Home Buying & Real Estate Thread

[HEATHEN]

Man I want to cop a crib in LI but those property taxes and home prices are OD.


Prolly looking at suburbs around Houston, Austin, Dallas, Atlanta, OKC. Lot of up and coming markets for young first time home buyers.

I'm in PHX right now but I hate it out here.

What are some other places to consider? Also anyone making the move to any of thr aforementioned places from more expensive cities?

Ideally I want to choose a market where prices are low now and eventually appreciate in 15-20 years.

 

[dam itz lou]

Man I want to cop a crib in LI but those property taxes and home prices are OD.


Prolly looking at suburbs around Houston, Austin, Dallas, Atlanta, OKC. Lot of up and coming markets for young first time home buyers.

I'm in PHX right now but I hate it out here.

What are some other places to consider? Also anyone making the move to any of thr aforementioned places from more expensive cities?

Ideally I want to choose a market where prices are low now and eventually appreciate in 15-20 years.

The taxes in LI are just :x

I was looking at homes in west babylon,deer park,lindenhurst, and the taxes are anywhere from 7k-12k a year but of course the houses I really like are closer to 12k.

 

[crcballer55]

 

Depends on your area. Here, there are literally lenders everywhere, so you can ask a friend for a recommendation, and start interviewing people. Another option is Zillow. You should also decide if you want a direct lender (uses their own money), or a broker and whether you like the idea of them selling your loan to Fannie Mae/Freddie Mac (investors), or if you are more comfortable with them keeping the loan in house.

FYI... From personal experience, if a lender sells the loan to a large bank (Chase, BoA, Wells Fargo, etc.), I would be hesitant to work with them even if the rate is slightly lower. After working at an REO company for a large bank, you'll have to bend over backwards to get anything done if something goes sideways.

I honestly would rather deal with Chase since I bank with them but im all about saving money if im getting good value. I definitely don't want to deal with a bad company to save a few bucks.

I'm looking into buying a co-op in the Lindenwood area of Howarch beach in NYC. I really want a house but it's just too expensive right now and I don't want to be stressed about money. I'm tired of throwing away money on rent. I'm hoping to start looking at the beginning of spring.

Trust me, they don't care if you bank with them or not. Sometimes it was like pulling teeth to get people in the same department to talk with one another, let alone across divisions.

Finally starting to think about getting a home. Trying to decide between getting a physician loan about 5% down and no pmi with slightly higher interest (would only get if it was fixed no way am i doing an arm) vs taking some more time to save up the 20% and get a coventional loan.

Looking at a home around $1,000,000. Have at least 6 months emergency fund but putting all extra money now towards student loans so no real down payment. So the decisoon is put about 10k a month for 20 months towards a down payment and less to student loans or get a low down payment physician loan in the very near future

LOL... I think you know the answer to your questions. Dave would tell you to keep living like a med student and pay off your loans (ideally using your EF to help, then working on the down payment.

FYI... look into a program called "Homes for Heroes". They are Realtors that work with soldiers, teachers, & doctors and give a 1% rebate back on their fees.

 

[utvol23]

Trust me, they don't care if you bank with them or not. Sometimes it was like pulling teeth to get people in the same department to talk with one another, let alone across divisions.



LOL... I think you know the answer to your questions. Dave would tell you to keep living like a med student and pay off your loans (ideally using your EF to help, then working on the down payment.

FYI... look into a program called "Homes for Heroes". They are Realtors that work with soldiers, teachers, & doctors and give a 1% rebate back on their fees.

Lol yea I think I am very sure what he would say but I also am tired of renting and putting a good chunk of change to rent each month. My tax rate is so high the mortgage would be somewhat of a tax break vs renting. Hitting the loans hard but having to wait a few more years to pay off the MASSIVE loans and get a down suitable downpayment is wearing on my patience. Im ready to own my own home

THanks for the heads up on the Homes for Heroes program I will look into it.

 

[dipsetgeneral]

Tryna' get a condo in Massachusetts. Small condo. Not too concerned about the size really. I wanna live by myself.

 

[flyny]

Thoughts on a 25 year old emptying out a 401k for a home down payment?

 

[crcballer55]

Thoughts on a 25 year old emptying out a 401k for a home down payment?

