got the cashier's check today for the closing friday bye bye $$

4/25/2007 5:01:38 PM

I close on my house Monday at 930am, sooooooooooooo glad to get rid of that money pit!

w000ooooo hooooooooooo!

4/25/2007 5:04:25 PM

congrats guys. punchmonk and i are closing on a house in charlotte at the end of may

4/25/2007 6:17:20 PM

I'm closing at the end of may too!

got the loan figured out tonight

somebody tell me this is a good idea

4/25/2007 7:59:18 PM

it's typically a good idea - with exceptions for idiots

4/25/2007 8:30:09 PM

^^ Are you buying with Beazer and getting a 2/1 option arm?

4/25/2007 9:09:37 PM

yay

4/28/2007 9:19:31 AM

How was closing?

4/28/2007 11:56:26 AM

seemed pretty quick - took about an hour - sleeping on the air mattress this weekend sucked - i'm ready to get my furniture down there now

4/29/2007 2:46:42 PM

How hard is it to obtain a real estate license and where would one get started on doing this?

4/30/2007 12:43:53 PM

Im now officially an ex-homeowner! Yay me, just waiting to get my share of the profits!

4/30/2007 12:45:15 PM

my parent's just got a listing for a repo in wakefield in wake forest on the 15th hole of the course

the house is amazing and should be sold well below market value for the area if anyone is looking for a home in that area

4/30/2007 1:26:13 PM

mls?

4/30/2007 1:41:51 PM

as a reminder

if any of you have questions about real estate, feel free to ask me, I'm not super well versed about residential... but if you have any questions regarding timber, investment property, rural property, farmland, etc... feel free to ask me

also if you or your family has farmland in NC and would like to make additional money in the $15-$25 per acre per year range, let me know, I can get it for you

4/30/2007 2:31:14 PM

Did I already pm you asking about that or was it something else?

4/30/2007 2:49:37 PM

don't think you did actually

4/30/2007 2:51:19 PM

what's the consensus on getting a survey when purchasing a home?

5/3/2007 10:22:44 AM

survey?


like, a home inspection?

5/3/2007 10:26:33 AM

Nice to have so you know where your property ends, especially if you were putting in a fence or something later.

5/3/2007 10:27:04 AM

hahaha duuuur, I'm not used to surveys on residential stuff


but a survey is a good idea on big pieces of land, often the survey can get you an extra 10% in property

on a small yard, it's nice to know where the lines are


I'd be more concerned with a home inspection being completed

[Edited on May 3, 2007 at 10:30 AM. Reason : ..]

5/3/2007 10:30:27 AM

yeah, inspection came back great. not sure i want to shell out $250 for a survey though. prolly will anyways, just to make sure all my bases are covered

5/3/2007 11:06:10 AM

Where you buying?

5/3/2007 11:09:33 AM

it depends, if it's questionable about the lines, do it, you might find an encroachment that needs to be dealt with

glad the inspection came back good


I finally think I've got the house I'm gonna close on now

found it on craigslist, the owners are in a hurry to move, got a good deal, plus I'm still on this side of town!

5/3/2007 11:14:30 AM

^^ Charlotte

[Edited on May 3, 2007 at 11:27 AM. Reason : neighborhood called Highland Park]

5/3/2007 11:27:15 AM

^^ The house right behind me is for sale. You could probably get it in the 225k range. It's super nice...Travertine & Hardwoods throughout, workshop, big deck, nice yard, etc. PM me if you want the MLS number to look at it.

[Edited on May 3, 2007 at 11:57 AM. Reason : s]

5/3/2007 11:54:15 AM

well I'm good now

under contract


west raleigh 1475 sf

pine floors, ceramic tile, 3 br, 2.5 bath, garden tub, 2 level back porch, full length front porch



155K, I think i got lucky, it's hard to find something nice for less than 200 around here

5/3/2007 12:54:44 PM

^ Agreed on the 200k thing...Congrats. I made a similar FSBO deal almost exactly one year ago today.

It's good to see my neighbor's house up for sale at $85k more than I paid for mine. For comparison, his is 100 sq. ft. bigger, but I have a sunroom, garage, and bigger yard. I really doubt he'll come close to his asking price, but I wish him luck on it. I've just got to get mine updated and make it as nice as his.

