The Official Homeowners Thread

[hotbeezie]

I don't have the first clue about buying a house but I plan on getting one soon.

Here's my situation,

Age: 28
Credit: 580
Income 60k-75k

Debt is my car note(14k) and student loans(40k)

I'm looking for a place between 85k and 125k in Louisiana.

 

[Vinny Lupton]

I make enough to.pay a mortgage and have down payment $, but I.work for myself and don't bother with pay stubs. I just transfer the same amount from biz checking to my personal checking every week, as well as some under the table shyt. I really don't want to set up an LLC and deal with paperwork when I have no employees, if I can.avoid it, but like everyone said the bank gonna have a million and one questions

 

[beejus]

man If you were local to me, I could hook you up with a couple of women that would decorate your place and have that shyt looking out of a magazine.

Oh it's decorated now. Those were just the pictures that the real estate agent used when selling the house.

nice crib. the grass in my backyard looks like shyt as well. no one was taking care of it before we moved in, so I will have my work cut out for me. you got a big deck at least. I got one now as well. can't wait to use it once it gets warmer.

I'm so glad I don't have any trees in my yard. won't have to rake any leaves in the fall. last place I lived had an apple tree which would attract hella squirrels, flies and bees. the squirrels would eat the apples and knock them out the tree, and they would rot and attract bees and flies all summer. I had to throw rotten apples over the fence damn near daily.

Yeah, the deck is good size. It's starting to warp and rot though. I'm hoping this spring to rip it up and build a new one that extends the length of the house. Thinking maybe throw in a pergola like this for summer bbq's.

 

[beenz]

I don't have the first clue about buying a house but I plan on getting one soon.

Here's my situation,

Age: 28
Credit: 580
Income 60k-75k

Debt is my car note(14k) and student loans(40k)

I'm looking for a place between 85k and 125k in Louisiana.

why is your credit so fukked up? also, why is there a 15K fluctuation in your income? u work on commission?

 

[TLR Is Mental Poison]

Def gotta get that credit score up

Any of yall fukk with smart thermostats

 

[Spence]

Def gotta get that credit score up

Any of yall fukk with smart thermostats

The banks will laugh at you with a 580. We were nervous and our scores were/are above 700.

one of our absolute favorite pieces of tech in our house is our gen 1 Nest. Being able to change temps while still laying in bed is worth the cost of admission alone. The gen 1 goes on Ebay right now for $50-$100 or so. I got our 3 years ago for about $120.

 

[-G$-]

Def gotta get that credit score up

Any of yall fukk with smart thermostats

i have 2gig thermostats (z wave technology controlled through alarm.com platform)

had it for a year and change (since i finished construction in dec 2014) and they work well.

 

[posterchild336]

just saw this on yahoo and since it was on the topic..here it is, some useful info

Despite hefty down payment, $200,000 home may be out of reach for buyer

 

[Dolla$]

just saw this on yahoo and since it was on the topic..here it is, some useful info

Despite hefty down payment, $200,000 home may be out of reach for buyer

That article is bullshyt

 

[posterchild336]

That article is bullshyt

why

 

[cleanface coney]

I'm a real estate attorney and own a title company, so I'd be glad to answer any questions you guys may have on the topic.

how did you get into the title industry?

 

[HacksawJimThuggin]

That article is bullshyt

I'll give you a few reasons.

- Typically if you're working for a company as a W-2 employee, lenders will ask for 2 years of tax returns, but more importantly, they'll also ask for your last 6 months of pay stubs from your current employer; which holds more weight as to how much you will qualify to borrow.

- Also, lenders were a lot more strict post-housing bubble burst as far as debt-to-income ratio (also known as DTI), but now they've become a little less strict in terms of figures. I've routinely seen loans get processed with up to a 42-46% DTI. Every case is different.

- The article also assumes the Buyer is only looking to qualify for a conventional loan. If the Buyer qualified for FHA, he could put down $7k on a $200k house, and have the other $23k serve as reserves so the lender knows he has additional funds in his account.


Not saying the person in the article would automatically qualify for the loan he is seeking, because again, every situation is different; but to say he absolutely wouldn't, given his situation, is incorrect.

 

[HacksawJimThuggin]

how did you get into the title industry?

I was interning at a law firm while in law school doing personal injury, business litigation, and handling real estate transactional work. When I got out of school I worked for a firm practicing in those same areas. A lot of my friends and friends of friends that I knew were in real estate down here either as realtors or mortgage brokers, so I decided to focus on real estate transactional work as the foundation of my practice when I started my own firm a few years back. I was handling real estate closings under my law firm for a while, but it's tough to solicit or advertise as a law firm because you need to have your ads approved by the state Bar first. So I decided to open up a separate title company to handle all of the residential and commercial transactions, and because it wasn't a law firm, I could advertise and market however I wanted. It's like any other business; really just about building and maintaining relationships. I advertise to new home buyers here and there, but the majority of my business comes from realtors and mortgage brokers who handle refi's.

 

[Copy Ninja]

If you have trees around your house, don't mess with them. Have a professional take care of them if you need branches trimmed or are planning to take the whole thing down.

I almost took my neighbor's house down when I cut my tree on my own

 

[cleanface coney]

I was interning at a law firm while in law school doing personal injury, business litigation, and handling real estate transactional work. When I got out of school I worked for a firm practicing in those same areas. A lot of my friends and friends of friends that I knew were in real estate down here either as realtors or mortgage brokers, so I decided to focus on real estate transactional work as the foundation of my practice when I started my own firm a few years back. I was handling real estate closings under my law firm for a while, but it's tough to solicit or advertise as a law firm because you need to have your ads approved by the state Bar first. So I decided to open up a separate title company to handle all of the residential and commercial transactions, and because it wasn't a law firm, I could advertise and market however I wanted. It's like any other business; really just about building and maintaining relationships. I advertise to new home buyers here and there, but the majority of my business comes from realtors and mortgage brokers who handle refi's.

bruh thats the type of move I wanna make eventually


imma refi banker(direct lender) and used to work for a title company before, i always figured title companies make good bread because it don't matter about the market really(unless I'm wrong)

eventually i wanna jump into my own shyt, but i feel like i gotta go back to school first( either economics or law)

how long did it take you to get everything up and running?