod cast on bigger pockets, ill continue through the weekend

 

[al audi]

Yea ATL will be good for the next 10 yrs, then after that I think things will start to sky rocket.

you convinced me a while back about ATL



btw

on the topic o college kids.........personally i sold sneakers heavy during college and made a few thousand, also i had boys who were killing it at the Casinos in CT.......

so never assume its from parents, of course some sold weed in college also


just saying, i even know someone who sold steroids and made a BOAT load of money........but of course i will not divulge his identity.

i always rolled with a crowd who didn't exactly follow the rules, working at Target or Best Buy wasn't the business

 

[capital sb]

Can't go past 4 units with FHA.

 

[4318michaeljohnson4318]

My dad did a lot of flipping with interest only loans.

 

[luckyluchiano]

you convinced me a while back about ATL



btw

on the topic o college kids.........personally i sold sneakers heavy during college and made a few thousand, also i had boys who were killing it at the Casinos in CT.......

so never assume its from parents, of course some sold weed in college also


just saying, i even know someone who sold steroids and made a BOAT load of money........but of course i will not divulge his identity.

i always rolled with a crowd who didn't exactly follow the rules, working at Target or Best Buy wasn't the business

Side hustles like that aint going to get you approved for a mortgage. Lenders want to see your annual income and paper trails to where your money comes from. Only time you can get around that is buying property cash.

 

[lilchico4life]

Fellas, tell me. How do your shoe collections look? Would you be open to part with it if needed? I had to liquidate all my pairs to get my start. Pairs I purchased on my own while working a job during high school. There are so many creative ways to raise capital. I highly suggest reading on BP different methods people use. I can say the only benefit I had when I was getting started was I didn't have any student loans since I dropped out of college my freshman year.

Also, as ekREV98 mentioned, find yourself a mentor.

"Success not shared is failure."

 

[yeah]

Fellas, tell me. How do your shoe collections look? Would you be open to part with it if needed? I had to liquidate all my pairs to get my start. Pairs I purchased on my own while working a job during high school. There are so many creative ways to raise capital. I highly suggest reading on BP different methods people use. I can say the only benefit I had when I was getting started was I didn't have any student loans since I dropped out of college my freshman year.

Also, as ekREV98 mentioned, find yourself a mentor.

"Success not shared is failure."

Stopped with shoes years ago to pursue other goals. At one point in time I literally had rows of shelves with shoes over my bed, 50+ pairs. I gave away most to friends/good will.

I still have a couple pairs of shoes that I'll probably never throw away laying around (DQM Dunks, Quagmire SBs, Aqua 8s, etc,) but for the most part I rotate between a single pair of air maxes, some vans, and a couple of dress shoes lol

 

[luckyluchiano]

Fellas, tell me. How do your shoe collections look? Would you be open to part with it if needed? I had to liquidate all my pairs to get my start. Pairs I purchased on my own while working a job during high school. There are so many creative ways to raise capital. I highly suggest reading on BP different methods people use. I can say the only benefit I had when I was getting started was I didn't have any student loans since I dropped out of college my freshman year.

Also, as ekREV98 mentioned, find yourself a mentor.

"Success not shared is failure."

I never even had a ton of shoes honestly I was on NT just for the General lol.

And yea Having a Mentor is key, as everyone has a different situation and a Mentor can help ***** where you are at and what it will take to get where you need/want to be.

 

[glennvagmire]

Side hustles like that aint going to get you approved for a mortgage. Lenders want to see your annual income and paper trails to where your money comes from. Only time you can get around that is buying property cash.

You sure about that buddy?

 

[luckyluchiano]

You sure about that buddy?

Well shouts out to your bank

 

[pdino]

If you're getting tons of $ from side hustles, lenders (quicken loans, cashcall, your bank) won't be able to lend you as much due to the guidelines. When I was going through the lending process, they went through last 6 months of my checking, savings, accounts and asked me how/why I had $$ deposited into my account other then my work income. They also asked about any periods of unemployment, different jobs etc.

Your income is used to determine your DTI ( debt to income ratio) which determines how much the lenders can lend you. As profitable as some side hustles are, most lenders don't recognize them as legit, consistent income.

A broker/certain lenders might be able to help people without W-2s get through the process smoother, but most likely at a slightly higher interest rate.

 

[Mark Antony]

^Your right, it's a case by case basis.

FHA loan requires a home inspection done by an FHA appraiser. The property cannot be purchased unless this inspection takes place, and it is deemed "livable". Water, heat, no cracks on windows, glass, etc. The seller will pay for all renovations if they want to get a deal done, not the buyer.

If you can get a lender to approve you with the future rental income in mind or get a co-signer, works out as well.

I've heard ATL is one of the better places to invest right now

It was also posted that the guy got the multi unit home with 0% down.

Yeah I wish I remembered the details, but kinda tuned out as an untrusting young black youth. Econ/real estate professor with contracts with places like Walmart at the time probably had no reason to lie. This is VA if the laws make any difference, and also somewhere from 20-40 years ago.

 

[luckyluchiano]

If you're getting tons of $ from side hustles, lenders (quicken loans, cashcall, your bank) won't be able to lend you as much due to the guidelines. When I was going through the lending process, they went through last 6 months of my checking, savings, accounts and asked me how/why I had $$ deposited into my account other then my work income. They also asked about any periods of unemployment, different jobs etc.