[Edited on May 3, 2007 at 1:18 PM. Reason : s]

5/3/2007 1:17:47 PM

Study: More than 1.1 million homeowners will lose their homes by 2014 due to rising payments on their ARMs.

http://bankrate.com/brm/news/mortgages/20070503_reset_equity_foreclosure_a1.asp

5/3/2007 2:47:44 PM

^^No shit, I am having the hardest time trying to find a decent 3bed/2.5bath with garage and yard from the range of raleigh to morrisville. And I'm tired of only finding stuff around 64.

5/3/2007 3:33:19 PM

Give up and buy in rtp.

5/3/2007 3:38:30 PM

Advice wanted...

I just got prequalified for $110k at 6.375% for 100% mortgage. With homeowner's, taxes, and the necessary PMI I'm looking at $916/month for 30 yrs. She said I could go higher in the amount if I needed to, but the interest rate would probably go up.

Here's my questions
1. Does this sound like a decent rate/payment? Is there any way to get a 100% loan (nothing down) and avoid having to pay PMI? Keep in my mind my credit is fair/poor at 630 and with $50k gross income per year. I don't have any affiliation with any of the credit unions around here so I think I pretty much have to go through a standard bank. This offer was through my best friend's sister's mortgage company (which I know sounds a little sketchy, but it's not) so I trust that this should at least be a fair offer.

2. I'm not sure I see myself staying in Raleigh for more than 3 years, and I doubt more than 5. Is it even worth it for me to buy a house?

3. While I'm sure the resounding answer will be "not far," how far will $110k go if I'm looking for a standard 3br/2ba home?

4. Where are the best places adjacent to Raleigh to find such a place?

5. Does anyone know about buying foreclosed homes, and if so, can you point me in the right direction?

Thanks for your help!

5/3/2007 4:38:29 PM

1. horrible. get a 80/20 split or 80/10/10. Find a credit union you can get up with.

2. probably not, with closing costs and that rate. unless you can find a deal and better rate.

5/3/2007 4:41:20 PM

Here's my questions
1. Does this sound like a decent rate/payment?
Not really. I just got quoted for 5.875 30 year fixed. Granted I am putting 20% down.

Is there any way to get a 100% loan (nothing down) and avoid having to pay PMI?
Piggyback like previously stated.

Keep in my mind my credit is fair/poor at 630 and with $50k gross income per year.
Ok, this might be why your rate is high.

2. I'm not sure I see myself staying in Raleigh for more than 3 years, and I doubt more than 5. Is it even worth it for me to buy a house?
Not really. Closing costs + seller's agent will eat up a lot. You may end up owing if you sell.


3. While I'm sure the resounding answer will be "not far," how far will $110k go if I'm looking for a standard 3br/2ba home?
Townhouse may be your best bet.

4. Where are the best places adjacent to Raleigh to find such a place?
RTP (the good side of Durham)

5. Does anyone know about buying foreclosed homes, and if so, can you point me in the right direction?
no

5/3/2007 4:45:36 PM

^^^ Don't buy a house until you can go at least 80/10/10. PMI is an utter waste. You can def. do better than those options.

[Edited on May 3, 2007 at 4:48 PM. Reason : .]

5/3/2007 4:47:53 PM

keep in mind PMI is deductible on your taxes now

[Edited on May 3, 2007 at 5:22 PM. Reason : well, for this year anyways. congress has to approve it again for 2008+]

5/3/2007 5:13:16 PM

I definitely would not buy a house if i wasnt planning on staying there at least 5 years.

At $110k you're probably going to need to look at used condos rather than houses anyway.

Just for the overall hassle and expense I dont think its worth buying a home if you're not gonna be there 5 years minumum...

You're getting a shitty rate and your equity is going to build slowly on a 30 year mortgage with 0% down. I'd say you are much better off just renting while you save up money for a down payment for a more permanent location. When you do choose to relocate it will be worth the flexibility (not have to sell your place) trust me...



