Black homeownership lower today than national rate during Great Depression

[Red Shield]

Yeah I still have this dream that NY/NYC can be saved for blacks. Sadly in my town of Spring Valley the Hasidics are trying to swallow it due to it being so close to NYC. That is one of the things that influenced me to study real estate at a young age to help my community.

And agreed 100%!!! Us tri state blacks NEED tp come together because we are SO close to NYC which is FULL of opportunites and I always preached this. Sure we may lose Harlem and MAYBE Brooklyn but we DAMN sure cant lose the metro!

Waswn't there a thread that talked about that Spring Valley stuff?

 

[TheAnalyst504]

Yes, FHA is a great way to get the first home. If the seller is willing to go along, you can walk away without paying ANY downpayment.

Good info.

Lots of cats don't even monitor they credit or peep shyt like this. They wouldn't know just how affordable a house really is.

 

[Bunchy Carter]

10K and good credit you can be in a property comfortably...

Watch your debt to income ratio.... that's everything...

My debt to income ratio killed me when I was trying to buy a condo. I have 750 credit score, I had 10k for the down payment and was going to pull some money from my roth ira to increase it, but I was denied because my debt to income was high.

My student loans fukk me up, also I do not have any credit card debt. The lady said if I can pay off my loans in a year, I can qualify. I was like bytch, I wish I could pay off 85k in student loans in a year

I was asking for 200k for a condo, there are a lot of foreclosed condos in LA you can get for cheap.

 

[SuikodenII]

I found out that my mom is gonna leave her house to me when she passes in her will... I don't even live in America, what am I supposed to do with it?

It's paid for btw...

 

[Black Andy Dwyer]

And when I say 10k I`m talking about buying property in Former Hoods that are going to be Gentrified. Most these areas they are begging people to move in and have tons of grants, so you end up having white folks who dont even make much buying up these spots.

Unless you have a family and kids I wouldnt worry about playing the "home value" game because unless you are moving around white folks, anywhere black people live at the snap of the finger they will tell you the properties arent worth a ton.

My rule is buy cheap property and rent it out when you move to the next spot. All because you get approved for 2-300k doesnt mean you can truly afford that home because people always ignore things like maintenance and utility costs.

So you can use a conventional home owners loan to buy a rental property? This is all new to me so I'm trying to learn as much as possible and hit the ground running in 2017 real estate wise. I want to find a house of my own but I'm also interested in the investment side.

 

[TheAnalyst504]

Taking notes.

 

[GreenGhxst]

They always have a think piece about blacks, fukk them crackers

Anyways that's all I have to say

 

[LEEeveryday]

Disagree.

you have property value that increases as well as the interest being tax deductible.

The biggest key is buying an area that is desirable

I'm living this truth!...

 

[LEEeveryday]

Bro even then, that is not nearly enough

I mean...I'm living a life where thats about all I needed....

...enough for earnest money, all those fees and inspections, and a down-payment

..I'm not sure whats so funny.... It was a pretty great investment considering how much the property value increased.

 

[MrPentatonic]

you know i hate when people talk that "see i did it why can't you" about home ownership (which really isn't ownership until the house is paid off) as if its really that easy.

Personally if i see someone else do something good for themselves, I know I can do it too.

All depends on capability, discipline and self belief though.

Some wanna eat, some are just food

 

[Skrilla]

Yep, but anyone who mentions this on here, or lack of business ownership, is automatically a "c00n" for stating facts. Because delusional nikkas want everyone else to be just as delusional as them

 

[Bawon Samedi]

Sorry for the late replay. Anyways...

I'm still a young dude myself (late 20's now) but I wasn't exposed to alot of financial/real estate info growing up so it feels like I'm playing catch up at times. I'm a voracious reader so I'm always studying and absorbing information. I constantly try to apply it whenever I can. I've made alot of mistakes, but nothing is better than actually doing it and immersing yourself in the process. Being a practitioner is how I learn best.

Late 20s? Dang! And you already making moves like that!? Inspiring...

It can definitely hurt if alot of these people live in the hood or near high crime areas. Like most shyt, if you're affluent, then it will probably won't hurt you as much. See the refugees in St. Louis for example. It doesn't dawn on alot of folk that alot of poor/working class people do live in 3rd world like conditions despite living in a rich country like the U.S.

The bolded is so true. If Flint, Michigan didn't wake people up then I don't know WHAT WILL. There are areas in the USA that are far worse off than a third world country.

 

[NZA]

whats a good amount to have saved before buying a house

20% of the home price

 

[Klyk21]

God dammit

 

[D-NICE]

I found out that my mom is gonna leave her house to me when she passes in her will... I don't even live in America, what am I supposed to do with it?

It's paid for btw...

You can find company that does property management if you want to keep it as a rental property. Depending on the company they may even find a tenant for you. They'll handle your business there and inform you if you need to fix anything major which they'll probably just take it out the rent payment. Also make sure the government has your right address so you can pay your property taxes since you will not be paying escrow to a mortgage company to cover it. Somebody could effectively buy your home for next to nothing if you get behind. You would have a year to fight it or catch back up but it would be more of a strain (travel, hotel, etc.) on you since you are not in the country.