All Forum Posts by: Terrill Clark

Hey BP Family, Whenever the conversation of me getting into real estate comes up, everyone tells me to look for foreclosures but are they really the way to go? There are so many foreclosures around but they never have pictures of the property online and I'm not sure if they're even worth reaching out to the real estate agents to see them I heard Jay Mr Realestate on YouTube say "a foreclosure isn't a deal, a deal is a deal" Thoughts?

Thanks Dwight Jones I thought there were a standard few options when it comes to purchasing. Would a credit union be a better option than a bank like Wells Fargo? Everyone recommends credit unions for car loans

I plan on letting my brother rent one of the rooms anyway so that'll be a nice amount I'd save each month :)

Mindy Jensen thanks for the reply. So let's say I find a 3bd townhouse at about 150-160k. If I get the 203k FHA loan, would I be able to have a contractor redo my kitchen, bathroom & floors (possibly knockdown a wall) and have that rolled into my mortgage? Is there a limit on how much it will cost for the contractor work? I've played with some calculators on the sites and the increase with the PMI doesn't bother me too much as I plan on living there and living in an apartment would cost about the same anyway

Carletta Grier thanks for all of that! I'm doing some research & someone at work mentioned that if I take a class for first time home buyers I can receive some type of grant. I wouldn't have known/thought to ask about that without your post!

Thanks everyone! I wish I could reply all so you get some type of notification but I will look into this and see what works best for their situation! I love BP!

Thanks for all of the input! I want to find a duplex or triplex but as I search the mls or sites like realtor.com there are NONE in the 60,000-160,000 range in any of the nearby cities unless I consider somewhere in a "bad" neighborhood that I wouldn't necessarily like to "occupy" What price range do you guys pay in your cities for duplex+ ?

Hey BP Family, Not sure if you only give advice on investments but my parents are still living in the same home they've owned for 20+ years but I'm sure they have refinanced and whatever else you can do to prolong paying it off My dad mentions selling the house all the time but isn't taking action for whatever reason. He says there would still be some profit made if he does. My question is, would he have the option of selling and using whatever money he walks away with and getting a new home with an FHA low down payment loan or is that only for first timers? I know this isn't really an investment question but your expertise would be appreciated :D just looking to make this a reality for them

Hello Everyone, I'm currently living at home saving money as I'm looking to purchase my first home/townhouse by the end of the summer. From my research so far, I see that I can put down 3.5% with an FHA loan. I was always told 20% like I'm sure majority of you were told at first Anyway, I was looking at places ranging from $130-190,000 (just seeing what's out here) and in most places I'd want to redo the floors, kitchen & bathroom. I was told about the FHA 203k where I can wrap the renovation into the mortgage with a $35,000 cap. It sounds good if I find a decent place at $130,000 but does anyone know of any thing I should be aware of when trying to purchase this way? Unexpected out of pocket costs or just your own experience with FHA 203k I'd appreciate any input! I'm thinking I could hold on to the property for a few years and then sell or just rent out and move onto another property

Hey everyone! I appreciate all of the input! This is still all pretty new to me so I have to keep doing my research to understand it all but I will be meeting up with someone in my area next week so with everything you all shared here, I will have done some more research and will have better questions to ask!