I've been living in Newark, NJ for about 11 years now. And I've watched Jersey City, DC, Brooklyn and now Newark go thru the gentrification process. Newark is not where the other two are, but its on its way. Downtown is rolling right now and its only a matter of time before that development expands into the wards.

Was having a conversation with a friend who lives in Newark's Central Ward where much of the development is taking place. And he was frustrated. He was like man its only a matter of time before they move us out. History would say this is probably true.

So I then asked him "why?" "They'll improve the neighborhood and raise the rents," was his answer. Another good point. Couldn't argue that.

But here's the thing....why are we renting? Bad credit? Sure? Don't have enough income to qualify for a loan? Sure. But if I'm honest, the real deal is that we need to do a better job of teaching one another how to manage the money we do have.

There are a lot of us who do have good credit. Who are dope at managing money. Who can qualify for loans even though they aren't making 6 figures. We need to invest that knowledge back into our people man. In most cases, sneakers, clothes, cars and the like are depreciating assets. Sure you have to buy them, but we got to be wise in how much we invest in those things.

And let's also, be 100, In a lot of cases, if you have the money to rent, you have the money to own, since you are more than likely covering the mortgage of the place you are renting. Your credit may be screwed though because of student loans or credit card debt. Its why we need to be talking to our kids about this stuff before the get to high school. Those types of bad decisions can take years to climb out of.

If you own your home, the only way they can move you out thru gentrification is raising the taxes. At that point...you should be able to sell your crib for a profit since the area has improved (That is unless you bought at the height of the housing bubble).

I'm probably over simplifying a bit. But we need to own where we live. We didn't create this system, but we can for sure work it to our advantage.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>I'm probably over simplifying a bit.

.

people's post about matters that lend to their interest and opinion?

It's crazy. Y'all act like people owe this place a Doctoral Thesis or a ready to publish article response anything a point or topic is posted. It's down right righteous arrogance and it kills the potential for developmental dialog in these kinds of post.


Chill!


.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

I'm sick of seeing SYMPTOMS of our misfortune positioned as the cause. Black people have low rates of home ownership because of institutional racism. Sometimes the shit smacks of "let them eat cake" cluelessness.

Who are they telling you can't get a loan that has good credit? Sure, when are stuff is shaky, we don't get the benefit of the doubt every time. No deny that.

So let's press for me for more bro.

Yes we have to be twice as good. But the thing is we can be.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

for a better card, they still never approve it. My faith in that is real "meh"

And what are they saying the reasons the deny you for?

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

i used to design algorithms to make up mailing list for credit card companies to send them "pre-approval" letters to

basically i would say anyone with no late payments or deliquent accts in the previous 36 months would get a "pre-approval" letter

from those ppl, like 80% of the respondents would go on to "full approval"
the other 20% would be declined for various reasons

it costs credit card companies less than a dollar to get you to apply for that "pre-approved" card but they will make >$100 within the next 12 months off you if you're approved

so the money is in it for them to keep pluggin everybody they can with them offers

So this doesn't surprise me.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>So this doesn't surprise me.
>
>Download my new mixtape featuring Lecrae, Andy Mineo, Christon
>Gray and more. Positive Hip Hop:
>http://www.noistrade.com/wadeoradio

Get a car lown, get a co-signer and start there. Is it what most people do? No, but it can be done and has been done.

I've had credit cards and have them all paid off. Did it once before I got married. Paid the others off this past month.

Credit is the biggest hustle. And the fact that you think you can't get a mortgage without getting credit cards is proof.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

A car loan.

always paid cash
didnt need a car in nyc
even the altima i have now i paid cash
i like pre-1973 vehicles anyway

but wade dont sound too financially savvy so i doubt i'd be taking cues from him

I can't believe some people do this their whole life.

But credit cards are not bad if you use them responsibly. I used to think this way too.
You have to show a record of payments to build a good credit. It's about behavior.

So, it's not really viable alternative to using cards to effectively build credit.

My car note helped my credit score go from the high 300's (which I didn't even know was possible) to 605 in 6 months flat.


