Anyone take advantage of buying a home in this housing market? vol.My Mortage is 200 bucks

[luckyluchiano]

I`m planning on moving back home to Atlanta for either gradschool or if I get a promotion to a location in that city. Atlanta is filled with Foreclosed homes. I was thinking about getting a condo downtown and live that bachelor swag life but idk if I could commit to buying a 1 bed room place, I was looking at foreclosed houses and things of that nature, because I`m hearing of people buying houses cheaper than cars now lol. My plan is to transfer positions or if I get a promotion, live with moms for a year and stack cheese to put something nice down on a crib.

What are you guys thoughts on the market? Atlanta has alot of unfinished neighborhoods, and I hear that even though homes are dirt cheap there it isnt the best idea to purchase a home in an unfinished neighborhood.

I`m young (23) with no kids or anything, I just want a place I can lay my head and call my own.

 

[crcballer55]

Buying a house is a lot more complicated than just the monthly payment.  Don't buy unless you know you are willing to stay there at least 5-7 years and have at least a 3-6 month emergency fund in case something happens to you.  You don't want to get a steal on the purchase and then lose it because you lost your job for some reason.

I used to work with bank owned properties and I don't see the market turning any time soon.  JP Morgan Chase told our company last year that they had at least 2 years of inventory of properties that were delinquent that they had not yet foreclosed on yet.  Add to that the stagnant job market and buying right now might not be a great idea unless you can find a condo at a 20% discount and you can put at least 20% down.  If you have all of those factors in place, the rates are amazing right now (although I don't see them moving up significantly in the next year) and you can wait a couple years for the market to recover until you can sell and move up into a single family home.

 

[ispeakjewleo]

If I had the money to buy a home now, I'd do it. I'd buy a dirty cheap one do a little fixing and then resell it a couple of years later. 

 

[thaisativa1]

do it! much better than renting an apartment. I live in a previously foreclosed home myself. best bang for your buck, brah

 

[luckyluchiano]

Originally Posted by crcballer55

Buying a house is a lot more complicated than just the monthly payment.  Don't buy unless you know you are willing to stay there at least 5-7 years and have at least a 3-6 month emergency fund in case something happens to you.  You don't want to get a steal on the purchase and then lose it because you lost your job for some reason.

I used to work with bank owned properties and I don't see the market turning any time soon.  JP Morgan Chase told our company last year that they had at least 2 years of inventory of properties that were delinquent that they had not yet foreclosed on yet.  Add to that the stagnant job market and buying right now might not be a great idea unless you can find a condo at a 20% discount and you can put at least 20% down.  If you have all of those factors in place, the rates are amazing right now (although I don't see them moving up significantly in the next year) and you can wait a couple years for the market to recover until you can sell and move up into a single family home.

I`m seeing Foreclosed homes for like 30k in Metro Atlanta, a crib in the city would be nice but heck for that price I could use it as a damn trap house

or rent it out to somebody when I`m done with it.

 

[scientific method]

It's one of my bored at work hobbies, looking at houses in various cities over the net and Atlanta has to be one of the most reasonably priced big cities, along with Dallas (obviously both being in the South). Thing with condos, check the HOA fees and what all they cover. I have seen some, you see it moreso in Florida, where they are literally more than your payment.

You know Atlanta better than me so I don't have to tell you anything, but I got family down there in like Acworth, Alpharetta, Macon, and some of the other periphery cities which escape me at the moment.
I don't know your credit situation, but even if it isn't up to par you can get it where it needs to be quickly. Rates are at 4% right now, and some states (Oklahoma does) have incentive programs where they give you money you don't even have to pay back. In my case, it's 3.5% ($5,770), which is the required down payment on an FHA loan and as long as I stay in the house 5 yrs I don't have to pay it back.




Buy this 1, 14g's AND it has a rental suite, not even as much of a fixer upper as I'd anticipated http://www.trulia.com/pro...n-Rd-SW-Atlanta-GA-30311 or here's a just a search I did of Atlanta with 100k as the ceiling, here's all apartment/condo/townhomes in Atlanta with 100k ceilin http://www.trulia.com/for...ONDO,TOWNHOUSE,APARTMENT|CONDO|TOWNHOUSE_type/0-100000_price/popularity;d_sort



I bought a house though like a few weeks ago, everything is still pending and my close date is set at Dec 4. I bought a new construction, 1700 sq t, 3 bed 2 bath 3 car garage just outside of Lawton, Oklahoma in a rural city called Elgin. I am only going to put the minimum 3.5% down, and I got a rate of 4.125% with makes my payment, insurance, pmi, etc still come out under $900. It was just the right decision for me. I have just gotten tired of apartments and being right on top of people, plus anything with a garage whether it be house or apartment would be more than what I'm paying to own it, plus it's mine now so I can do whatever I want in terms of renovations and the like, plus like I said it's a brand new neighborhood just outside of town but only about 15 minutes back into Lawton, 11 back into Fort Sill where I work so it's not like I'm way out from civilization.