As far the ARMs article goes thats pretty interesting. I'm looking to buy in 2-3 years in the 200k range. But damn it'd be nice to find a baller house on the foreclosure market for somewhere between 200-300k. I think i could scrounge up a few bucks if i had a chance to get a statement home.

5/3/2007 5:46:02 PM

Quote :

"keep in mind PMI is deductible on your taxes now"

only if you don't make over a certain value - it's either 100k or 110k i believe - if you are married this is easily attainable right now

5/3/2007 9:00:00 PM

if i want to buy a second property as investment rental, is there anyway around a higher interest rate? i hear it is at least 1% higher than the norm that sucks!

5/3/2007 10:00:46 PM

yes there are ways... not too complicated.

but generally paying a percent more is better all around because you are getting a proper loan for an investment.

5/3/2007 10:08:07 PM

what are the ways i'd love to be able to at least break even on monthly cash flow...with interest overhead, it's gonna be near impossible

5/3/2007 10:22:06 PM

Most people don't count on breaking even or making money immediately. It's an investment. Even if it costs you $400 a month out of pocket for the first 5-10 years that's pretty cheap considering that the end result is that you own a house outright.

Keep in mind that you'll normally spend 40%-45% of the rent on repairs, maintenance, and upkeep. I'm sure a handy person with good contacts can cut that number drastically, but most people far underestimate the costs.

5/3/2007 11:50:58 PM

Having no luck selling my properties, one has been on the market over a year with one contract that fell through and the other for maybe half a year with no contracts. It really died right when they went on the market.

5/3/2007 11:52:47 PM

What kind of properties are they?

5/4/2007 12:16:05 AM

^^ That's what I want to hear

5/4/2007 12:20:32 AM

residential-one north-eastern NC one south eastern NC.

5/4/2007 12:26:07 AM

The contract fell through due to a judgement held against the guy, then he went into the hospital. Supposedly going back under contract when he gets out....

5/4/2007 12:27:08 AM

Quote :

"if i want to buy a second property as investment rental"

I might get flamed for this by some of you real estate lovers but unless you are buying a lot of property (multiple units) real estate for rental property is generally a bad investment.

You will spend WAY more time han you think dealing with random crap (even beyond looking for renters, maintenance, etc) and in general real estate just doesnt appreciate quickly enough to make it worthwhile.


If your time is worth anything to you, you'd be better off passively investing in the market.

The main advantages are:
1) usually a better return
2) liquidity in case you need the money
3) 100x less hassle and time needed


Now if you can see the future and know of a property that is guaranteed to double its value in 5 years then by all means go for it And let me know where it is too.

5/4/2007 4:56:35 PM

i don't really disagree with your warnings but no bank will loan you 5x your investment to passively invest

5/4/2007 5:26:13 PM

Quote :

"Having no luck selling my properties, one has been on the market over a year with one contract that fell through and the other for maybe half a year with no contracts. It really died right when they went on the market."

Quote :

"Age : 21"

yikes!

5/4/2007 5:29:50 PM

^^ That's a good point.

I was mainly just addressing that property often doesn't appreciate as fast as people anticipate when they purchase it... and that with the amount of time you will have to spend (particularly if the property is relatively far from your home) that rental property isn't always the best choice...


There is also a lot more risk involved when borrowing money to purchase a second property, hence the higher interest rate. Unless you are lucky & diligent there will likely be months when rooms are vacant, tenants default on payments, maintenance & repairs are higher than anticipated, etc

Investing in rental property can go a lot of ways. You can absolutely make a killing, ruin yourself financially, or somewhere in between.

I think if you look at the majority of rental property investments by people only purchasing ONE unit (i.e. not an entire building/complex/etc) you would find they had a rate of return that is comparable to what they would have made through purchasing financial assets instead.

When you factor in the amount of time devoted, the additional financial risk involved, and the relative illiquidity of the property I just don't think its a great option for most folks.

If you're hellbent on investing in real estate, I would consider making improvements to your current house. They are a proven solid investment if you follow basic guidelines and bring enhanced satisfaction to your current living arrangement.



[Edited on May 4, 2007 at 5:46 PM. Reason : a]

5/4/2007 5:44:45 PM