08-11-2017, 09:30 PM | #362 | ||
Nissanaholic!
|
Quote:
__________________
Quote:
|
||
08-11-2017, 09:38 PM | #363 | |
Post Whore!
|
Quote:
As I mentioned turbronegro, unless your hypothetical friend were dead set from a very early age or just ended up playing his cards right, making the right life choices, etc in regards to buying a house, it will be a tough road to climb in regards to saving and their family/personal situation.. As I said, its really fucked up how prohibitive they make it for a regular working class individual from buying a house. 80% of the people can easily support a reasonable mortgage. Its the effing downpayment that no one can afford....... The banks screwed us, all these regulations got put in place, and somehow after all this, all the new regulations did was make sure the big banks don't fail and take everyone down with them. Which means, they are covered and we are still fucked from a buyers perspective......Unless loaded as a human |
|
08-11-2017, 09:41 PM | #364 | |
Post Whore!
|
Quote:
However, in a hot market the problem with a FHA is not only the exorbitant cash you need to have on hand, the loan itself takes almost twice as long to process and you are up against straight up cash overs, 2 week closing dates and no contingencies, Nothing against FHA as in most cases, it is like any other loan and as you have proven, it works! However it is heavily market and seller dependent |
|
08-11-2017, 11:39 PM | #365 | ||
Nissanaholic!
Join Date: Jul 2003
Location: DC and Norfolk VA
Age: 38
Posts: 1,650
Trader Rating: (2)
Feedback Score: 2 reviews
|
Quote:
I have to admit thats a tough financial position to be in, having 3 kids. I have never been in that situation, but I can tell you if theres any periods in your life that you feel like you are stuck, remind yourself that there are people who have walked that road, changed their circumstances, completely owned up to it, hustled hard and are killing it now, and I bet they have advise to give to their "young 30 yr old self" step by step if he were to do it over again. This can be used as a metaphor for anything in life but in business, having a good mentor is basically the cheat code to succeeding. I just got off a 3 hour phone call with a mentor that gave me free advise (he normally charges $300/hr for his coaching clients so im super grateful that hes a talker lol). Where his knowledge comes from his 20+ experience and the mastermind groups for his business that he pays close to $100k to be in. Even if my call wasn't free, I would be happy to pay his rate bc where I am in my business (that i think is a challenge), he can tell me exactly what I need to do to take it to the next level bc hes been there and seen so many others take teh same path. So I don't have the exact answer for that 30 year old with the 3 kids, but I feel like the answer will likely be to increase his cashflow income significantly.
__________________
HouseBuyers365.com Quote:
|
||
08-12-2017, 12:29 AM | #366 |
Zilvia Junkie
|
I asked that question because i feel like that is the average middle class man. Wether he's to blame isn't of any importance, it's the fact that its reality.
I myself only have one kid and Im fixed already, I can't fathom raising more than one kid lmfao. |
08-12-2017, 03:21 PM | #367 | ||
Post Whore!
Join Date: Mar 2008
Location: San Diego, CA
Posts: 4,203
Trader Rating: (27)
Feedback Score: 27 reviews
|
Quote:
Quote:
I do ask though, where do you guys find mentors? I could use one. Sent from my SM-G935T using Tapatalk |
||
08-12-2017, 04:16 PM | #368 | |
Post Whore!
Join Date: Sep 2003
Location: Lake Stevens, WA
Age: 41
Posts: 2,657
Trader Rating: (20)
Feedback Score: 20 reviews
|
Quote:
It depends on what you want to get out of home ownership. Are you wanting a home just as an investment and potentially growing wealth? Or is it because you want a place to call your own? A place that after a long hard day, you have your own sanctuary. |
|
08-12-2017, 06:09 PM | #369 | |
Post Whore!
