/biz/ - Business & Finance

>>17583023
Lol no that’s not how it works

>>17583055

THAT'S NOT HOW ANY OF THIS WORKS

>>17583023
Google or talk to a realtor.

You will not get any good advice on even remotely complicated issues out of /biz/.

Take that shit to reddit, google, or an actual realtor.

>>17583023
You're joking right
>That's not the way magnets work

>>17583023
I don't you understand how long it can take to get a decent mortgage

>>17583055
>>17583091
>>17583116
Well break it down for me on how it can work.

>>17583096
You may be right. I'm expecting a lot of /biz/ to troll or just tell me how stupid I am when I don't even know what I'm doing.

>>17583206
Get a mortgage broker, not a realtor like nohousefags, get pre-approved, have season money in bank. Don't cash out today and expect 30day closing. If you're borrowing money with a cosigner get out . If you're credit is chad, stable income, debt to income ratio is under 30% you should have no problems getting automatically financing. Taxes, maintenance, insurance. Get your ducks in a row
>Why buy a Mcmansion?
Just go all in LINK for next few years, despite having two years

>>17583494
That advice is for normies. But advice none the less.
Here's the reasoning of getting a McMansion.
Its paid off with no liens. Basically free and clear. The owner is either out of the states or just too rich to care about the home. So he let it go into tax deed sale.
The house is worth $340k. On sale for $50k. How can you resist buying a McMansion for $50k? A 2 bed 1 bath house can cost $100k easy. Just need to beat the other guy who bid on every single house in the auction.
Pay $600 a month for 30 years in a McMansion, or pay $600 a month for a 2 bedroom 600 square-feet roach hotel.

>>17583682
Yeah that’s not a real scenario

>>17583682 this >>17583735
I've been looking into foreclosure auctions recently and, while there is an opportunity every now and then, most of the time it sucks.

>Hey goyim here is a beaten up old house
>You can't inspect it ahead of time except from the outside
>You'll have to hire your own real estate agent/attorney to figure out if there's a tax lien on it
>We have a 'bank reserve price' which we won't go below even if that's the highest bid, but we won't tell you what that is before the auction, so you may spend all this time and effort just to win an auction and get nothing because we can refuse to sell
>Also you'll need to put down a $5k cash deposit just to enter the auction

You can get some good deals every now and then, but more often it's just banks looking to off load some shitty unlivable house for $100k.

>>17583023
>>they cut me a check (I think that's how it works)
That's not how it works, at all. But you're bidding on property.

You're gonna learn what "foreclosure" means, real fast, if somehow you were to manage to buy a house.
PS - nobody is gonna write a mortgage to bid on a house. That's not how it works, at all.

>>17583682
>Doesn't add in insurance, maintenance and utilities for a McMansion, and HOA fees in most places these days.
>Doesn't get that's why most of them end up on the market unsold forever

"B-but muh $600 mortgage!"

I love when incels and Neets run top speed into real life without a helmet.

>>17583803
>>17583853
How about stop being a child and criticizing aimlessly and properly give advice.

>>17583900
Not my job, snivelbaby. Do what everyone else does and go to a bank, sit down with the mortgage officer, and learn how it works. It's literally their job.

PS - I was criticizing your piss poor ideas and lack of knowledge pretty fucking specifically, but you posted anyway.

>>17583929
See, its not hard to give proper advice. If you feel you need to criticize poor ideas because of someone who is inexperienced, that makes you act like a child. Hold back on being a dick sometimes.

>>17583966
I have no requirement to pat your dumb ass when you scribble on the internet wall with crayons.

I hate all of you

>>17583853
>I love when incels and Neets run top speed into real life without a helmet.
>>17583900
>How about stop being a child and criticizing aimlessly and properly give advice.
>>17583929
>Not my job, snivelbaby.

Person 1: "Hey I need help, here's my plan."
Person 2: "I know everything and you are stupid and wrong about everything"
Person 1: "Ok can you give me advice since you know everything?"
Person 2: "No, helping you isn't my job."

The internet in a nutshell.

>>17583023
>go to lender
>ask for $100k mortgage loan
>they cut me a check (I think that's how it works)
are you a nigger?

>>17583091
*smashes candy with a hammer on dining room table*

>>17583023
>tax deed sale
Works like this.

Oh I won!!!!
>give us money NOW
Well...
>okay give us x% now and the rest next week
(x being whatever the fuck they want)