All Forum Posts by: Account Closed

Ah, yeah, I've since taken on more work and upped my budget to about 130k. I've heard Columbia Heights is bad, but also that there were some new police initiatives recently or something. I'm having a hard time finding up-to-date accounts of the place.

Does anyone have any thoughts on Columbia Heights or Saint Louis Park?

Can any houses east of 94 be had for that budget?

Hey, I'm a prospective first-time homebuyer, with the intent to owner-occupy and rent out 2-3 extra bedrooms. I'll probably expand with other properties if this goes well, but for now I just want to stop wasting my money on rent and hopefully turn a profit month-to-month. If the house appreciates, well, that's a nice bonus.

I've been preapproved for a loan of about $75,000. Not much, I know... My agent has sent me a list of houses in North Minneapolis, mostly Folwell, near Lowry Ave. A real hotspot for crime I hear, but for all I know it could only be gang members that are getting stabbed... Was wondering if anyone here has owned property in the area recently, and what your experiences were. I'm trying to be cautious, but not stereotypically caucasian-ignorant. (Mission failed already, maybe.)

Per the terms of the loan, the house must be owner-occupied. I'm a shut-in anyway, so I don't really fear for my own safety, but moreso stuff like break-ins, problematic neighbors, ability to draw quality tenants etc. Seeing as how it's my first property purchase at all, I don't want to get in over my head.

I'll probably be able to think of some more specific questions... Just putting this out there.

Sorry for the double post, but I've just gotten off the phone with a loan officer at my credit union, and have been preapproved for a conventional loan with just 3% down. (???) Apparently they are trying to "compete" with the FHA program by offering these low down payments. He assures me I won't have too much trouble getting a seller to sell to me, and everything seems to be on the up and up... Any thoughts on this? I was under the impression you basically NEEDED 20% with a conventional loan.

@David Taylor
That is good to know. So basically, assuming a $50,000 house once again... I can't quite put down 10% yet on account of closing costs/emergency fund, but would you say it's in my best interest to go after an FHA loan immediately, with less than 10% down, and try to beat that deadline?

Looks like the rates here would be about $330 a month (15 years,) and if I've done my math right, PMI would add about $50/month for 5 years. I can handle that I suppose.

I have looked into FHA loans a bit... Was even considering going the duplex route. But if I understand correctly, aren't they getting more expensive now? I recall reading about some change in the law last month... And getting stuck with permanent mortgage insurance. That's what I'm afraid of, really. If I manage to get a loan with less than 20% down, I just want to pay extra on the mortgage and get rid of that PMI immediately.

Hey all. I've read the first timers' guide, lurked on the forums here a bit, and figured I'd bite the bullet and introduce myself. Name's Matt from NE Minneapolis, 22 years old and looking to get my foot in the door.

My short term goal is, first of all, to stop wasting money on rent and start paying down a mortgage; beyond that, I want to get at least a 3-bedroom house and rent out the extra rooms. If that works out, I'd probably buy a couple more properties a year or two down the road and landlord those, eventually quitting my "real" job.

My funds are low, but so are my expenses. I've got about $5000 saved right now, stable part time employment (going on 3 years,) and no debt. I can go full-time whenever I want - and may have to to get a loan, I hear - but I'd rather not if I can avoid it. I'm currently renting a cheap (but actually pretty nice) apartment with 2 roommates for $315 a month, so a mortgage payment on a ~$50,000 house wouldn't be much different from my current situation. The difference of course is that I could potentially make $600-700 in rent on top of my current wage, which would be great.

So... any tips on finding a livable house in the $50,000 range? I don't have high standards. Just need one room to myself, and security. I've chatted with an agent and know it's possible in North Minneapolis, but will I have trouble actually getting one, when there's buyers who can put more money down than me? I have a mortgage preapproval form sitting here from my credit union, but don't know if I should even bother until I have $10,000. Any advice would be much appreciated.

And once again... Hello!