Join Date: Mar 2008
Location: San Diego, CA
Posts: 4,203
Trader Rating: (27)
Feedback Score: 27 reviews
|
Quote:
Sent from my SM-G935T using Tapatalk |
|
08-12-2017, 07:29 PM | #371 | |
Zilvia Addict
Join Date: Apr 2016
Location: Southaven, ms
Age: 45
Posts: 951
Trader Rating: (0)
Feedback Score: 0 reviews
|
Quote:
Sure as hell helps with my $1200 monthly mortgage payment and two rug rats. Sent from my HTC One using Tapatalk |
|
08-13-2017, 05:49 PM | #372 |
aWingThing.com
Join Date: Mar 2003
Location: Milwaukee, WI
Age: 44
Posts: 20,900
Trader Rating: (1)
Feedback Score: 1 reviews
|
Going to have some updated pics soon.
Just put in a fire pit and a 22' flagstone patio around it (connecting to my existing concrete patio). I'm about halfway done with a new outdoor kitchen island that's 10' x 6'. Fuck yeah. But man I need a break. I FUCKED my elbow up (tennis elbow I guess) doing that patio. Laying 4500lbs of a stones (some 200-300lbs a piece) with very little help is HARD. Of all the projects I've done after remodeling two homes, that was physically THE hardest project I've done. Hardscaping is no joke.
__________________
What I do for a living...www.mhrussell.com |
08-14-2017, 09:26 PM | #374 | |
Zilvia Junkie
|
Quote:
|
|
08-15-2017, 11:25 AM | #375 | |
Nissanaholic!
|
Not sure where you're getting your info from but we did it in 5yrs.
__________________
Quote:
|
|
08-15-2017, 11:50 AM | #377 | |
Zilvia Junkie
|
Quote:
Old FHA guidelines stated that MIP will fall off after reaching 78% loan to value and a minimum of 5 years in the loan The rules have now changed that with less than a 10% down payment it is on there the life of the loan, or with 10% or more it is on there for a minimum of 11 years, and then reaching 78% loan to value |
|
08-15-2017, 07:04 PM | #379 | ||
Nissanaholic!
|
Quote:
__________________
Quote:
|
||
08-15-2017, 09:54 PM | #384 |
Zilvia Addict
|
Not sure if it was Fannie-Mae, but yep. Conventional 3% down, PMI off at 20%.
Almost got a GREAT interest rate, but my lending agent f'd up the paperwork so I was somehow forced to wait a week and in the meantime the going rate jumped a bunch. Still a good rate, just not a GREAT one. |
08-15-2017, 10:02 PM | #385 | |
Zilvia Junkie
|
Quote:
|
|
08-16-2017, 09:59 AM | #386 | |||
Nissanaholic!
Join Date: Jul 2003
Location: DC and Norfolk VA
Age: 38
Posts: 1,650
Trader Rating: (2)
Feedback Score: 2 reviews
|
Quote:
Quote:
Unleash the Power within is the cheapest seminar and is catered for the general population. There are other programs that range from 6k to 75k from there on. I know those sound like big numbers to most ppl, and you can easily say "well shit, I can buy another set of rims, turbo upgrades, ect ect for 10k", but understand theres a place for spending to consume/splurg, and spending to invest in yourself, and I'd be willing to bet all those successful ppl in SoCal know the difference. Good luck buddy, i think you'll do great. By just asking the question, you've started the process already.
__________________
HouseBuyers365.com Quote:
|
|||
08-16-2017, 11:06 AM | #388 | ||
Nissanaholic!
|
Quote:
__________________
Quote:
|
||
08-16-2017, 11:37 AM | #389 |
Zilvia Junkie
|
|
08-16-2017, 12:10 PM | #390 | |
Post Whore!
|
Quote:
I wonder if gbaby falls into that window (if there is a window that is)?? I know when we bought, once we sold our initial home, we could refinance immediately as 1) The new house would be our primary residence 2) The proceeds from the initial house would be used for refinancing closing costs (which I think is BS as you have to pay closing costs twice...but that's an entirely separate discussion......) |
|
Bookmarks |
|
|