NT Homeowners and Future Homeowners Thread

[mplsdunk]

i'm thnking of buying a house because it's cheaper than renting and i'll just rent it out when i move. how much do you need to put up for a down payment?

 

[retrospect90]

Think I'm buying land, within Brooklyn and Manhattan and building a new home to my specifications. A lot cheaper than buying pre-owned buildings and houses here in New York.

No one never really looks into BUILDING brand new in New York. 

Do you know where I can go with more info about that?

 

[mel610]

i'm thnking of buying a house because it's cheaper than renting and i'll just rent it out when i move. how much do you need to put up for a down payment?

Traditionally you are supposed to put down 20%. There are also FHA loans that only require as little as 3.5% but if you go that route you would have to pay monthly PMI fees.

 

[mplsdunk]

damn i don't have 20k or more laying around. i'll just rent for now and stack my money until i can buy something. i really just want to own a few houses that i rent out so i can live for free.

 

[gustavo fring]

Does anyone have any experience with the short sale process? I would love to hear the experiences of others.
 

I am currently in the market to look for a new house. I haven't looked at any short sales, but I did inquire about it with the loan officer when I got my pre-approval from the bank.

Basically there are two types of short sales, approved short sale, and your regular short sale. The approved short sale means that the seller has already gone to the bank and worked out a deal with them on a selling cost of the house. In this instance, you would just have to deal with it as you would a normal listing. I was told however, that most short sales are not the approved ones. The most common short sale, is the one where the seller comes up with a number in their head that they think would suffice, and they list the house as that. Then once you are interested and make an offer, they then approach their bank with this new deal. The loan officer said this is similar to the seller essentially trying to strong arm the bank into taking that deal, which is why it often takes so long, as the banks, despite wanting to get some sort of return, are in no hurry to help somebody that is basically giving them a take it or leave it proposal.

 

[the nomad]

You have to look into location, price varies per square foot, design, zoning permits and permissions and taxes. It helps to have a friend draw up the architectural plans, and buy the materials yourself, and hire a mom and pop licensed contractor. 

Like I said, there's no place to look because people are interested in the trend of buying historic buildings, they spend more on the upkeep of these relics than it costs to tear down and start new.

Currently executing a 5 year plan for the capital needed to build, a lot of these hipsters here in Brooklyn are buying wastelands with grants and building "green homes" made out of recycled materials and living TAX FREE. It's the "latest" trend.
 

 

[thunderchunk69]

 Does anyone have any experience with the short sale process? I would love to hear the experiences of others.

 

My wife and I are new homeowners.. Actually, it'll be 4 years in Oct. so not sure we can still call ourselves "new" homeowners.. But we also looked at foreclosures because they were just being offered at crazy good deals... we must have looked at about 5 different houses before we found our home.. 

were do you find foreclosures, my dude told me he had to pay for a website with them.

 

[gustavo fring]

You have to look into location, price varies per square foot, design, zoning permits and permissions and taxes. It helps to have a friend draw up the architectural plans, and buy the materials yourself, and hire a mom and pop licensed contractor. 

Like I said, there's no place to look because people are interested in the trend of buying historic buildings, they spend more on the upkeep of these relics than it costs to tear down and start new.

Currently executing a 5 year plan for the capital needed to build, a lot of these hipsters here in Brooklyn are buying wastelands with grants and building "green homes" made out of recycled materials and living TAX FREE. It's the "latest" trend.
 

I was about to quote your previous post about just buying land in BK or Manhattan and building a new house and ask you what the hell you are talking about, where does this land magically appear from. But from this post it seems like you've done some research into it.

Where exactly are these hipsters buying land in BK? What are the costs of buying the land and building from scratch vs buying existing housing? And are you referring to buying a rundown place, knocking it down and starting from scratch? Or is it land that had a different use prior?

 

[rarefiedair24]

were do you find foreclosures, my dude told me he had to pay for a website with them.

Not at all bro'.. my wife and I were constantly on USHUD.com, Realtor.com, and zillow lists some of them as well.. GL!

 

[mel610]

were do you find foreclosures, my dude told me he had to pay for a website with them.

You can find foreclosures on all of the typical realty sites (realtor.com, redfin.com etc.) it is usually stated in the description that it is a foreclosure or "bank owned".

 

[thunderchunk69]

were do you find foreclosures, my dude told me he had to pay for a website with them.

Not at all bro'.. my wife and I were constantly on USHUD.com, Realtor.com, and zillow lists some of them as well.. GL!

he said he got them before those sites, he has a realtor's license also.
and thank you for the GL!

 

[control are]

Started looking into the home buying process early this year. Nothing serious, just visiting open houses in our target neighborhoods to get an idea of prices and such.

Lots of good info being posted here that I wasn't aware of...will look into NACA
 

 

[6 Rings G.O.A.T.]

