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T-Spoon

T-Spoon

Sicc OG
#1
Apr 26, 2002
3,897
638
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#1
REAL ESTATE....i'm tellin ya'll. u guyz need to invest in this shit. i jus got a house, foreclosed on tha market for 76,000, put in a bid for 90,000 and got it. my broker did comps for that neighborhood and it's worth between 121,000- 130,000 (thats at least 30,000 in instant equity). it needs a LITTLE work but i won't come out the poccet more than 2,000. seller PAYIN 2,800.00 closing cost, so i go to tha table with about 3-4,000. also tha beauty of it is, is my mortgage is about 700/month, section 8 (who i'm renting out to )pays 1,100/month, thats 400 month profit! now imagine if i had 50 houses averaging about 300/month. thats 15g's a month!!!

if ya'll ever thought about investing, do it in real estate. i'm living proof. i don't kno y everybody's not doin it. important thing is to keep ur credit clean. shit is HELLA important. my broker is 31 years old and he got 55 houses. it can be done. fold.
 
AC Transit

AC Transit

Sicc OG
#5
May 15, 2002
5,879
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#5
thats some good shit - i just passed my broker test last month

im about to do some research on foreclosures cause i think the number of them are sure to rise. IM wondering how you financed it? Do you have to have all the cash for the foreclosure or could you finance with a loan some way?

most people are saying the market might slow down - a cost of a house in cali like four times your area
 
T-Spoon

T-Spoon

Sicc OG
#7
Apr 26, 2002
3,897
638
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#7
@killa: aye homie, i feel ya. tha key is to jus save homie. it really aint about how much money you make, it's about how much u save. if a motha fucca makin 10gs/month but got 10gs/month in expenses, then tha motha fucca thats makin only 2gs/month with 1g/month expenses is gonna stacc, u get it? i ain't no financial advisor, but homie u CAN save. mayne i c foos out here in tha atl pushin escalades and benzes all day but pull up to an apartment complex. 2 me that shit don't make sense. when i bought first house/duplex, i sacrificed by driving a 1986 beat up toyota celica i bought for a g. drove that bitch to where i needed to go, work, store, wutever for 2 years, after i got my house i sold it for 500 dollas. u gotta sacrifice shum to get shum.

@ac: i got it thru hud thru on an fha loan- i think. i had to come out tha poccet cuz i had to do a stated income loan. meaning i didn't have income verification. but if ur a first time buyer u should come out with almost no money down. and u bein a broker, u got a good first start cuz you can do tha contracts urself and the money u hav "to put down", could be ur commision, meaning u could get houses with no money down. and about tha real estate market, don't believe tha hype. my duplex i got was appraised at 178k, now 2 years later it's worth 191k. and i don't live in no beverly hills either. real estate USUALLY almost always appreciates homie.

@slowpoke: word! that credit shit is VERY important homie. i guess i was blessed thru life, cuz for some reason when i wuz young no company would giv me a credit card. i dont kno y, but i couldnt even get a fuccin sears card or a macys card. but i guess god works in mysterious ways cuz i always paid in cash so i never got any credit card debt.

fold.
 
AC Transit

AC Transit

Sicc OG
#11
May 15, 2002
5,879
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#11
I wasnt sure if you could finance foreclosures - one of the things i need to read about - i thought you had to have all the cash up front, then refinance once you had it - could be different state to state

If you have good credit - its easy to get a loan. Getting home loans nowadays is pretty affordable with all the loan programs available.

good shit spoon, you can use your spot to get other ones when it builds enough equity - real estate is definitely good if you have the capital
 
Ry

Ry

Sicc OG
#12
Apr 25, 2002
6,425
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#12
  • Ry

    Ry

I dont know how the laws are in Cali, but here you can assume a mortgage and you dont have to qualify through a bank. This means you can buy any house (with an assumable mortgage) and only need to come up with the down-payment. Which means even people with poor credit can buy an expensive house...
 
T-Spoon

T-Spoon

Sicc OG
#14
Apr 26, 2002
3,897
638
113
#14
killaX831Xkali said:
@ tspoon thas tru homie, thas like my main goal in life mayne, to live in a house n own tha mothafuca, but how much do houses normally sell 4 out there?
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you could get a good investment prop out here for bout 80k-120k. meaning one you can rent out and make a lil profit every month.

@playa ry: year thats tha same out here, BUT you gotta find one. it's not that easy. most mortgages arent assumable. fold.
 
