Skip to main content

First time Home owner! Need some legit advice

So i want to start off by saying im 19 and i work front desk at a real estate office, im extremely interested in buying investment properties and i want to start as soon as possible. Ive saved up a good amount of money and i work two jobs as well, i also go to school and get a lot of money back from fafsa and certain grants. i have a high credit score and my parents are willing to go into the loan with me and live as my tenants while i pay my way through college. We also want a duplex so we can rent out the other side. I feel like i have a good plan, im not trying to rush into things and im trying to save uo enough to atleast have a sizable down payment on the property. I work with real estate agents and every time i try to ask them about my plan or if its a good time right now in the market for a first time buyers it feels like theyre just looking to get me to be their client and not really giving me real advice. is the market now a good time to be a first time home owner, ahh im just so nervous!!

edit; basically, is this a solid plan? please poke holes and ask questions that make me think bc i feel like i have things worked out but i feel extremely under prepared.

submitted by /u/Narrow-Dare9068
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/w6vmh7/first_time_home_owner_need_some_legit_advice/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/