---------------------------

forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D

many MANY people have gotten mortgages without ever having a car note
but VERY VERY few have gotten a mortgage without revolving credit (credit cards/store accts)

>many MANY people have gotten mortgages without ever having a
>car note
>but VERY VERY few have gotten a mortgage without revolving
>credit (credit cards/store accts)

Not sure how it is these days, but I had plenty of first time buyers without traditional credit. You just had to get shit like utility companies and whatnot to report it to credit agencies, do a rapid rescore, and close the loan.

As an AE, I've pushed a good number of loans like that throguh my pipeline as well.

---------------------------

forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D

the one time I did it, they said no. *middle finger*
but my score is awesome now. But I still don't want a Chase card.

so now I have a measly little one that I built credit with, but the limit is so low it's not worth having.
I just want a better card with a limit that's large enough for emergencies. The one I have is so "meh", no real benefits.
I also have a platinum AMEX that I was added on the account so it's not truely mine. I don't ever use it, the account activity counts towards my score.
It went up 48 whole points in a month! Plus I get a priority card to get in all the airport lounges. I want a card of my own that has travel points.
On top of that, my debit card keeps getting hacked and frauders are using it. Someone got me for nearly $200 last week.

Niggas asking questions without researching......lazy and dumb.

>Y'all act like people owe this place a Doctoral
>Thesis or a ready to publish article response anything a point
>or topic is posted. It's down right righteous arrogance and it
>kills the potential for developmental dialog in these kinds of
>post.

It's redlning, racism ...etc.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

http://www.justice.gov/opa/pr/justice-department-reaches-settlement-wells-fargo-resulting-more-175-million-relief

This is only the case we know about, imagine how much of this they do and never get caught.

I haven't been there in a few months.

New housing and businesses galore down there. Whole Foods is set to open in 2015.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

and that really goes for all races. The economy and the game is set up way different.
Like some of the things you mentioned. As a whole this generation is stuck with a LOT of student loan debt.
Job market is tough and wages have not gone up despite the prices of everything. As a generation, buying is not popular.
Saving is hardly possible if you live in a major city. You have to have something like an inheritance to get a leg in the game.

I didn't have them. But we are finally paying my wife's off this month.

Some of this we just didn't foresee, but the flip is we have to warn this next generation about them.

We can save dough if we really set out to do it. His books aren't popular with blacks, but Dave Ramsey is that dude. I got out of debt before I got married fooling with those baby steps of his. We need to share that kind of information in our communities.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

like our parents. I mean they are really cleaning up. I know multiple people who are getting like $8,000 a month in pensions.
Knowing that you have those securities when you get older also inspires confidence in buying. Right now retiring doesn't seem like an option.
So I feel like before you can even get to managing the little bit of coins you can manage to scrape up, your mindset has to be there.

I did not come from a household that knew a damn thing about money. We always struggled to make it.
Luckily my husband comes from a family that knew everything about building wealth and passed info down.
We will be buying next year. But trust me, it will be in the hood. Real estate in Brooklyn is ridiculous.
But this is our home for almost 10 years, so leaving is not on the table. Quality of life trumps cheaper real estate.

Get a 15 year mortgage instead of 30. It costs more a month, but your build equity faster and pay the loan quicker.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

to work around that...they are rezoning commercial to residential and building
then on top of that discriminating who can move into to those dwelling
that is diluting the neighborhood and really forcing people to make a decision to live there or not
along with the tearing down of public housing its squeezing folks out of wanting to live in the neighborhood

1.
>Bad credit? Sure?

2.
>Don't have enough income to qualify for a loan? Sure.


The above two account for a huge portion of why nots.
Add in lack of a downpayment and the portion gets bigger.




>There are a lot of us who do have good credit. Who are dope
>at managing money. Who can qualify for loans even though they
>aren't making 6 figures.


If you have them two things, chances are, you don't want to live in an area that has yet to be gentrified. Maybe AFTER it has been through that process but not before.