Dana Dane

Dana Dane

RIP Vallejo Kid
#15
May 3, 2002
26,982
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#15
T-Spoon said:
@ac: i got it thru hud thru on an fha loan- i think. i had to come out tha poccet cuz i had to do a stated income loan. meaning i didn't have income verification. but if ur a first time buyer u should come out with almost no money down. and u bein a broker, u got a good first start cuz you can do tha contracts urself and the money u hav "to put down", could be ur commision, meaning u could get houses with no money down. and about tha real estate market, don't believe tha hype. my duplex i got was appraised at 178k, now 2 years later it's worth 191k. and i don't live in no beverly hills either. real estate USUALLY almost always appreciates homie.
Click to expand...
There will be more and more foreclosures because it IS so easy to get into a home. You can do a stated (no income verification) loan all day every day, but if you can't afford the payments, you are screwed. Also, a lot of lenders are offering REALLY EASY to get into 100% Neg Am loans, which means even though your house is building equity, the principal balance on your loan is increasing. People try to refinance, and they owe more than what the property is actually worth.
 
H

Humboldt High

Sicc OG
#16
Apr 25, 2002
3,372
16
0
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#16
and being that a majority of the people on the board are in cali the rules arent the same.

there are not ANY investment properties for 80-120k left in cali. unless we are talking about a park bench.

but i aint being negative, i hope people see this and move on ownership.

6foota i need to have some1 look at my finances for a loan i may hollar
 
T-Spoon

T-Spoon

Sicc OG
#18
Apr 26, 2002
3,897
638
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#18
Da6Footah said:
There will be more and more foreclosures because it IS so easy to get into a home. You can do a stated (no income verification) loan all day every day, but if you can't afford the payments, you are screwed. Also, a lot of lenders are offering REALLY EASY to get into 100% Neg Am loans, which means even though your house is building equity, the principal balance on your loan is increasing. People try to refinance, and they owe more than what the property is actually worth.
Click to expand...
year 6 footah, i kno wut chu mean. out here mos investors are fuccin wit tha interest only loans. it's kewl to have ur payments low for tha first few years, but tha key is, is to find prop with insant equity. then u can refi after a few years. my brokers tryin to persuade me to refi after a few years and pull the equity out and buy other props, but i'm don't really like tha idea of "owing" to another bank more money. wut do u think 6 footah? i heard u deal with this at ur job.

@humboldt: i would think it would work anywhere. tha thing is, if tha property is more expensive, then that means rental rates are higher, so it would even out. usually properties are higher where its a higher cost uv living, meaning rent would be higher. u get it? fold.
 
AC Transit

AC Transit

Sicc OG
#19
May 15, 2002
5,879
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#19
The peope with Neg-am loans are the LEAST likey to default because of their low payments. Yes, they're not making as much money on the rise in equity, but at least theyre gonna be able to keep their house. The people who are gonna get screwed are the ones with 3-5 year interest only or other wise ARMs who aren't paying attention and let their loans turn variable and not refinace back into another ARM. It gets to the point where they can't afford they payments anymore and start going late. Few lenders will refinance those people and they usually don't have the equity to do it either.

To those who don't know, Negatively amortized loans are one which you can pay less then the interst-owed per month - kinda like a minimum payment on a credit card. The difference in the payment and the interest owed is then back loaded onto your principal, so you end up owing more money. It might sound wack, but the theory is that your home will appreciate more than your amount owed so that you won't actually be losing money, but you might not be making that much money either.
 
T-Spoon

T-Spoon

Sicc OG
#20
Apr 26, 2002
3,897
638
113
#20
AC Transit said:
The peope with Neg-am loans are the LEAST likey to default because of their low payments. Yes, they're not making as much money on the rise in equity, but at least theyre gonna be able to keep their house. The people who are gonna get screwed are the ones with 3-5 year interest only or other wise ARMs who aren't paying attention and let their loans turn variable and not refinace back into another ARM. It gets to the point where they can't afford they payments anymore and start going late. Few lenders will refinance those people and they usually don't have the equity to do it either.

To those who don't know, Negatively amortized loans are one which you can pay less then the interst-owed per month - kinda like a minimum payment on a credit card. The difference in the payment and the interest owed is then back loaded onto your principal, so you end up owing more money. It might sound wack, but the theory is that your home will appreciate more than your amount owed so that you won't actually be losing money, but you might not be making that much money either.
Click to expand...
ur very right ac, but tha key is to try to get a home with instant equity. example: foreclosures. but homie, u kno ur shit, u should be out there makin hella money. fold.
 
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