*bookmark*

Future homeowner!! (one day)

 

[the nomad]

Where exactly are these hipsters buying land in BK? What are the costs of buying the land and building from scratch vs buying existing housing? And are you referring to buying a rundown place, knocking it down and starting from scratch? Or is it land that had a different use prior?

They're buying old lots, people sell EVERYTHING here by the square foot. You can buy ONE ROOM in someone's home and pay taxes on it (silly as it sounds). 
People buy old factory parking lots, landholders my purchased buildings that we burned down and now they own the lot in a undesirable part of town.

A lot of people who come from money are moving out of Manhattan into Brooklyn because it's young an trendy. Williamsburg is "IT" right now, if you can't afford WB then Bushwick or parts of DUMBO that are still crime ridden or minority dominated. It's be gentrified exponentially as of late. 

 

 

[crcballer55]

 Does anyone have any experience with the short sale process? I would love to hear the experiences of others.

 

My wife and I are new homeowners.. Actually, it'll be 4 years in Oct. so not sure we can still call ourselves "new" homeowners.. But we also looked at foreclosures because they were just being offered at crazy good deals... we must have looked at about 5 different houses before we found our home.. 

were do you find foreclosures, my dude told me he had to pay for a website with them.

A local realtor in your area will likely be able to set you up with automatic updates with Foreclosures, Short Sales, or Standard Sales in your area.

If anyone in Orange County, CA is interested, contact me and we can try setting you up if you're looking for a home.

 

[gustavo fring]

They're buying old lots, people sell EVERYTHING here by the square foot. You can buy ONE ROOM in someone's home and pay taxes on it (silly as it sounds). 
People buy old factory parking lots, landholders my purchased buildings that we burned down and now they own the lot in a undesirable part of town.

A lot of people who come from money are moving out of Manhattan into Brooklyn because it's young an trendy. Williamsburg is "IT" right now, if you can't afford WB then Bushwick or parts of DUMBO that are still crime ridden or minority dominated. It's be gentrified exponentially as of late. 

 

Interesting.

Going back to what you were saying earlier about the land grants and living tax free. They getting breaks for living green? Or due to the types of land that they're buying?

 

[squatchnt]

I don't see how anyone is getting a 1.10% interest rate.
We just bought in March. First home (short sale) fell through, so when we found (and both liked) our current house we jumped on it. Our house is much more expensive than the first spot, but the first spot had HOA and maintenence fees around 300 per month, as opposed to 300 per quarter now.
Luckily, my credit is pretty solid (mid 700's) my wifes is pretty decent (low 700's) and we got pretty lucky with an interest rate of 3.75%. We also put 10% down and covered closing costs. Our area was one of the least hard hit by the recession, and home prices are still ridiculous.
Like a few have said, you better factor in that water pump that goes out, or the new fridge you'll need, as something always goes wrong when you buy a house as opposed to having it built. Also, make sure you know about HOA fees, maintenance fees, etc.

If I remember correctly, after you've owned your property for a year you can re-finance with NACA and get similar rates as well as reduced closing costs. I wasn't able to re-fi with them but they helped me get a modification from my lender. I bought in 2005 right before the *** dropped out of the market. Thanks to NACA and MHA - Making Home Affordable, I was able to get a 2% rate. It's a good program to look into. 

 

[the nomad]

Interesting.

Going back to what you were saying earlier about the land grants and living tax free. They getting breaks for living green? Or due to the types of land that they're buying?

BOTH

 

 

[mel610]

I wanted to add that when you are looking for houses to play close attention to the taxes on the property. It may seem like you can afford the property just based on the listing price but the taxes play a HUGE role in affordability.

 

[josebronx]

 

[datznasty]

I wish I knew about that program. I'm getting RAPED on PMI. I found out how it;s figured, did the math, and called US Bank on it but they swear it's the correct amount. I did get a free 3.5% (about $5600) grant from this 1st Time Owners grant program, but I think I want to get back in the city now and if I sell before 5 yrs, I have to pay it back

 

[betweenthebars]

Think I'm buying land, within Brooklyn and Manhattan and building a new home to my specifications. A lot cheaper than buying pre-owned buildings and houses here in New York.
No one never really looks into BUILDING brand new in New York. 

Where in Manhattan especially are you buying land and what is your budget for building new?

 

[crcballer55]

I wanted to add that when you are looking for houses to play close attention to the taxes on the property. It may seem like you can afford the property just based on the listing price but the taxes play a HUGE role in affordability.

The age of the property also plays a big roll too. The older it is, the more repairs you'll likely need to do on it. Same thing with land too. The more you have, the more time & maintenance it takes.

 

[hombrelobo]

he said he got them before those sites, he has a realtor's license also.
and thank you for the GL!

I believe your friend is talking about Forclosurewatch.com It will give you course house auction property info before the sale date so you can prepare. I've used if before for potential renovation properties.

 

[jayhood23]

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