First time home buyer looking for advise?

where i am at is a tax right of for a radio station on the river but she is getting old and mentioned they want to sell the house i am living in been here 12 years 350 a month trash and water included dock on the river in back yard now i want to understand what is the first steps into buying

just in my area in the last 30 days..

Prices have dropped 10-15,000 when covid was fading away.

Most people realize now that covid is all bullsht.

So its hard to tell.

1st step is having 20% cash to put down. Or else you have to pay PMI.

Yep...but my neighborhood is hills so like three levels of hills I'm on second level...so water runs down...which means my floors had cracks too. A BIG pain in the ass to redo which I imagine is why nobody ever did it.

There are a lot of incentives and programs for first time homebuyers. FHA, VA.

I believe rates are very low….

Pay the bank instead of paying the landlord to pay the bank

Snap locking flooring planks.

so i should look into gov sub loans?

Find a good real estate agent for help buying.

Sellers usually always pay commissions.

Make sure you have good access to property through recorded easements.

Know and understand who may have access through your property.

Mineral rights. Water rights.

Take your time with contracts.

Get pre approved with bank, make sure you have time for inspections.

Trust your gut if something feels ‘fishy’

Explore all your options! Talk to the bank and ask what they can do for you. Veterans have great programs. All first time buyers have great programs/even down payment assistance.

op, buy some land and get a premade container home delivered.

Some also finance them.

[link to www.ebay.com (secure)]

Last Edited by DeploraVision ™ on 11/27/2021 10:08 PM

1# rule make sure it has a fireplace, non gas. Just straight wood

A lot of states give people,banks,realtors breaks on property taxes on unsold homes. This causes them to hold on to the property and never bring the prices down to affordable levels.


The federal can eliminate this problem and force holders of multiple properties to lower prices and sell by placing a property tax on unsold homes .

Programs may be available for

Minorities
First time buyer
Veteran
Low income

TY any lenders that you recommend?

If you're a vet, get an account with Pentagon Federal.

I know a guy who refinanced with them and he got better rates and the process was extremely easy.

Seasoned investment advisor here (and investor).

Take it for what it’s worth, but i would continue to rent if you have a fair amount of equity to put down. Prices will fall soon I think, and you may find more for your money then if you look for “the window.” That said, it you don’t have much to put down, interest rates are as low as you will see them for a very long time. So, if the deal is right, get at it.

Not bad advice!

OP seems like he might be a candidate for owner financing.

There won't be a crash. However, there are many places to afford a home if you work from home. Look to the rural areas.

That is not true

There are a lot of new neighborhoods and developments in my area

Hold on, buy a mobile home instead so you can move to where the food is.

Whatever your'e max loan is, Buy a house well below that so you will have credits to pay for inspections and such.

Really thank all of you for the advice . the homes i have been looking at are on paved roads pot holes every where but when you get into the 2 to 3 million dollar homes roads are paved but there taxes dont go up
i dont know where to start when do buy into a system?
building is out of the question new homes around here are taking 2 to 3 years to build.

first step i did was get preapproved for a loan i just dont want the taxes and insurance and interest rates to go uup so much i cant afford the monthly payments same with renting landlords will have to pass the extra cost to the renters???????????????????

This is the worst time to buy, ever. Worse than late 2007. Keep renting and save money.

Housing is going to fall off a cliff. When regular unleaded gas hits $4.00/gal. nationwide average it won't take long after that for the prices to start dropping precipitously.

Plan for two to three years from now to make a bottom of market buy with lots of selection.

Save money now.

You're welcome.

things to look out for that you only gain from home purchasing experience;

1. check how the neighborhood drains/floods, you dont want to worry about the house flooding when you get the occasional floods (if you do in the area)

2. learn about the HOA if there is one.. some are ridiculous and will make your life hell, some are fine, and actually helpful... ask around, find out how they are.

3. Be very smart when it comes to choosing financing. You want to get this thing payed off faster than the note wants you to.

you want to be paying a couple hundred over the monthly mortgage payment, and watch out for tricky things like "balloon payments," in the last years of the note.


paying this off in a smart manner is the BEST thing you can EVER do for your credit..

after you pay off one house, the bank will absolutely want to do business with you for all sorts of loans afterwards.

there are great ways to use, life insurance policies, term or full.. as leverage/collateral when borrowing.. check into this if you have policies... it may be smart to even take out a term life insurance, put money in it, then use THAT against a mortgage... you'd be surprised what the bank likes to do.

The taxes are based on the assessed (county assessor) value so what do you mean their taxes don't go up? I'd re-investigate that assumption.

Look on Google Earth or Google Maps and see where the closest train is. Horns can be heard for a couple miles. Probably want to be at least 2 miles away. After that, you can hear outside, but shouldn’t be able to hear inside.

I went through the process the first time ever about 7 years ago. I won't even start with my two cents without saying, listen to everyone else that has said now is not the time to buy, if you do any kind of crypto or stock trading view real estate the same way, buy low sell high. I had low to average credit nd was making roughly 25k a year, however at the time, there were tons of houses in decent neighborhoods in the 25 to 100k range, so I thought perfect ill grab a cheap house. Fast forward to about the 15th phone call and banks will not finance a mortgage for under 100k, ok now what? Well then I found the mortgage lenders route and found one that worked with me, suggested I go fha due to my low credit score. I'm sure it's not the greatest terms but I wound up paying 46,500 for my house, 30 year fixed rate, the bill fluctuates from time to time but it's never been above 525 a month. It blows away renting anything round here is at least 900 a month. The whole process took a little over a year, wasn't too painful or hard so don't get discouraged, but if you insist on buying now, I guarantee you will be fucking yourself, oh and that 46k I paid, in this market the house is now worth 125k.

you would be a fool not to get FHA

That’s crazy cheap rent. Waterfront? !! I’m assuming it’s not a trash dump. If it were me, I would stay and save up for a sizable down payment. How old are you? Are you handy? Can you do home repairs? If you aren’t, you’ll be paying! My new roof was 16k, old pipes collapsed, that was 12k, not including the price for the new flooring. The old oak tree had to come down in order to fix the electrical wires that fell onto the roof, tree was 6k , electrical was 4K. Home ownership is not the bag of chips. You will be responsible for all of the bills, maintaining your house, insurance, taxes, etc. my first home was a small trailer, saved $$ and bought a small apartment building. Sold that to buy my current home. The housing market is crazy right now, everything is overpriced. My son was looking for a house and decided to continue renting right now for all of the above reasons . If you decide to go forward, my advice would be to find the worst house on the best street where any improvement would raise the value And consider a duplex where you can rent the other side. House inspections are golden, worth every penny. Realtors are supposed to disclose “problems “ but most don’t if they know and sellers usually won’t disclose anything that will hurt the sale. Also, you don’t want to be house poor. It’s almost impossible now, but ideally, you should be able to pay your mortgage with one week paycheck. Good luck!