Decade After Housing Peaked: Owners Richer, Renters Hurting
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Anyone know anything about NACA and their process of buying a home without a down payment or closing costs?
Haven't heard of that but I know that most banks want talk to anyone that doesn't have anything to put down. Do a FHA loan. 3.5%down and you gotta have a 720 credit score if I'm not mistaken. Also take advantage of any first home buyer mortgages.
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How does buying a foreclosure work?
Best bet is pre-foreclosures. With foreclosures you're dealing with ? that work at the bank. Pre-foreclosures you're dealing with the actual homeowner. 1 piece of advice, you have to have to have to be able to empathize or at least come off like that. I fake it cuz I really don't give a ? . Pre-foreclosures lists are you best bet and then mailing campaigns when you get them. -
what about first time buyers with decent credit?
FHA loan. 3.5% down. Alot better than 20% down. -
EmM HoLLa. wrote: »not_osirus_jenkins wrote: »Hey, Whoever wrote that article is an ? and doesn't know what they're talking about. It's not about how much money you have to put down on a house. It's about that credit score. I can get anyone on this forum to meet the requirements for an FHA loan that only requires 3.5% down payment on a home.
Foreclosures are akin to gold my ? . Buy them while you can. To put it into perspective, a 300k house is about to be foreclosed on for a say 90k debt. Foreclosures stay on credit reports for up to 7 yrs unless bankruptcy, but who wants that on the credit report right? You offer that person the full 90k and some restart money say 35k. That's 125k investment for a property that's worth more than twice that. Other people's Debt can make you a millionaire.
Can we get more detail into this?. How do you go about making such an offer to a homeowner that is going through foreclosure?.
1.Pre-foreclosure list
2. Once you have that list, mailing campaign. Pretty much; I know times are difficult and this is a sensitive situation. I'd like to offer my services whether it's getting you a new mortgage (never done that) or purchasing your home before its foreclosed upon. Yadda Yadda yadda, sincerely me
3. You'll get that call
4. Go see the home find out the details about how much they owe.
5. Find out how much the house is worth/rents for.
6. Make an offer
7. Secret ? . I swear I should be charging for this. Most of the time I'll get a foreclosure and do seller financing back to the original owner. Seller financing you become the bank, you set the terms and interest rates. So one was, I paid 75k for a foreclosure on a house that was worth 185k. I took a payment of 25k down and they pay 1000 in rent per month 30 yr fixed, balloon in 5. Remember I only paid 75k for this place already got 1/3 of that back and in a few years all of that will be a hell of a profit. Long term ill make about 95k-105k, or if they refinance they can pay me out sooner in a lump sum. Tons and tons and tons of ways to make smart real estate mobes. -
*moves
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babelipsss wrote: »Start small. Buy empty lots, boarded up houses, storefronts in low income areas. Research the address, contact the owners and make an offer. Stick with it and eventually you will strike gold.
That commercial property ? is a ? tho don't you think? And there is no guarantee that the low income neighborhoods will be anything but. -
Never turn your nose up at anything. Owning property is owning property. Buying a vacant lot for a couple thousand cash is a smart investment even if you have no immediate plans. There is a lot of land opportunity in the poorest of neighborhoods. One man's trash is another man's treasure the truest of sayings.
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Where I live now, to rent a decent house in a good neighborhood is at least 1100 to 1500 dollars. With the VA loan, no down payment, and the seller taking care of closing costs, I was lucky enough to get a home in the same neighborhood for under 900 which includes home owner insurance and taxes. Also the interest rate was about 3.3% and I got 1500 back at closing due to credits. As a first time home owner, it definitely feels good to be able to customize a home the way you want to and not deal with an intrusive landlord.
What's crazy is that I didn't even know I qualified for the VA loan, due to me only being in the Reserves and I was never deployed, but I applied for my certificate of eligibility and it was granted. -
bigduece69 wrote: »Where I live now, to rent a decent house in a good neighborhood is at least 1100 to 1500 dollars. With the VA loan, no down payment, and the seller taking care of closing costs, I was lucky enough to get a home in the same neighborhood for under 900 which includes home owner insurance and taxes. Also the interest rate was about 3.3% and I got 1500 back at closing due to credits. As a first time home owner, it definitely feels good to be able to customize a home the way you want to and not deal with an intrusive landlord.