I think you should do it. Worst comes to worst, you can rent it easily, especially in Atlanta and use the extra money to get sweater vests.

CRC, like he said Atlanta prices are crackhead cheap. As long as the HOAs aren't rape, he could get a spot for 35,000 and have his payment be like 175$ a month plus fees. Get a detached, with a 2nd bedroom and rent it out to the hommie for $400 and now you're coming out ahead.

Spoiler

Spoiler

Spoiler [+]

Spoiler

 

[GTA 809]

I would like to buy a forclosed home but I dont even know how to begin.
Has to be in NY/NJ tho

 

[mr 100]

^^^ Good luck in NY, you can in Jersey though.

 

[crcballer55]

Originally Posted by Scientific Method

It's one of my bored at work hobbies, looking at houses in various cities over the net and Atlanta has to be one of the most reasonably priced big cities, along with Dallas (obviously both being in the South). Thing with condos, check the HOA fees and what all they cover. I have seen some, you see it moreso in Florida, where they are literally more than your payment.

You know Atlanta better than me so I don't have to tell you anything, but I got family down there in like Acworth, Alpharetta, Macon, and some of the other periphery cities which escape me at the moment.
I don't know your credit situation, but even if it isn't up to par you can get it where it needs to be quickly. Rates are at 4% right now, and some states (Oklahoma does) have incentive programs where they give you money you don't even have to pay back. In my case, it's 3.5% ($5,770), which is the required down payment on an FHA loan and as long as I stay in the house 5 yrs I don't have to pay it back.




Buy this 1, 14g's AND it has a rental suite, not even as much of a fixer upper as I'd anticipated http://www.trulia.com/pro...n-Rd-SW-Atlanta-GA-30311 or here's a just a search I did of Atlanta with 100k as the ceiling, here's all apartment/condo/townhomes in Atlanta with 100k ceilin http://www.trulia.com/for...ONDO,TOWNHOUSE,APARTMENT|CONDO|TOWNHOUSE_type/0-100000_price/popularity;d_sort



I bought a house though like a few weeks ago, everything is still pending and my close date is set at Dec 4. I bought a new construction, 1700 sq t, 3 bed 2 bath 3 car garage just outside of Lawton, Oklahoma in a rural city called Elgin. I am only going to put the minimum 3.5% down, and I got a rate of 4.125% with makes my payment, insurance, pmi, etc still come out under $900. It was just the right decision for me. I have just gotten tired of apartments and being right on top of people, plus anything with a garage whether it be house or apartment would be more than what I'm paying to own it, plus it's mine now so I can do whatever I want in terms of renovations and the like, plus like I said it's a brand new neighborhood just outside of town but only about 15 minutes back into Lawton, 11 back into Fort Sill where I work so it's not like I'm way out from civilization.

I think you should do it. Worst comes to worst, you can rent it easily, especially in Atlanta and use the extra money to get sweater vests.

CRC, like he said Atlanta prices are crackhead cheap. As long as the HOAs aren't rape, he could get a spot for 35,000 and have his payment be like 175$ a month plus fees. Get a detached, with a 2nd bedroom and rent it out to the hommie for $400 and now you're coming out ahead.

I haven't kept up with real estate for about a year now, but if every condo there is going for the same price, it's not really a bargain.  It's just the market now.  Also, if there are problems with the property, you're going to need to get it for an even bigger discount to compensate for the time and cost of repairs.  If the HOA will cover them then that's another story.

I own a condo now and would do it completely different if I got to do it all over again.  If you're not in a hurry to buy, have set terms that you want (price, hoa's, neighborhood, etc.) and stick to them.  Great deals come to people who aren't in a hurry and can put in multiple bids and wait for the best one.  I will never pay for PMI again since you're paying the mortgage company's insurance in case YOU foreclose.  It's a complete waste and you might as well put down 20% at the beginning. 

