If you're non-white and not knowledgeable about real estate, you can be easily conned into buying a money pit, i.e. bad real estate investment wrapped in a pretty package deemed a dream home. And discrimination cases are not easy to win if they go to court!
If you're employed but don't make enough money to afford at least a $600k house, you may not be able to obtain a decent, valued, accruing, real estate asset in America, so screw the dream of home ownership if you're not willing to do your homework!
If it looks too good to be true, it probably is not a good deal!
Banks and investors are not in the business of making sure you don't buy a money pit. As a matter of fact, they probably hope you do so they can make more money off your mistake.
Buyer, beware when it comes to a house that has been "flipped" or a foreclosure because chances are that if the house is o.k., the land maybe a sinkhole which may require from $40k-100k or more to fix.
Trust me: I learned the hard way which cost me $60k in repairs when I bought a property 25 years ago in Georgia but now am able to counsel you and my son on what not to buy during this "seller's" market.
But I'm not a realtor, the real estate salesmen who should be able to counsel you on such matters but often only wants to make a quick sale!
Never fall in love with property. Real estate is an investment that you sometimes have to live in. Ask yourself, what would another knowledgeable investor do?
Remember: you're not the real property owner unless there's no mortgage, and either way, you will be liable for repairs, codes, and taxes. When buying real estate, trust no one, and please do your due diligence because you'll be indebted for a lifetime for bad judgment mistakes.
(Photos by Kurk Johnson)
If you fear housing discrimination, take a look at this:
https://www.democracynow.org/2019/10/22/keeanga_yamahtta_taylor_race_for_profit?fbclid=IwAR1Tbe7nmsTsaT8v-rORVfkt9zhg7XahN5syTOTfZTqAXZMQlaezLfClfDs
If you're employed but don't make enough money to afford at least a $600k house, you may not be able to obtain a decent, valued, accruing, real estate asset in America, so screw the dream of home ownership if you're not willing to do your homework!
If it looks too good to be true, it probably is not a good deal!
Sinkholes, trash pits, and inert waste landfills can be costly to correct. |
Rotting railroad tie walkways and steps can be dangerous and costly to removed and replace. |
Trust me: I learned the hard way which cost me $60k in repairs when I bought a property 25 years ago in Georgia but now am able to counsel you and my son on what not to buy during this "seller's" market.
But I'm not a realtor, the real estate salesmen who should be able to counsel you on such matters but often only wants to make a quick sale!
Never fall in love with property. Real estate is an investment that you sometimes have to live in. Ask yourself, what would another knowledgeable investor do?
Remember: you're not the real property owner unless there's no mortgage, and either way, you will be liable for repairs, codes, and taxes. When buying real estate, trust no one, and please do your due diligence because you'll be indebted for a lifetime for bad judgment mistakes.
(Photos by Kurk Johnson)
If you fear housing discrimination, take a look at this:
https://www.democracynow.org/2019/10/22/keeanga_yamahtta_taylor_race_for_profit?fbclid=IwAR1Tbe7nmsTsaT8v-rORVfkt9zhg7XahN5syTOTfZTqAXZMQlaezLfClfDs
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