Home Buying & Real Estate Thread

turbospartan said:
Most of the Ford plants aren't really in livable areas. Rouge plant is in the industrial hood. Michigan Assembly is in Wayne which isn't bad, but is a somewhat depressed area. Corporate HQ is in Dearborn, which has very nice areas and gets sketchier the closer you get to Detroit border. Most corporate employees probably aren't looking for rentals either.

I'd say either look in Detroit near Wayne State (but this is a competitive area) / midtown / downtown, or some of the "hip" suburbs like Royal Oak, Ferndale, etc. All depends on what you're looking for, as well.

That all said, if you think the housing market is cooling off (which I agree) - you should prob hold off. Michigan will be hit a lot harder than most other areas, if it plays out like 2008. So many workers are tied to the automotive industry that it can be felt everywhere, and its looking like the automotive sector isn't doing so hot lately. GM just announced they're laying off like 15k salaried employees.
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Thanks for all of your help. I'm leaning towards "hip" suburbs. When I'm out in the area scouting I'll PM you, we can do some food and drinks...on me of course :smile:

Damn, market looking bad out there. Tons of properties selling and/or foreclosing. Yummy! (sorry, I don't wish loss of shelter on anyone, but its good for me)
 
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stork said:
What's your expected ARV?
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These upgrades are actually the result of an insurance claim. Hot water line busted while we were on vacation for 11 days. Total insurance claim for just the contractor rebuild is $62k. Doesn't include $6k for the new furnace and hot water tank, $13k for ServiceMaster cleanup / restoration, probably $5-10k worth of personal belongings, etc.

Basically gives my wife the blank slate to re-do some things. Getting all new floors upstairs (the high humidity in the house caused them to buckle in spots) which are half done. Upgraded kitchen because the water wicked up the wall in the basement, behind our sink / cabinets - so they had to pull those off to re-do the drywall behind. Pulling the cabinets meant that they had to remove our granite tile countertops (tile sucks) and backsplash, so we are getting quartz. What was a previously 100% finished basement, is currently gutted. So once re-finished it will have "new" 2 bedrooms, full bathroom, and the living room area (which we had previously, but now it will all be brand new).

As far as the value after repair - no idea. House directly across the street from us sold this past summer for $140k+ more than we paid 3 years prior. That house was completely rehabbed with all new stuff, but after construction - ours will be newer in almost every aspect. So we'll see what happens, hoping that the CO market continues with how it has gone the last 5+ years (at least until late summer).
 
Is it normal to receive a letter from a lender about refinancing soon? Its only been 4 months and they say i may qualify to refinance to get rid of my pmi.
 
I get them all the time from my lender. Only had my loan for a year (quicken loans). refinancing doesnt really make sense for me since i have no pmi. Ill wait till the interest goes below my current rate.
 
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freshpairs said:
Is it normal to receive a letter from a lender about refinancing soon? Its only been 4 months and they say i may qualify to refinance to get rid of my pmi.
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From your current lender or a new lender?

I've never gotten anything from my current lender, but I get **** almost weekly from other banks / mortgage lenders about refinancing (even though they can't beat my current rate)
 
turbospartan said:
From your current lender or a new lender?

I've never gotten anything from my current lender, but I get **** almost weekly from other banks / mortgage lenders about refinancing (even though they can't beat my current rate)
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Its from my current lender. Closed and moved in the house in june but didnt have to make my first official payment until august 1st. So ive only made 4 payments and they sent a letter on friday.
 
freshpairs said:
Says I can reduce my monthly mortgage by $764. My current PMI is $455. Idk if theres a catch, just think its a straight refinance. But 4 months into my loan?
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Damn thats a big PMI payment. They must be re-casting your loan though, for it to drop your payment by $764. Not sure how thats even possible, after 4 months. Usually you can't even drop PMI unless you have your house reappraised and you're now above 75-79% LTV (Loan to Value)

What is your interest rate, and the rate they want to refinance to?
 
turbospartan said:
Damn thats a big PMI payment. They must be re-casting your loan though, for it to drop your payment by $764. Not sure how thats even possible, after 4 months. Usually you can't even drop PMI unless you have your house reappraised and you're now above 75-79% LTV (Loan to Value)

What is your interest rate, and the rate they want to refinance to?
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you guys getting pmi and mip confused. you cant drop pmi at all anymore unless you refinance to a conventional loan. and 4 months isn’t out of the ordinary especially if your state is a no prepayment penalty state. you can literally refinance asap.
 
krazyblunts said:
you guys getting pmi and mip confused. you cant drop pmi at all anymore unless you refinance to a conventional loan. and 4 months isn’t out of the ordinary especially if your state is a no prepayment penalty state. you can literally refinance asap.
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PMI = conventional mortgage, and can be dropped usually with a re-appraisal

MIP = FHA loan, and can no longer be dropped without a refinance
 
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turbospartan said:
Damn thats a big PMI payment. They must be re-casting your loan though, for it to drop your payment by $764. Not sure how thats even possible, after 4 months. Usually you can't even drop PMI unless you have your house reappraised and you're now above 75-79% LTV (Loan to Value)

What is your interest rate, and the rate they want to refinance to?
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Current interest rate is 5%, doesnt say what rate they want to refinance to. And yeah i looked again and it is MIP.
 
Really wish I could buy a home or condo, I have the funds but I'm technically unemployed so I don't think a bank would approve me.
 
Checking in.

What are some good up and coming areas in the DMV? Or college neighborhoods?

Thinking of buying some property out there. I've looked into buying and renovating houses in cheaper parts of NYC (certain hoods in the Bronx), but I don't want to chase people for rent.
 
ballinsam23 said:
Checking in.

What are some good up and coming areas in the DMV? Or college neighborhoods?

Thinking of buying some property out there. I've looked into buying and renovating houses in cheaper parts of NYC (certain hoods in the Bronx), but I don't want to chase people for rent.
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B Sox B Sox might be able to answer that question.
 
Really getting eager to just bite the bullet and buy a house. Only catch is it won't be anywhere near my job. Going to be at least an 1 1/2hr drive one way. Rent is just getting ridiculous and it feels like I'm just throwing money down the drain with no benefit. Currently paying $1700 a month for a 1 bedroom apt.
 
Pshhh, I’m making that same choice but my girl owns the coop we live in now

I have a 10-12min commute to my job right now, longest it took me with traffic is 35min... Where I’m looking now is 45min to my job and from talking to people, it can take about 90min :smh:
 
Thinking of picking up a rental in Memphis...

It’s hard to believe how cheap the housing is (relative obviously).
 
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