 

[mr jordan04]

Thoughts on a 25 year old emptying out a 401k for a home down payment?

How much you have?

I mean, depending on the amount you have saved. You're barely 25, you still got a long longer to work.

If you were 45 and asking this same question, I would say hell no

 

[keel252]

So my girl bought a house a year ago. If she decides to move, should she flat out try and sale or just keep it and rent if out? Which would be more profitable?

 

[fontaine]

I been doing some research because I was thinking about copping a condo or small house here in Texas...

With the real estate value here not escalading as quickly as it does on the coasts...

It really doesn't seem like the best investment...

Seems like I would do better just renting and dumping the would be costs into REITs...

A home's utility wouldnt be fulfilled by me being 25 with no kids and possibility of moving in the next 3 years...

 

[nazdrowie]

Khan Academy's Intro to Mortgage Loan

 

 

[HEATHEN]

HOA's.


AZ is absolutely infested with HOA's and I'm not really cool with paying fees (**** property taxes are high enough as it is in most places without having to pay extra fees) and letting other people govern what I do with my property. I don't want to have to run it by anyone if I want to do renovations or build something on my property, it's my **** I want to do what I want.


That said, is there any upside to living in a HOA? Anyone in one now?

 

[AZwildcats]

HOA's.


AZ is absolutely infested with HOA's and I'm not really cool with paying fees (**** property taxes are high enough as it is in most places without having to pay extra fees) and letting other people govern what I do with my property. I don't want to have to run it by anyone if I want to do renovations or build something on my property, it's my **** I want to do what I want.


That said, is there any upside to living in a HOA? Anyone in one now?

True, in lucky my neighborhood doesn't have a HOA. My old one did and they sucked. Micromanaging the hell out of the place while collecting some ridiculous fees

 

[HankHill]

So my girl bought a house a year ago. If she decides to move, should she flat out try and sale or just keep it and rent if out? Which would be more profitable?

1. Is it in an area with good rental turnover? i.e. People would consistently want to rent in that area.
2. Does she have money for buying her next home?

 

[crcballer55]

So my girl bought a house a year ago. If she decides to move, should she flat out try and sale or just keep it and rent if out? Which would be more profitable?

There are multiple factors to consider. For one, what have prices done? What's the market outlook? What state/city is it in? How are the eviction laws should the tenants not pay or you need to move them out?

 

[heliumclinton]

So my girl bought a house a year ago. If she decides to move, should she flat out try and sale or just keep it and rent if out? Which would be more profitable?

If it's in the south, sale.

North or West, rent.

 

[jjs07]

There are Pros and Cons to having a HOA.

Yes, you do have to get certain things approved as far as exterior renovations...but I personally think the pros outweigh the cons. In our neighborhood, the HOA dues take care of the grounds (which are ALWAYS well manicured), pool maintenance, clubhouse upkeep, etc.

However, I know a lot of people in my neighborhood were pissed when they got letters basically demanding them to change the color of their decks so that everything is uniformed.

We do have community meetings every month, so everyone does have a voice to speak up if you are unhappy with things in our neighborhood.

 

[ihatemyshoes]

Bought a home in East Oakland and been living here the pass few months and I love it here....beside just own my own proptery, I enjoy better weather, bigger backyard ...and my mortgage payment and insurance total cost less than my rent in the city ...

If anyone has question regarding VA loan, just shoot me a PM ...

 

[monstar]

Bought a home in East Oakland and been living here the pass few months and I love it here....beside just own my own proptery, I enjoy better weather, bigger backyard ...and my mortgage payment and insurance total cost less than my rent in the city ...

If anyone has question regarding VA loan, just shoot me a PM ...

Congrats my man, on the purchase, did you grow up in the town, or near it?

Ive been thinking about doing this as well, as there are some good pockets of neighborhood over there

 

[HEATHEN]

There are Pros and Cons to having a HOA.

Yes, you do have to get certain things approved as far as exterior renovations...but I personally think the pros outweigh the cons. In our neighborhood, the HOA dues take care of the grounds (which are ALWAYS well manicured), pool maintenance, clubhouse upkeep, etc.