 

[scientific method]

I want to buy a place in Atlanta now. My mortgage would be like $120, and this seconds one is in a gated community. Tell me about these neighborhoods somebody http://www.trulia.com/pro...-Atlanta-GA-30315#item-6 or http://www.trulia.com/pro...-Ter-SE-Atlanta-GA-30315 I mean hardwood and a garage spot built in 01 http://www.trulia.com/pro...r-St-SW-Atlanta-GA-30312 33k built in 06 http://www.trulia.com/pro...SE-4108-Atlanta-GA-30315


I don't know how they do it where you live CRC, but the bank wouldn't even approve a loan to buy a property that was unable to pass inspection anyways. I decided to go with new just because builders here give you a 2/10yr warranty, and watching so much DIY/HGTV plus from a coworker I have heard horror stories about people buying houses, move in, then the septic system or something else extremely expensive goes. I agree on PMI though in the case of dirt cheap Atlanta prices, yea I'd give them 20% but in my case I don't have 33k just chillin. I might be able to get my PMI waived anyways, there's another incentive my house might qualify for.


But again, in Atlanta even when I set the sort to only show houses <5 yrs old, he can stay under $40k.

 

[luckyluchiano]

Lotta them places are in SW ATL and Dekalb co are dirt cheap cause they were from when they were building OD houses in Atlanta and people were getting loans they couldn't pay off some of them neighborhoods aren't even finished but the houses look good to people that don't know the area.

 

[dathbgboy]

It is definitely a buyers market but like crcballer55 said, it's a lot more complicated than you think. Not even that, gettin a loan right now is damn near impossible even w/ an "ok" credit rating. There was a house around the corner from me that was on auction online starting for $1000. I was pissed I didn't have that and the mandatory $1000 in fees.

Atlanta does have a lot of houses on the market outside of the metro from what I heard though. I was lookin to move there but the job market didn't work w/ me in order to get me a gig. Now I'm lookin at the Triangle in NC (Raleigh-Durham-CH) col isn't that much there and I'm sure I can find a nice place for a decent amount.

 

[scientific method]

I got prequal very easily with almost no credit history. In fact, my credit scores were showing 0 (because I don't borrow money and the times I did were all over 2 yrs ago) and I just did the get a credit card and wait for them to report trick, with them jumped them all up to 700ish. They just wanted me to be at at least 620 and if I wasn't, they were going to help me get there. The lender is also going to pick up the remainder of my closing costs the building isn't.

 

[mr jordan04]

Ive been thinking of relocating to San Diego from LA and looking at condos down there. But I think I'm gonna rent an apartment first, mke sure I like the vibe/area then look into buying

 

[scarsorscabs]

I've worked full-time in real estate for over 7 years if anyone has any specific questions. I'm in NY.

You can definitely get some great deals and it's very possible to purchase a property and pay less than it would cost to rent the same property. If your situation allows and/or if you would do so anyway, have a roommate at least for a while and let them pay some or all of your mortgage. Think about some of the potential negative aspects of the situation as well, being a landlord can be profitable but a headache.

As someone mentioned, keep in mind that in addition to your mortgage payment you have taxes, insurance, common charges/maintenance and other general costs of homeownership. Also, it's simple but even though the prices may be cheap you need to be able to qualify for a mortgage. Eliminate as much debt as you can while still saving...you need a steady, sufficient income, enough savings and solid credit history.

You also really need to be comfortable with the area that you're purchasing in. Do your own research but make sure you find out what comparable listings have been selling for most recently (maximum 6 months) so that you're comfortable with the value before you move forward. An appraisal will be done to support this but you need to know going in. Just because other properties are on the market for the same amount or more, doesn't mean they won't sell for even less.

 

[brotherforreal]

Buying the house is the easy part. Maintaining it is where you need to be able to commit. Don't watch HGTV for starters. I've caught the remodeling bug but aside from that my whole block has been getting done in the butt with the roots from the trees the city planted 100 years ago ruining the sewer lines. 90% of my block has had to trench and repair what we could from the breaks in the clay pipes.

 

[gottabeem21]

I bought a multi-family investment property almost a year ago.  I can't say my mortgage is 200 bucks but it has definitely been a great investment for me.  My advice for buying a property in this market is to shop around.  People are dying to sell their properties right now, don't be a sucker and buy something without doing your due diligence