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Old 09-17-2018, 06:10 PM
 
Location: North Carolina for now....ATL soon.
1,236 posts, read 1,398,315 times
Reputation: 1318

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Quote:
Originally Posted by SharenaLoggins View Post
There are quite a few condos in Sandy Springs that fit your requirements. Have you thought about considering a fixer upper? Something that may only need cosmetic work? I just saw a listing in Alpharetta for under $200k that looks like it just needs paint and carpet from the photos.

Maybe think outside the box a little bit in terms of what you're looking for, you might be surprised at what you find. Good luck with your search! You will find something, just don't give up!
I would LOVE a fixer upper to put my own stamp on it, as I'm very particular and hate builder basic interiors! But with a VA Loan, they don't allow money in the loan for that; I would have to have all cash on hand for the entire remodel. FHA has a remodel loan, but now we're back to money down and PMI, which I can avoid completely with the VA Loan.
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Old 09-17-2018, 06:23 PM
 
Location: Roswell, GA
33 posts, read 37,743 times
Reputation: 36
Quote:
Originally Posted by No2Monsanto View Post
I would LOVE a fixer upper to put my own stamp on it, as I'm very particular and hate builder basic interiors! But with a VA Loan, they don't allow money in the loan for that; I would have to have all cash on hand for the entire remodel. FHA has a remodel loan, but now we're back to money down and PMI, which I can avoid completely with the VA Loan.

I just had a client that combined the GA Dream down payment assistance program with the FHA 203k loan! There are ways to get it done, you just have to be creative. He had no down payment and received $29k for the repairs. There's still PMI though.

I think you could find what you're looking for though! Remember new listings come on the market daily!
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Old 09-17-2018, 06:41 PM
 
2,306 posts, read 2,992,349 times
Reputation: 3027
Do not try to buy new with your budget. You'll be in a terrible area or super far away from the city. When you go to sell, your new roof, fridge, paint, dishwasher, etc. won't be new anymore but you'll still have the crappy location! Buy older in the best area you can.
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Old 09-17-2018, 06:48 PM
 
Location: Atlanta's Castleberry Hill
4,768 posts, read 5,436,068 times
Reputation: 5161
Why get a bunch of novice opinions and not go through a professional real estate agent?
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Old 09-17-2018, 07:12 PM
 
9,008 posts, read 14,049,033 times
Reputation: 7643
Quote:
Why get a bunch of novice opinions and not go through a professional real estate agent?
Because the knowledge here is approximately 10,000 times better than 99% of the idiot agents out there.

If you can find one of the good ones, that would be extremely helpful. Best of luck in that search.
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Old 09-17-2018, 07:16 PM
 
Location: North Carolina for now....ATL soon.
1,236 posts, read 1,398,315 times
Reputation: 1318
Quote:
Originally Posted by SharenaLoggins View Post
I just had a client that combined the GA Dream down payment assistance program with the FHA 203k loan! There are ways to get it done, you just have to be creative. He had no down payment and received $29k for the repairs. There's still PMI though.

I think you could find what you're looking for though! Remember new listings come on the market daily!
Thank you so much for this information.....very encouraging!
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Old 09-17-2018, 10:46 PM
 
3,073 posts, read 1,299,703 times
Reputation: 1755
Atlanta is the epitomy of why the US housing market is going to crash shortly. The prices here in the 6 years since I got here are absurd. Places in say Edgewood that were 180 in 2012 are 600 now. That simply isn’t normal at all. In addition I have no clue how anyone is even affording these places. I make slightly over 100K a year and in essence fall in the top 10% of income US wide at that number so how are these places being bought by under 10% of the population? I’ve been awaiting the inevitable crash which I initially thought couldn’t rival 2007 but I’m starting to think it’s possible it’ll be almost as bad when it does occur
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Old 09-18-2018, 07:04 AM
 
221 posts, read 189,888 times
Reputation: 442
Quote:
Originally Posted by BELMO45 View Post
Atlanta is the epitomy of why the US housing market is going to crash shortly. The prices here in the 6 years since I got here are absurd. Places in say Edgewood that were 180 in 2012 are 600 now. That simply isn’t normal at all. In addition I have no clue how anyone is even affording these places. I make slightly over 100K a year and in essence fall in the top 10% of income US wide at that number so how are these places being bought by under 10% of the population? I’ve been awaiting the inevitable crash which I initially thought couldn’t rival 2007 but I’m starting to think it’s possible it’ll be almost as bad when it does occur
If you get married to a clone of yourself then you will have 200k/yr which is enough to afford the 600k home. Gone are the days of supporting a whole family on a single income. Lots of DINKs nowadays with lots of disposable income. A couple both with decent paying jobs and no kids have money rolling in like none other, very easy to save up for a big downpayment in a few years.

Economy is good and there are more high paying jobs. The problem with prices is that the nice areas to live don't have enough homes. Pretty much the top 10% want to buy homes in the best areas but there's only enough supply for the top 5%.
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Old 09-18-2018, 07:28 AM
 
19 posts, read 17,587 times
Reputation: 18
If you are are planning to stay in place for a few years it may be better to pay the PMI lump sum at closing. I have done that with both houses I have purchased. Monthly PMI will cost you more than paying it all up front, depending on length of loan, how long you plan to stay, etc, because of how long it may take you to get enough equity to make the PMI go away.

For me, I broke even as long as I didn't sell in about 3 years. It's pretty easy to work out. Ask for the monthly PMI costs and what it would cost if you paid the PMI at closing. Do the math and see if it makes sense. It takes more money but it may be worth it.
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Old 09-18-2018, 07:38 AM
 
32,019 posts, read 36,763,165 times
Reputation: 13290
Quote:
Originally Posted by stoxdiamond View Post
If you get married to a clone of yourself then you will have 200k/yr which is enough to afford the 600k home. Gone are the days of supporting a whole family on a single income. Lots of DINKs nowadays with lots of disposable income. A couple both with decent paying jobs and no kids have money rolling in like none other, very easy to save up for a big downpayment in a few years.

Economy is good and there are more high paying jobs. The problem with prices is that the nice areas to live don't have enough homes. Pretty much the top 10% want to buy homes in the best areas but there's only enough supply for the top 5%.
Remember when the Millenials were moaning about the horrendous, hopeless condition they'd been left in by previous generations? Now these $600K homes are no sweat.

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