Your income is used to determine your DTI ( debt to income ratio) which determines how much the lenders can lend you. As profitable as some side hustles are, most lenders don't recognize them as legit, consistent income.

A broker/certain lenders might be able to help people without W-2s get through the process smoother, but most likely at a slightly higher interest rate.

exactly, my lender was tripping about my roommates transferring their bill money into my account, and I had to start taking cash only during the months I was doing the mortgage process. I had to write letters about deposits over a certain amount that were not Work related direct deposits, so Imagine money from flipping sneakers or other hustles, because even if you have good liquid money, those still do not show as being your actual income, so unless you are buying cash that aint gonna work really.

 

[willie mcfly22]

Fellas, tell me. How do your shoe collections look? Would you be open to part with it if needed? I had to liquidate all my pairs to get my start. Pairs I purchased on my own while working a job during high school. There are so many creative ways to raise capital. I highly suggest reading on BP different methods people use. I can say the only benefit I had when I was getting started was I didn't have any student loans since I dropped out of college my freshman year.

Also, as ekREV98 mentioned, find yourself a mentor.

"Success not shared is failure."

Yea i did sell some to have a good cushion after all the expenses of deposit, closing, and furniture. I sold about 75 pairs. I still have about 100 pairs but lookin to get down to about 50 by the end of the year... I jus closed on my house last week. Got keys yesterday. Feels damn good and while selling my shoes was hard, I have no regrets after my realtor dropped them keys in my hand...

 

[al audi]

i have under 20 pairs of sneakers an I'm already selling them off, **** is stupid

 

[ekrev98]

Lately i've been buying Common Projects or Tod's...something i can wear casually to meetings or appointments. Work has been keeping me busy so i don't even know when certain shoes drop unless my friends tell me or i see it on IG. Went from looking for the best sneaker deals to finding the best deals on toilets, shower heads, granite, cabinets, etc... hahaha. How the times have changed.

 

[lilchico4life]

willie mcfly22 Congrats on closing! House > shoes any day!


luckyluchiano I know what you mean. Getting financing in the beginning is very difficult. But once you get the ball rolling, it gets easier every time. My lender reaches out to me from time to time to see if I came across any properties that I might need financing for. That is the type of relationship you want to build.

What I would suggest to anyone looking to buy a home/rental in the future is to start depositing money into your account 2-3 years before you decide to buy. The money you saved up from selling shoes or side hustles. Lenders aren't going that far back to see where that money came from.

 

[luckyluchiano]

willie mcfly22 Congrats on closing! House > shoes any day!


luckyluchiano I know what you mean. Getting financing in the beginning is very difficult. But once you get the ball rolling, it gets easier every time. My lender reaches out to me from time to time to see if I came across any properties that I might need financing for. That is the type of relationship you want to build.

What I would suggest to anyone looking to buy a home/rental in the future is to start depositing money into your account 2-3 years before you decide to buy. The money you saved up from selling shoes or side hustles. Lenders aren't going that far back to see where that money came from.

Yea now that i have been through the process with my current home I know now what to do to make the process less stressful.

 

[willie mcfly22]

willie mcfly22 Congrats on closing! House > shoes any day!

.

Thanks fam! LIFE > SHOES...

 

[capital sb]

Fellas, tell me. How do your shoe collections look? Would you be open to part with it if needed? I had to liquidate all my pairs to get my start. Pairs I purchased on my own while working a job during high school. There are so many creative ways to raise capital. I highly suggest reading on BP different methods people use. I can say the only benefit I had when I was getting started was I didn't have any student loans since I dropped out of college my freshman year.

Also, as ekREV98 mentioned, find yourself a mentor.

"Success not shared is failure."

I sold ALL of my shoes to get my house.Took my shoes to roundtwo got a 2.8K check. I had 2K needed 5K for my first payment due at signing for my 10K earnest deposit. Well worth it wouldn't hesitate to do it again.

 

[monstar]

Yea i did sell some to have a good cushion after all the expenses of deposit, closing, and furniture. I sold about 75 pairs. I still have about 100 pairs but lookin to get down to about 50 by the end of the year... I jus closed on my house last week. Got keys yesterday. Feels damn good and while selling my shoes was hard, I have no regrets after my realtor dropped them keys in my hand...

Question for rock did you both sale on ebay or take it to a cosignment shop?

 

[bluntobject50]

Question for both did you both sale on ebay or take it to a cosignment shop?

Beezy answered that in the post...

 

[capital sb]

I went to Round Two RVA it's a consignment shop. They have a location out in cali now. I just brought all my shoes to them negotiated for about 10mins, they cut the check and I was out.

 

[willie mcfly22]

Yea i did sell some to have a good cushion after all the expenses of deposit, closing, and furniture. I sold about 75 pairs. I still have about 100 pairs but lookin to get down to about 50 by the end of the year... I jus closed on my house last week. Got keys yesterday. Feels damn good and while selling my shoes was hard, I have no regrets after my realtor dropped them keys in my hand...

Question for rock did you both sale on ebay or take it to a cosignment shop?

Facebook shoe groups for me. Luckily there was a reseller who bought most of mine in 3 different transactions...