Black homeownership lower today than national rate during Great Depression
- Thread starter J-Nice
- Start date
Sadly New Yawk. And so expensive. But have family in ATL and Florida and so I've also beem looking there.
@KidStranglehold I'm from the Bronx and still got family in NYC so I know how expensive NYC real estate can be. Just when I start getting capital to invest, developers are buying up property like crazy in the BX.
But I got two multi-family properties here in Philly and I'm getting some investors involved in buying a couple of duplexes as well. Not to mention I'm looking at properties in Camden too (the housing boom is about to take of there, don't sleep on it for my tri-state brehs) The process can be daunting , but if you're serious about this, the time is now to start seriously considering which market to break into before doing anything else.
If you want chop it up some more about this, you can pm me.
But I got two multi-family properties here in Philly and I'm getting some investors involved in buying a couple of duplexes as well. Not to mention I'm looking at properties in Camden too (the housing boom is about to take of there, don't sleep on it for my tri-state brehs) The process can be daunting , but if you're serious about this, the time is now to start seriously considering which market to break into before doing anything else.
If you want chop it up some more about this, you can pm me.
Sunalmighty
Superstar
I understand where you are coming from, which is why I suggest NACA to folks who are having issues obtaining a traditional loan. NACA.COM. my brother in law used it, so did a close friend. no money down, below market interest, no fees, closing costs, no pmi. a lot of our people are uninformed about various programs. with this program, no credit score is required. they monitor your habits and help you get on a budget. it really straightens you out. I don't have that problem. My FICO is 799 and my highest score is 821. my debt with my wife is less than 300.00 total. all of our credit card bills and our car paid off. check out the website. folks have to understand, there are ways to obtain a mortgage but if DTI is terrible and you not handling business you can forget about it
Broke Wave
The GOAT
Sunalmighty
Superstar
He's probably talking about cash reserveLMAO are you fukking serious???
10 grand to buy a house?
America
I bought a home in April and it's not a process I would ever want to go through again. Real Estate is cool but it's a pain in the ass. Realtors, Lenders, Title companies, Inspections...everybody getting a piece. Bank charged me $400 to originate a mortgage, that I'm responsible for paying back with interest. 3 houses fell through after inspection so that was $900 in the hole. One house went through appraisal because I didn't know any better and that was like another couple hundred. I hope to get to a point one day where I can be in a lending position. I wouldn't want people to through all the bullshyt that comes with lending AND the other pieces.
Sunalmighty
Superstar
Fees add up. I had an inspection on a potential home a few weeks back. when we first looked at the house it was lovely. went back for inspection and the kitchen was flooded. we called the owner and he said he was on his way with the contractor . he never showed up . long story, I grew not to trust the owner and terminated during the due diligence period. 325 to the home/termite inspection. I have an inspection tomorrow , same guy. cut me some slack and gave a nicca a discount
I actually live in Rockland county which is very close to NYC. I want to start in Rockland but my dream is NYC. And yeah I heard about the Bronx. And true the tri-state is booming which is why it is important for us to OWN property.
Interesting you say this as I recently been PMing MANY posters on investing, stock, real estate, etc.
Did you check out my stickied real estate thread? Anyways when I get to a computer I will pm you.
It really depends on the cost of the house. You'll still want some money in the bank for fixing things. Could be as little as buying paint and some furniture or renovation costs. That's going to be up to you. $5000 is a good number to start with but you could burn through it fast. Here are some things I remember needing to have money for:
Earnest Money: - $500+
Inspections: - $200+
Appraisal: - $300+
Closing Cost: 2-5% of the purchase price
I feel you and I agree. But this problem of blacks being denied housing goes back generations and with the advent of gentrification and wealth being wiped out during the housing crisis, it's become an even bigger problem for black folk to find adequate housing. Unfortunately when it comes to us, there is a history of discrimination when it comes to being denied loans and credit to even buy a house in the first place (I know this through my own experience).
Broke Wave
The GOAT
Bro even then, that is not nearly enough
Sunalmighty
Superstar
They really began fukking niccas over after WW2 when they only allowed black folks to use a small percentage of the GI bill. I'm hoping I'm saying that right. black neighborhoods don't even build equity lIke others. look at PG Maryland .
Wow! Good thing they flaked though, probably not a property you wanted to own anyway. No telling what else they didn't take care off. The one property had 3 layers of material on the roof, which meant I was disqualified from getting homeowners insurance, which was a condition of obtaining the mortgage. Then they were like "well you can get it, but you need to promise to have the roof replaced within 30 or 60 days or something like that. Like who moves into a new home with visions of replacing a roof?!? Nah b, I'm good.
Sunalmighty
Superstar
Yeah if you apply for a Mortgage that requires a 20% down payment you're screwed . niccas need to look into grantsBro even then, that is not nearly enough