Quote:
Originally Posted by Super
In practical terms though, what would I have to go through to acquire a mortgage for a house worth around $150? I know I'm not going to get a loan just like that considering I have no credit history. Would I have to get the loan through my parents?
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yeah it would have to be almost entirely as if your parents were buying the house and you would just sign your name somewhere. Although if i were you, i would make sure i did a lot of research. real estate is something that I've kept an eye on for the last two years since i realized the stock market wasn't really my favorite thing. I think two years is a conservative learning period if you want to be confident in your decisions.
EDIT: oh, now that i guess im not going anywhere tonight i had time to read your post better.
I assume you meant mortgage payment in the area of $150 monthly instead of a house valued at $150,000 -- correct? my mistake
Well, realistically i dont think you could find that unless you put down a huge percent of the house in down payment. As unlikely as that seems, i dont know where you live, so i cant really say.
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also, i think housing prices are still going to go down (big part of the reason i havent jumped the gun yet) With the new bailout, you can bet the governments going to want to turn some of those newly bought assets into liquid sometime soon, and were going to start seeing a lot of steals flood the market.
the only houses id buy at this point in time is short sale's, and even then i would target houses that are at least 30-40k listed undervalue. For me the easiest way to learn is through experience. Find a broker, tell them ur situation, and work with them. the greatest thing about it is that you dont have to pay a dime for their services. its their job to show you the ropes, and you could be completely faking interest just to gain experience. The only time you pay them is when the sale goes through, which could be like a year after you first started bidding on houses. I must have bid on like 11 or so houses now that i had no shot on because of multiple bids (one had 45, lol), but by doing this you get experience and they disclose more information about the sale to you, so you are on the inside. Plus, they get a better feel of what you are looking for and as your friend will always have you in mind when they see a house tailored to what you want.
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i think because of you guys ive missed my window to go to shopping. nuts.
anyways, something that i forgot to mention was how you can write off a lot of rent expenses in tax write offs, another reason my family backed me.