What's crazy is that I didn't even know I qualified for the VA loan, due to me only being in the Reserves and I was never deployed, but I applied for my certificate of eligibility and it was granted.
As long as you served it don't matter. That's how I got my crib, but I was regular Navy but you signed them papers, they owe you that much -
not_osirus_jenkins wrote: »EmM HoLLa. wrote: »not_osirus_jenkins wrote: »Hey, Whoever wrote that article is an ? and doesn't know what they're talking about. It's not about how much money you have to put down on a house. It's about that credit score. I can get anyone on this forum to meet the requirements for an FHA loan that only requires 3.5% down payment on a home.
Foreclosures are akin to gold my ? . Buy them while you can. To put it into perspective, a 300k house is about to be foreclosed on for a say 90k debt. Foreclosures stay on credit reports for up to 7 yrs unless bankruptcy, but who wants that on the credit report right? You offer that person the full 90k and some restart money say 35k. That's 125k investment for a property that's worth more than twice that. Other people's Debt can make you a millionaire.
Can we get more detail into this?. How do you go about making such an offer to a homeowner that is going through foreclosure?.
1.Pre-foreclosure list
2. Once you have that list, mailing campaign. Pretty much; I know times are difficult and this is a sensitive situation. I'd like to offer my services whether it's getting you a new mortgage (never done that) or purchasing your home before its foreclosed upon. Yadda Yadda yadda, sincerely me
3. You'll get that call
4. Go see the home find out the details about how much they owe.
5. Find out how much the house is worth/rents for.
6. Make an offer
7. Secret ? . I swear I should be charging for this. Most of the time I'll get a foreclosure and do seller financing back to the original owner. Seller financing you become the bank, you set the terms and interest rates. So one was, I paid 75k for a foreclosure on a house that was worth 185k. I took a payment of 25k down and they pay 1000 in rent per month 30 yr fixed, balloon in 5. Remember I only paid 75k for this place already got 1/3 of that back and in a few years all of that will be a hell of a profit. Long term ill make about 95k-105k, or if they refinance they can pay me out sooner in a lump sum. Tons and tons and tons of ways to make smart real estate mobes.
Props on this post....how do you get a copy of homes that are under preforeclosure status
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SMH do your own research. Cot damn! ? stay with their hand out.
Ol' what do I do when I'm here?.. and here?.. what about here? ass ? . -
NothingButTheTruth wrote: »SMH do your own research. Cot damn! ? stay with their hand out.
Ol' what do I do when I'm here?.. and here?.. what about here? ass ? .
Ole cheerleading ass ? ....I've already searched through different websites (that want you to pay monthly fees for incomplete info), contacted banks for thier pre foreclosure properties (who for the majority are reducing monthly mortgages to prevent properties from getting to that stage), contacted numerous county clerks of court (who want you to get the list of properties that are sold on the steps from a printed newspaper and not published online)....we are going to our first auction on the steps July 5th....we have been flipping properties out for several years but I am always looking to learn other methods
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This is why people are out here hurting. What's wrong with getting advice? ? be out here putting it all on the line like it's all good. I got a homeboy right now who went and got himself a house with his girlfriend.. ? got a 5 bedroom house for just the two of them. Mannn I'm gonna feel sorry for his pockets.NothingButTheTruth wrote: »SMH do your own research. Cot damn! ? stay with their hand out.
Ol' what do I do when I'm here?.. and here?.. what about here? ass ? . -
NothingButTheTruth wrote: »SMH do your own research. Cot damn! ? stay with their hand out.
Ol' what do I do when I'm here?.. and here?.. what about here? ass ? .
Ole cheerleading ass ? ....I've already searched through different websites (that want you to pay monthly fees for incomplete info), contacted banks for thier pre foreclosure properties (who for the majority are reducing monthly mortgages to prevent properties from getting to that stage), contacted numerous county clerks of court (who want you to get the list of properties that are sold on the steps from a printed newspaper and not published online)....we are going to our first auction on the steps July 5th....we have been flipping properties out for several years but I am always looking to learn other methods
Then SAY THAT before you ask a question. You in here asking how and why questions like a little kid. ADD something to the conversation before you stick your hand out. Provide some background.
