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Is BRK-B a buy right now?
Hi Fishes, I recently joined Pwc AC and was informed to update my checkpoint portfolio where we update all our investments. If we have some investments and if we do not declare them, will it be a problem or can I update it as Nothing to report. Recently I joined here so I'm having some confusion regarding this.
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Hi! Just bought my first house last year and I worked in the mortgage/real estate business for 4 years.
Contact a mortgage lender and get pre-approved first. Get a couple of different opinions and go with a mortgage bank vs. the big bank you use for everything. They will help you understand the process more and help with writing offer letters, etc.
They will give you the amount of your purchasing power, but by no means should you look for properties at the high end unless you like living paycheck to paycheck.
Taxes suck and if you're purchasing a property that has increased in value significantly from the previous owner then you will have 2 tax bills at the next year so just be prepared.
Do not wave an inspection, and make sure you hire your own private inspector to do a thorough check. Make sure they check things like HVAC, heating, plumbing etc. They don't always do simple things. We thought we did it right and still ended up missing that the thermostat was bad and we don't have a water pressure regulator in the house and that has been almost a $5k investment.
Escrow is a long an tiresome process that can be confusing. From the start to closing pretend like your credit cards don't exist. Don't pay off more than the min payment, and don't use them for any purchases. Anything that changes your credit during escrow can throw off the entire transaction and disqualify you. Don't buy a car, don't buy furniture, don't open a new credit card.
Speaking of credit your mortgage lender can also work with you on a plan to increase your credit to help understand how to improve (if you need to) and how long that would take.
1099 income can only be used after 2 years of earning so if you have a side gig that you are hoping to use to help qualify keep that in mind.
Your Mortgage lender can have some recommendations on agents, but we used the one that represented the seller in the transaction for the buyer's agent as well through redfin (might have been Zillow either way they have the same program.) If you are searching for properties on your own you don't really "need" your own agent representing you, but if you want someone who knows an area better than you and can send recommendations for properties get your own real estate agent. Just know their rates are included in closing costs and can be more.
Speaking of closing costs, that can be upwards of $50k depending on the amount of house you're buying - some are negotiable, but all parties involved in the transaction getting paid out (real estate agent, title, mortgage, etc.) and that is in addition to your down payment.
Hope this helps!
@Jordan this was spot on and very helpful!
Fwiw some analysts are saying prices are going to fall to pre-pandemic levels. So might want to look into that
If only there was a source of information out there where you could research this question for yourself ? 🤔
Oh wait there is…it’s called the internet. Get at it.
Meanwhile, they are literally using the internet to ask questions... The information out there is confusing
We bought a house in late 2021 (market was still crazy back then). Our realtor is a great negotiator. Ill dm you his information.
Brian Danney at Beer Home Team. He is the BEST.
Brian is one of the best !
I am doing the same and my relator connected me with her lender . She is absolutely amazing and has so much patience. I’m a first time buyer so I had a ton of questions.
Lynette Braun : +1 (858) 649-3593
I have two realtor recommendations : Connie Cannon or Jenna Yost. They’re both top notch, relentless in providing the best service. They have their lenders they trust and will refer you to, but you can always choose your own. However it’s usually easier to work with the lender(s) your realtor has a relationship with.