>And let's also, be 100, In a lot of cases, if you have the
>money to rent, you have the money to own, since you are more
>than likely covering the mortgage of the place you are
>renting.



Buying a home is more than just the mortgage payment.
It is all the lil stuff like upkeep and other snafus that you need to worry about.
I'd say add 20% to your monthly mortgage+insurance note to be fully cushioned for homeowner "snafus"
your mortgage $1,900?
add $380 per month for "emergency" stuff
this is if you have an older house
brand new house you can reduce it to say 10% or $190 per month

We also live where we can afford to live. Renting someonewhere for 5 years, you were better off buying it.

Now the downpayment is an issue for a lot of us. There are a lot of first time homebuyer programs that can help with that. Also, we learning to save money and pay off debt is key. It can be done. Those who know how, need to teach those who don't how to do it. As I mentioned before, Dave Ramsey has been doing this for years.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

owning a home is MUCH MUUUUCH more responsibility than renting an apartment
you need to start with respecti...
you know what, I had a post about why Black neighborhoods deteriorate much faster than White neighborhoods a few months ago.

go check that post for some reasons



>We also live where we can afford to live. Renting
>someonewhere for 5 years, you were better off buying it.
>
>Now the downpayment is an issue for a lot of us. There are a
>lot of first time homebuyer programs that can help with that.
>Also, we learning to save money and pay off debt is key. It
>can be done. Those who know how, need to teach those who
>don't how to do it. As I mentioned before, Dave Ramsey has
>been doing this for years.
>
>
>Download my new mixtape featuring Lecrae, Andy Mineo, Christon
>Gray and more. Positive Hip Hop:
>http://www.noistrade.com/wadeoradio

http://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=12625726&mesg_id=12625726&listing_type=search

Home and and apt aren't a fair comparison, unless you are renting a home.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>Home and and apt aren't a fair comparison, unless you are
>renting a home.


I know I don't
so I continue to rent until I can build the house I want
Ppl are telling you reasons why your intial thoughts are crap but you aren't listening

Your mortgage over time.

if a huge expense comes out of nowhere on the common grounds of the property and it wasn't accounted for, you could be on the hook for a few thousand dollars repair bill out of nowhere

I hope that people will take the time to dialog with you on the matter and save the "Know it all" attitude for their jobs and work.

.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

This is the thing bro. Yes, we got dealt an unfair hand. But it can't just be they are gonna fix up the neighborhood and move us out. Why can't we do it. We got money for Jordan's, fast food and everything else.

I'm not perfect dude, but I'm just seeing the big picture. Some of this is on us man.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

And people hate to hear the truth because it causes them to take responsibility.


.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

>I hope that people will take the time to dialog with you on
>the matter and save the "Know it all" attitude for their jobs
>and work.


i'm providing NUMBERS
a 2BR condo going for like $250k in harlem
you going to need like $15,000 down payment and close to a 700 FICO score to get into something like that
as well as make at least $70,000 per year

i didn't realise how difficult it is for black folk to attain those numbers until i start peeking into other folks business
they may have the salary, but then they credit be all fuct up because of student loans and just general irresponsibility when it comes to finances (late car payments, unpaid credit cards, buying a $3,000 purse with their income tax check, etc)

Naw, your perspective is not the only one that's valid.
.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

Basically you just said its difficult to attain the cash/flow and or assets to get into the right living situation, due to loans and irresponsibility. The loan payment itself may be unavoidable, but the irresponsibility with bills in one's early 20's, or the tendency to see large cash infusions as an opportunity to spend or the habit of always dropping money on depreciative things etc...

All of these things are correctable, and they can positively impact cash flow. It starts with understanding at a deeper level how decisions affect cash flow and impact credit score, liquidity and in the long term, assets, in real ways that people who may be undereducated understand.

