The Official Homeowners Thread

[Jimmy from Linkedin]

Anyone have any additional advice for speaking with lenders? I qualify and I just applied for some of these pretty aggressive down payment assistance programs DC has, but I'm kinda when it comes to speaking with them. My realtor gave me an excellent set of questions but I'm still really reluctant to pull the trigger. Any advice would help. I also intend to look this whole thread through and will bump this post when I get back to it.

 

[thaKEAF]

Anyone ever sold their house while in the process of getting a new one?

 

[UserNameless]

Anyone have any additional advice for speaking with lenders? I qualify and I just applied for some of these pretty aggressive down payment assistance programs DC has, but I'm kinda when it comes to speaking with them. My realtor gave me an excellent set of questions but I'm still really reluctant to pull the trigger. Any advice would help. I also intend to look this whole thread through and will bump this post when I get back to it.

Pre Approval is pretty cut and dry ... it’s the deeper process afterward of verifying ability to pay ... make sure you can access and submit to the lender all of the necessary paperwork on time or else you’ll be really pushed to make closing ... sometimes your lender might be slacking in reviewing and processing paperwork . Don’t let them employ the stall tactics of having you produce extra shyt when you’ve already submitted stuff that seems to meet criteria . It’s best not to get contentious if possible , but if you feel like they’re asking for stuff that’s duplicitous, make them give you an explanation as to why the additional paperwork is needed . Sometimes they might try to keep asking for additional shyt because of and also if you’re a younger homebuyer ... but just hold steady and professionally make them give you some sort of rationale for requests that you believe you’ve already met.

 

[Azul]

Anyone ever sold their house while in the process of getting a new one?

I am doing this now. The buying is probably going to happen first (next three weeks or so) then will sell maybe another three weeks after that (fix up my new place in the meantime).

 

[Jimmy from Linkedin]

Made it back through the thread. Lots of really great information in here brehs. I'm going to post it again because I forgot where I got it from but reading through all of this here made me alot more confortable/confident in making this huge next step.

How to Buy a House -- A guide for first-time home buyers

 

[MMA]

Any other multi-owners in here?
What are you doing differently acquiring more properties with the current bubble?
Commercial is even worse with half of these buildings not filled with tenants.

Most people are saying hold off but it seems like a waste of opportunity/time.

 

[Hiesenberg]

Any other multi-owners in here?
What are you doing differently acquiring more properties with the current bubble?
Commercial is even worse with half of these buildings not filled with tenants.

Most people are saying hold off but it seems like a waste of opportunity/time.

Now is the time to sell, not buy.

2-3 years from now the housing market will look like it did in 2008 and 2009. Foreclosures everywhere and banks desperate to dump them. That's when you buy, rent them out to cover the mortgage for 4 years, and then we're right back in a bubble and you sell. Wash, rinse, repeat.

 

[Akata Man Bromo]

cast iron pipes need to be replaced under my crib

 

[Jimmy from Linkedin]

Now is the time to sell, not buy.

2-3 years from now the housing market will look like it did in 2008 and 2009. Foreclosures everywhere and banks desperate to dump them. That's when you buy, rent them out to cover the mortgage for 4 years, and then we're right back in a bubble and you sell. Wash, rinse, repeat.

I'm glad you said it, I've been trying to get someone to sassy that out here in DC but everyone says DC is different, i know it is but I'm not trying to be holding the bag off even a 20k difference if i can help it.

when do you see the bubble popping?

 

[OfTheCross]

cast iron pipes need to be replaced under my crib

what's the estimate? what year is your house?

my shyt from 54 so I might be on that same road

 

[Akata Man Bromo]

what's the estimate? what year is your house?

my shyt from 54 so I might be on that same road

25k 1954

 

[MMA]

Now is the time to sell, not buy.

2-3 years from now the housing market will look like it did in 2008 and 2009. Foreclosures everywhere and banks desperate to dump them. That's when you buy, rent them out to cover the mortgage for 4 years, and then we're right back in a bubble and you sell. Wash, rinse, repeat.

I fully agree but majority of my properties + whom I own it with are in - college target areas which it doesn't make sense to sell. They would only make sense to sell if I know the next economic downfall will change rental prices here which in my case (college students + graduated students) it won't.

other advice I have been given is to start building properties (more returns but longer period) or fixing up damaged properties/reselling (faster roi but more risky in timing).

I'm glad you said it, I've been trying to get someone to sassy that out here in DC but everyone says DC is different, i know it is but I'm not trying to be holding the bag off even a 20k difference if i can help it.

when do you see the bubble popping?

After next election and years to come after it (2020-2022) is my prediction. We will see a continuous small drops and foreclosure first. Banks are preparing themselves this time to take advantage of the situation this time. Look at the current trends with large businesses to see the pattern - layoffs, creating smaller infrastructures, depending on outsourcing. Places like NY with the deep amount of empty new housing.

 

[OfTheCross]

25k 1954

lol, oh, I ain't even realize that was you Bromo...

yeah, man...these old ass South Florida homes always need something



sn: i'm trying to convince my girl to buy a small condo to rent out. An attion $600 a month would come in handy

 

[Akata Man Bromo]

lol, oh, I ain't even realize that was you Bromo...

yeah, man...these old ass South Florida homes always need something



sn: i'm trying to convince my girl to buy a small condo to rent out. An attion $600 a month would come in handy

Breh, my ins company only gave me 8k Im fighting still but I might have to pay the rest of this shyt

 

[Hiesenberg]

I'm glad you said it, I've been trying to get someone to sassy that out here in DC but everyone says DC is different, i know it is but I'm not trying to be holding the bag off even a 20k difference if i can help it.

when do you see the bubble popping?

I know we all hate Donald Trump, but if he loses in 2020 we're looking at a market crash. The candidates running on the democratic side are unfortunately extremely left leaning when it comes to capitalism and "wealth sharing". Their policies are simply not condusive to a thriving economic climate.

If Trump wins in 2020 were still looking at a rough market in 2022/2023. The current trends are not sustainable.

The "value" of my home has magically gone up 60K since last February...this is the wildest economy I can remember.