Buying a house

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Mike Manson

Mike Manson

Still Livin'
#65
Apr 16, 2005
8,998
19,413
113
44
#65
I bought a small apartment about a month ago. Not to live in, just to get my wife the local ID. In China you and your children are bound to where you were born. My wife was born on the run from the birth control government in the mountains of Hunan. She belongs to a Chinese Minority.
..cool story, breh so far...
now, anytime we have any problem with passports, visa, etc., she has to travel back to her hometown. So we bought this place, so that she can get the local ID. And the city we live in is one of the most modern/nicest government places in China.

US$ 2,200/m2 in a developing part of the city. Average in the city right now is US$ 3,500/m2. We are not gonna live in it, just gonna rent it out...
 
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AlcoholicLoser

AlcoholicLoser

I drink a lot of beer
#69
Jun 3, 2002
5,885
25,223
0
38
Oregon Coast
#69
Well then I highly suggest that you hit up Orit Maimon then cuz she's great!

If you are looking for an Agent who is knowledgeable & has *High negotiation skills *Patience, *Honesty, *Availability, *Good listener, Excellent people skills * Full attention to your needs, *Walk you through a stressless transaction? Than you have come to the right place. Orit Maimon, is a residential Buyer's& Seller's Agent, she cherishes the relationship with her clients, has a strong Real Estate background, and is backed up by the very best team of Rodeo Realty, professionals that selects their agents to ensure that clients are represented by the most talented & professionals in the industry!" - See more at: Orit Maimon | Rodeo Realty, Inc
 
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A

aridan3at

Sicc OG
#77
Dec 26, 2004
2,399
189
63
#77
Right now Im thinking of seeing If Im able to buy a house.
Ive saved up $10g's, is that good enough?
I talked with a real estate agent from a coworker, then he refered me to mortgage loaner he always deals with which I got info of what is needed to see if I qualify.
I want to know if its legit, he's askin for..
1. form application of personal and employment info
2. 2 yrs of tax returns
3. 2 yrs of W2's
4. 2yrs of 1099's & k1's (if applied)
5. recent pay stubs
6. contact of HR
7. copy of drivers license & SS card
8. copy of bank account statements

Is this really what they need? This is a lot of personal info I have to show and jus don't wanna get played.
 
T-Spoon

T-Spoon

Sicc OG
#78
Apr 26, 2002
3,897
638
113
#78
aridan3at said:
Right now Im thinking of seeing If Im able to buy a house.
Ive saved up $10g's, is that good enough?
I talked with a real estate agent from a coworker, then he refered me to mortgage loaner he always deals with which I got info of what is needed to see if I qualify.
I want to know if its legit, he's askin for..
1. form application of personal and employment info
2. 2 yrs of tax returns
3. 2 yrs of W2's
4. 2yrs of 1099's & k1's (if applied)
5. recent pay stubs
6. contact of HR
7. copy of drivers license & SS card
8. copy of bank account statements

Is this really what they need? This is a lot of personal info I have to show and jus don't wanna get played.
Click to expand...
It's legit. U might even need more than that into the process.
 
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StillHustlin

StillHustlin

MAC AVE LEE
#80
May 7, 2013
13,355
16,263
113
33°
www.hoescantstopme.biz
#80
aridan3at said:
Right now Im thinking of seeing If Im able to buy a house.
Ive saved up $10g's, is that good enough?
I talked with a real estate agent from a coworker, then he refered me to mortgage loaner he always deals with which I got info of what is needed to see if I qualify.
I want to know if its legit, he's askin for..
1. form application of personal and employment info
2. 2 yrs of tax returns
3. 2 yrs of W2's
4. 2yrs of 1099's & k1's (if applied)
5. recent pay stubs
6. contact of HR
7. copy of drivers license & SS card
8. copy of bank account statements

Is this really what they need? This is a lot of personal info I have to show and jus don't wanna get played.
Click to expand...
What City/ County are you planning on purchasing a home in? I would suggest looking to see if there are any first time home-buyer programs (you also don't have to necessarily be a first time home buyer to qualify for these programs as there is other criteria that may qualify someone)- they often cover down payment and closing costs, depending on what is offered. Some programs are 0% interest loans/grants on those costs, where if you live in the home for ~10 years the money is forgiven- if you sell before the agreed upon date you are required to repay it.

Some programs will give up to $40,000 or more in home improvement monies as well that you don't have to repay so as long as you reside in it for ~10 years. All depends what your local government decided. You can find this information on the city's/ county's website.

A few other suggestions: Never sign for an ARM mortgage. If you can afford it, even if you receive first time home buyer money, I would still put additional down payment money, this will obviously lower the principal and monthly payments (at a minimum I would suggest 20% total down). Lastly, go with a 15 year mortgage vs a 30 yr, if you can afford to, you will be better off in the long term.

Do not trust an agent who says you can't utilize these programs, do the research yourself first.
 
Last edited:
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