Like I said his message was a little muddled, but it IS valid. This all begins with an honest self evaluation (especially parents, who hate to disclose their finances to their children because they are embarrassed or don't want them to know off GP) of ones self and the factors contributing to your current financial situation.

yes...if the average person become smarter and more responsible...yes...things will change...

but that's not how people improve...averages stay within a pretty constant range and it takes generations of continued improvements to sustain them...

it's not that more people need to become above average...

it's that their need to be simpler and easier to obtain solutions/alternatives for those from below average to above average...

relocation to non-urban areas isn't a viable solution en masse bc it would require an exodus of some sort to places with limited resources...

financial literacy needs to become a part not of just school but of childhood/chores...that's not a New Years Resolution type of thing...it's going to take capital to gain the type of cultural changes needed to make these improvements widespread and applicable to the exceptional and the mediocre

yes...if the average person become smarter and more responsible...yes...things will change...

but that's not how people improve...averages stay within a pretty constant range and it takes generations of continued improvements to sustain them...

it's not that more people need to become above average...

it's that their need to be simpler and easier to obtain solutions/alternatives for those from below average to above average...

relocation to non-urban areas isn't a viable solution en masse bc it would require an exodus of some sort to places with limited resources...

financial literacy needs to become a part not of just school but of childhood/chores...that's not a New Years Resolution type of thing...it's going to take capital to gain the type of cultural changes needed to make these improvements widespread and applicable to the exceptional and the mediocre

that shows that its sooo much more than "black people don't know any better" that affects home ownership.

redlining
racism in property valuation
discriminatory lending
discriminatory hiring
shit, the damn housing crisis that JUST happened pretty much wiped out the accumulated wealth of (mostly) black professional women, who were doing it all "the right way"

its not impossible to affect some change, but "black people we need to do better" isn't an actionable strategy or analysis

Hell, I forgot to drop this in the post, lol:

http://www.nytimes.com/2014/12/13/us/pew-research-finds-growing-net-worth-gap.html?_r=0

But every major city we live in has black banks. They discriminating too? Everything aint just the the system. The system sucks....but we have room to improve too.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

if your check is only enough to cover your rent, food, utilities, phone bill, transportation, and maaaaaaaaybe clothes with a few dollars left for emergencies, then saving for a down payment and the closing costs of home is not possible.

one emergency can wipe all of that out. not a major emergency, but something relatively minor for a middle-class person. a small incident, such as car trouble or paying the leftover portion that your health insurance won't cover, can ruin the financial situation of someone who's barely making ends meet.

that along with housing discrimination, predatory lending, redlining, and absence of generational wealth creates the situation we see today.

If you can't meet THOSE TWO criteria then you don't need to be buyin nobody's house

You can get a FHA loan for 3.5% down payment
say you're going to buy a $70,000 house
that is $2,450
But you can get a first time homebuyers program to gift you $2,500 for the down payment
then you need closing costs
you can get the seller to pay up to 6% of mortgage amount ($4,200) towards those
closing on a $70,000 house might be like $3,500 (or 5% of transaction)

that $1,000 is basically "show money" because the bank want to see you have at least two nickels to rub together when you come sit at the closing table

the example I gave will work in THE SOUTH
atlanta to birmingham to jackson to baton rouge to houston
up to dallas this will work
plenty of $70,000 homes in regular neighborhoods




so, why can't ppl get a 600 credit score and save $1,000?

you talkin bout like a $500 month payment for that $70,000 house
so, you only need to make (i mean GROSS) like $1,500 a month or $18,000 per year to qualify for it
that assumes you have no other monthly obligations such as student loans or child support or car note payments

70K in NYC or Bay Area or LA won't go far. But, the point stands. YOu can get something in those areas if you want something


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

he just poppin off at the mouth
70k property in NYC or LA?
what he smoking?

let's say you got this for $75,000 in pittsburgh
http://listings.realtycntr.com/realestatehomesforsale/2945-sacramento-avenue-sheraden-pa-15204-gid400022844743.html


you still at roughly $500 a month payment
and should be EASY to get that mortgage with 650 credit score and a few thousand ($3,500) in the bank
it can be done with 600 credit score and $1,000 in the bank but you need to be hustling HARD in order to make them ends mete

And you could probably get something in Inland Empire for 70 as well.