People will respond better, when you make it known you're putting in work. All of that "show me the way" ? is suspect and corny as ? . -
NothingButTheTruth wrote: »NothingButTheTruth wrote: »SMH do your own research. Cot damn! ? stay with their hand out.
Ol' what do I do when I'm here?.. and here?.. what about here? ass ? .
Ole cheerleading ass ? ....I've already searched through different websites (that want you to pay monthly fees for incomplete info), contacted banks for thier pre foreclosure properties (who for the majority are reducing monthly mortgages to prevent properties from getting to that stage), contacted numerous county clerks of court (who want you to get the list of properties that are sold on the steps from a printed newspaper and not published online)....we are going to our first auction on the steps July 5th....we have been flipping properties out for several years but I am always looking to learn other methods
Then SAY THAT before you ask a question. You in here asking how and why questions like a little kid. ADD something to the conversation before you stick your hand out. Provide some background.
People will respond better, when you make it known you're putting in work. All of that "show me the way" ? is suspect and corny as ? .
I'm not going to derail this thread over a simple request for info but thanks for your input
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not_osirus_jenkins wrote: »
Also, I think the minimum credit score needed is 620 for FHA loans, so that helps out people who have had credit challenges in the past
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not_osirus_jenkins wrote: »EmM HoLLa. wrote: »not_osirus_jenkins wrote: »Hey, Whoever wrote that article is an ? and doesn't know what they're talking about. It's not about how much money you have to put down on a house. It's about that credit score. I can get anyone on this forum to meet the requirements for an FHA loan that only requires 3.5% down payment on a home.
Foreclosures are akin to gold my ? . Buy them while you can. To put it into perspective, a 300k house is about to be foreclosed on for a say 90k debt. Foreclosures stay on credit reports for up to 7 yrs unless bankruptcy, but who wants that on the credit report right? You offer that person the full 90k and some restart money say 35k. That's 125k investment for a property that's worth more than twice that. Other people's Debt can make you a millionaire.
Can we get more detail into this?. How do you go about making such an offer to a homeowner that is going through foreclosure?.
1.Pre-foreclosure list
2. Once you have that list, mailing campaign. Pretty much; I know times are difficult and this is a sensitive situation. I'd like to offer my services whether it's getting you a new mortgage (never done that) or purchasing your home before its foreclosed upon. Yadda Yadda yadda, sincerely me
3. You'll get that call
4. Go see the home find out the details about how much they owe.
5. Find out how much the house is worth/rents for.
6. Make an offer
7. Secret ? . I swear I should be charging for this. Most of the time I'll get a foreclosure and do seller financing back to the original owner. Seller financing you become the bank, you set the terms and interest rates. So one was, I paid 75k for a foreclosure on a house that was worth 185k. I took a payment of 25k down and they pay 1000 in rent per month 30 yr fixed, balloon in 5. Remember I only paid 75k for this place already got 1/3 of that back and in a few years all of that will be a hell of a profit. Long term ill make about 95k-105k, or if they refinance they can pay me out sooner in a lump sum. Tons and tons and tons of ways to make smart real estate mobes.
Just now seeing this!.. Preciate the knowledge!.. -
I never understood the benefit of long term renting.
Most people don't have a choice because they don't have enough money to buy a home.
Remember, home ownership doesn't just mean that you're paying a few dollars more than you would if you rent.
After the mortgage crisis, most banks aren't going to approve potential buyers for mortgages without a significant down payment.........which is usually 20% of the purchase price.
Even on the low end, a $200,000 house is going to require a down payment of $40,000.
If the average person is just living paycheck-to-paycheck by paying rent, they won't be able to save enough for a down payment on a home.
Basically, most people are renting out of necessity.....not choice.
Exactly, most people can't afford down payments like that. And banks are hesitant to give loans to just anyone for good reason, many people lost jobs or got jobs that didn't pay as well as the job they lost and couldn't afford the mortgage payments. Banks don't want to make that mistake again. The crazy thing is childcare for many people is even more expensive then the rent, that makes buying a home for many even harder.
