Any advice for a "first time home buyer"?

[DevIouS]

Well.....trying to follow up on one of my New Years resolutions.

I've been doing the research for a little while...but leary on alot of people & really want to go about it the right & safe way.
I have met some really cool people & respect alot of advice that I have received.

Just wondering if anyone can recommend any contact people, links, etc...
Maybe even any programs for "first time buyers."

Also any help with Mortgage Brokers & how to go about For Closures.

I will be looking in the area of Pelham, Pelham bay, Throggs Neck & any good areas of the Bronx.

Thanks for any advice in advance.

Regards,
Phil & family..

 

[House of Laughter]

Phil,

Fannie Mae foundation has a whole huge program for first time home buyers.

Also, feel free to come on over, havea few B**rs watch the tank and talk house, hehehe talk house.

House

 

[DevIouS]

Thank you for the invite Jim...
I will take you up on that offer.

 

[weenjoyx]

real estate investor here

yep alot of loan programs out there- just stay away from the interest only ARMS- If you have to go that way you just can't afford it-

I have my MBA in finance and started my PHD in finance but I found investing in real estate more profitable and less time demanding than a 9-5

Just make sure the numbers work for you- but also remember those on the other side of the table are working for their best interest- so it is buyers beware.

2 things- 1st( work with a mortgage broker) you always, no matter if you have 800+ credit score and great bank will get a better rate- I buy like 4-5 properties per year my broker never fails.
and secondly- make sure you do a home inspection if you aren't familiar with homes and construction. You might be buy a money pit and dont know it

 

[House of Laughter]

Ween great advice - Amen to the broker concept - BTW - all banks sell their loans off to larger mortgage brokers anyway - it's how they hide their debt

Also, Amen to the ARM comment - We started with a 7yr arm (not interest only) and went to a 30yr fixed after the market started to go up - we got in at 4.75 -

Phil, I got all the 411 (well a good amount) and cold beers waiting for ya.

Jim

 

[DevIouS]

Thank you for your advice...

also remember those on the other side of the table are working for their best interest- so it is buyers beware.

Exactly what I felt speaking to most.

Searching for a trust-worthy person.

 

[DevIouS]

Phil, I got all the 411 (well a good amount) and cold beers waiting for ya.

Jim

Thank you Jim....
Looking forward to it.

 

[weenjoyx]

hey laughter

yep laughter tricky game- I am think next yr might be a good time to get a 7ARM straight not interest only- because the FED should stop raising soon-
the economy is that that great IMHO- this evening after market close - Yahoo, IBM and Intel had terrible earnings announcement-
Great for me- I am also a trader and should rack in some dough tomorroow on this news

but timing is everything in mortgage rates-
Dont go short duration in this rate environment not worth it-Just get a long term fixed- you did the right thing

 

[House of Laughter]

Ween, thanks, we jumped on the 7 yr at 3.75 (imagine) and when it started to go up we dove out. IN another 20yrs when the rates go below 4.75, I'll refi

It will be interesting to see what happens after the feds raise the bench anothe 25 basis points - bet the market craps out and becomes a buyers markey in May

Good luck and pounce when they least expect it ;-)

House

 

[weenjoyx]

buyers market

hehehehe- i dont think real estate will collapse- i think prices will just level off- and if you refering to the stock market I think longer term this market is toasted- Just wall street keeping it up to get their money

but yep certain real estate market will definitely feel a pinch nothing big I think- I sold my 2 properties in Miami last yr and although I could have gotten more today I dont regret it. Real estate is local and regional defined- so the hot areas today will not the hot areas in 10-15 yrs- ONLY manhattan can do that
.Trick is to travel and see what politicians and businesses are doing in different areas to spur migration into their cities, simple concept- you buy into those areas. Dont buy the areas that are already hyped - no way -
I got in a Vegas property not even built yet 18 months ago just when people started talking about Vegas and I am so in the dough- I might sell the contract this yr.

I travel alot just to look at areas- I think SC and NC might be 2 areas to see alot of appreciation in coming yrs- also philly and baltimore have been getting alot of city urban development backing from politicians and big companies-

 

[lfsmarineguy]

I don't know anyone in that area. I can help you out on Long Island or the Rye area if you want lol, used to sell real estate in Rye and did mortgages on LI. All the advice I can give you is don't stretch yourself. If you have any hesitations as to whether ot not you can make the payments don't buy it. If the real estate agent gives you a weird vibe find another most of them would do whatever it takes to sell you something. You can ALWAYS negotiate with the owner ask to have a sit down. We are at the peak of a wave right now and prices should start to come down soon. Maybe not crash but they will start to drop in some places atleast a little. Your home no matter what everyone tells you is in no way shape or form an asset. This is a lie that banks tell you so you can borrow against it. If you take the money you put into your home and invested it even in low risk low yield investments you would have an assload more money than what you would have if or when you sell it. The market goes up and down in cyclical waves there is nothing that guarantees resale value no matter where you buy (there are places that are less "risky" for loss of value but there are no guarantees).

 

[DevIouS]

Thanks buddy.....

 

[Tonyscoots84]

my family and i have invested in several condos in south carolina. there behind like 10 years or so. but its a constant move. its getting very popular down there. thats why we bought those condos and in about 5 - 10 years it will be very profitable...

i see what weenjoyx is saying. the areas that arent to well off right now but there looking on improving it will one day be the popular areas.. hence houses and cost of living is cheaper in those areas.

 

[jhale]

two other real estate threads,

http://www.manhattanreefs.com/forum/showthread.php?t=5738

http://www.manhattanreefs.com/forum/showthread.php?t=6082

 

[DevIouS]

Thank you Jhale.