Real Estate Thread

[Yinny]

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[Yinny]

Just bushed a client yesterday felt good.


Submitted an offer today, made so much progress with this client so I hope theirs is accepted! Keeping my fingers crossed for them. *praying hands*

 

[Excellenceofelegance]

Quick question I’m new to this real estate stuff when you put a down payment of 3-5% does that mean the home would have to be your primary residence atleast for that year ?

 

[Rawtid]

Quick question I’m new to this real estate stuff when you put a down payment of 3-5% does that mean the home would have to be your primary residence atleast for that year ?

Yes, usually the terms/requirements of an FHA loan state buyers have to reside in the home for a year.

 

[Excellenceofelegance]

Yes, usually the terms/requirements of an FHA loan state buyers have to reside in the home for a year.

Got you, thanks for that

 

[Cynic]

Damn, so you lost like $715/mo? That sucks. That's why I want Real Estate to be part of my ultimate portfolio (hopefully), but I don't want to flip or be a landlord. I've been researching owner financing, which is like being a landlord, but you don't own it, just collect mortgage. Also want to focus on condos on homes you can turn into a duplex/coop. Smaller spaces mean less expensive updates and a co-op situation means double the payments. I still have a lot to learn about it and I'm still broke, but in my head it sounds good.

Ding ding!

 

[Yinny]

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[blizzard man]

is it worth it to get a real estate license or whatever just to have in your back pocket just in case

would anyone recommend taking courses or getting licensed as a means to learn more about how to start investing in real estate? or is that two different paths?

 

[Amerikan Melanin]

Anyone actually do real estate investing for a living here?

 

[Rawtid]

is it worth it to get a real estate license or whatever just to have in your back pocket just in case

would anyone recommend taking courses or getting licensed as a means to learn more about how to start investing in real estate? or is that two different paths?

It can be expensive to maintain a license, so I wouldn’t suggest getting it unless you’re actually using it in some way. You don’t need it just to invest in real estate, but could be helpful as you become more savvy.

 

[Orange cream shake]

Delusional clients are the woat. Client who wants a house, I told her she isn’t ready. Literally made her talk to the lender who told her the same. Giving me issues with rentals (doesn’t want to do a specific type of credit report) and texts me this am to check out a house for her...to.buy. NO- have you just missed all these convos?

Girl...super delusional people out here making $16 dollars a hour trying to get 500k loans.

I had preapprovals before I signed with my agent so she knew what I was working with. I flat out told my agent to hold off until prices go down so we are both on the same page. I know how shady realtors and sellers are. We are both black. There aren’t many black realtors here and I know how listing agents like to pick and choose. I rather buy a home when I’m not going against 10 other buyers.

 

[Yinny]

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[Yinny]

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[morris]

Don't know if I should start a new thread or keep it here; this will be for NYC ownership (no rental):

1. Bets way to get pre-approved (my bank?)?
2. Best lender?
3. Do condos/co-ops/HDFC's allow FHA 203 loans (I think it's NO for HDFC)?
4. Best place to get PMI (bank or elsewhere)?

These are rudimentary questions and I know one size does not fit all but looking to get the basics down packed. Prices are not exactly down in the city (and may not be until the Fall) but looking t be prepared should the opportunity arise.

Thanks in advance.

 

[Orange cream shake]

Don't know if I should start a new thread or keep it here; this will be for NYC ownership (no rental):

1. Bets way to get pre-approved (my bank?)?
2. Best lender?
3. Do condos/co-ops/HDFC's allow FHA 203 loans (I think it's NO for HDFC)?
4. Best place to get PMI (bank or elsewhere)?

These are rudimentary questions and I know one size does not fit all but looking to get the basics down packed. Prices are not exactly down in the city (and may not be until the Fall) but looking t be prepared should the opportunity arise.

Thanks in advance.

Go through a mortgage broker. There is no best lender right now it’s about the best rate. You can do a 203 on a condo I believe. And last time I check if you paying pmi the bank determines that not you. Good luck.