However, I know a lot of people in my neighborhood were pissed when they got letters basically demanding them to change the color of their decks so that everything is uniformed.

We do have community meetings every month, so everyone does have a voice to speak up if you are unhappy with things in our neighborhood.

Does the HOA pocket any fees for profit?

Also do HOA's from community to community attract a certain kind of race or religion?

I dont want to accidentally move to a HOA that isn't diverse.

 

[jjs07]

There are Pros and Cons to having a HOA.

Yes, you do have to get certain things approved as far as exterior renovations...but I personally think the pros outweigh the cons. In our neighborhood, the HOA dues take care of the grounds (which are ALWAYS well manicured), pool maintenance, clubhouse upkeep, etc.

However, I know a lot of people in my neighborhood were pissed when they got letters basically demanding them to change the color of their decks so that everything is uniformed.

We do have community meetings every month, so everyone does have a voice to speak up if you are unhappy with things in our neighborhood.

Does the HOA pocket any fees for profit?

Also do HOA's from community to community attract a certain kind of race or religion?

I dont want to accidentally move to a HOA that isn't diverse.

Forgot to mention that our HOA fees go towards community BBQs, neighborhood parties (wine/cheese nights), movie nights, etc....

Compared to my old neighborhood, it's night and day. I don't mind what I'm paying because so far, it seems well worth it.

As far as the racial makeup of a certain community, you'd be best served doing your research on EVERYTHING before signing the papers to buy a home. Look up schools, test scores, median income, foreclosures, comps, etc. All those factors should weigh heavy on your decision. All of those things I mentioned play a part in the appeal to different demographics.

My #1 reason for buying where I did were the public schools. Our neighborhood school is nothing short of fantastic. We place a high priority on our daughter's education.

 

[ihatemyshoes]

Congrats my man, on the purchase, did you grow up in the town, or near it?

Ive been thinking about doing this as well, as there are some good pockets of neighborhood over there

nah, i grew up in the city most of my life, lived all over San Francisco (Tenderlion, Vis Valley, Richmond, Sunset) . My girls from Oakland and i have friends that from Oakland.  Buying a house didn't even crossed my mind last year but i was just curious and was snooping around zillow and other real estate website, but when i started seeing brick home from sunnydale project going on the market for 500k, i told myself i gotta move out of the city, its getting crazy expensive here and there to many hipster out here now. It not the City i grown up to know... it changed alot.

Your right there pockets of good neighborhood in Oakland, If you looked at the map of Oakland and S.F side to side, Oakland goes pass SFO ...I will just stay toward the 580 side of the town  if your planning to buy a crib in East Oakland, but if you have money North and West Oakland the hot spot right now, East Oakland going along slowly because it the biggest of of those 3.

--i gotta say since living here in the Town, i starting to believe the media just give Oakland alot of bad rap...

 

[miamiboy]

Subscribed to this thread.

 

[keel252]

1. Is it in an area with good rental turnover? i.e. People would consistently want to rent in that area.
2. Does she have money for buying her next home?

1. Literally brand new neighborhood like she was one of the first here. So idk really what others are currently doing. Being that it's in Durham, near the medical research area and alot of hospitals. Her agent said a lot of people are going for their doctoring and trying to finish their residents. So I was thinking they would be the perfect people to market to for renting.

2. Well we are getting more serious so the talk is staying here another 2 or 3 years then moving to Raleigh. So we would be buying together.

There are multiple factors to consider. For one, what have prices done? What's the market outlook? What state/city is it in? How are the eviction laws should the tenants not pay or you need to move them out?

1. The market price has not moved yet bc this being such a new area.

2. Durham, NC and trying to move back to Raleigh.

3. No clue about that info.

If it's in the south, sale.

North or West, rent.

South. But the city is really trying to build and market the city to the young professional crowd.

 

[heliumclinton]

Hmmm yeah then scratch what I just said. If it's near school then rent that b out. Personally I own a home in Columbia, South Carolina 5 minutes from Uni of SC that I rent out. I also said that even if I don't retire and move to SC then at least my children will have a home that I own to fall back just in case of emergencies. If she does decides to rent it's good she has a man around to help with being a landlord (no feminist )

If it was in a rural area I would say sell and sell now because it seems like everybody North is moving South