Plus, we are talking hood spots that aren't gentrified.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>And you could probably get something in Inland Empire for 70
>as well.
>
>Plus, we are talking hood spots that aren't gentrified.


you say "Jersey"
where in Jersey?
Hoboken or Camden?
Jersey City or Montclair?


you might want to do a little more research of what it actually takes to purchase a home before you start worrying about the impediments for Blacks to not purchase one.

you're trying to start a first semester freshman level of discourse when it's folks on here with right at PhD in Urban Planning and shit like that

move past the 101 discussions and at least start it at the 500-level courses

i can give you another anectdotal example...

my uncle lives in the house my grandparents (his and my fathers parents) bought back in 1947 in Dallas
house been paid for for over 30 years
but it is in a bad neighborhood, Oak Cliff
house prolly only worth $25k
but the house is in such bad condition it needs to be torn down and a complete new structure needs to be built
it's decent and "livable"
but there is no insulation in the walls
the outside wood siding as well as the window sashes are being eaten away by termites
the house is not worth trying to salvage via rehab

but it takes about $85,000 on the very low end ($85 per sq foot) to build a home in that area
but the house will only be worth maybe $60,000 once complete because of comps
so, no bank is going ot lend you money to rebuild on the lot you already own

but here comes the city of dallas...
http://www.dallascityhall.com/housing/HomeRepair/index.html

that program rehabs homes for elderly
and if the house is too far gone like my uncle's they will tear it down and build them a brand new house
they estimate the house to cost $105,000 to build
the owner can live there until they die or they decide to sale it
if they die, then the decendents can pay the city for what the house is worth or they can just let the city have it

the point im trying to make is that the banks won't lend you money on a losing cause
nor will they lend you money under a certain amount because it is not financially viable for them to do so
trying to get a mortgage under $50,000 is like pulling hen's teeth


we just dealing with all the financial roadblocks
we haven't even gotten to why the neighborhoods are poor value and look all raggedy and beat up in the first place



buying a house is nothing more than MONEY
that's all it is all about
MONEY

You're funny. You're uncle is the exception not the rule. But your uncle could rent that place and get a loan to buy in another spot. Anything he could get in rent would likely be profit given he has no mortgage.

I posted homes in Newark which is closer to Manhattan than much of the boroughs. You can live in Jersey and work in NY easy.

Now to your real point...you yourself laid a senario of how cats can get a 70K place with 600 fico and a g in the bank. I gave you cribs 20 minutes from NYC. But sense you asked and apparently don't know how to use zillow, here you go Mr. PHD: http://www.zillow.com/homes/New-York-NY_rb/

Now...do you know more about this than me? Probably. That's not why I'm here though. My point is that the system is all to blame when we get left out when an area gets gentrified. If you re-read what you wrote, you actually help prove my point.



Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>You're funny. You're uncle is the exception not the rule.
>But your uncle could rent that place and get a loan to buy in
>another spot. Anything he could get in rent would likely be
>profit given he has no mortgage.


Do you know anything about buying or selling real estate?
Do you like slumlords or being one?
My uncle could get sued for trying to rent his house in the condition it is in.
Furthermore, nobody would rent that house the way it is unless they want a trap house or like five mexican families that are trying to squeeze in it.
And furthermore, if my uncle rented his house at lets say $500 per month, then he himself would need to find a place to live which would be i guess $800 per month
so it would COST HIM $300 per month to rent his house

again, it all comes down to NUMBERS
no offence, but what is your background with issues like these?





>My point is that the system is all
>to blame when we get left out when an area gets gentrified.
>If you re-read what you wrote, you actually help prove my
>point.


the "system" is not to blame
i know of three areas in houston right now that can be EASILY gentrified for CHEAP and nobody would be to blame for that
but the ppl that moved in and tried to gentrify it would have to put up with bullets flying past their heads or having their doors kicked in and robbed for a few years before things really stabilized and started moving upwards
the reason why the home prices in them areas are so cheap is because of MURDERS and VIOLENCE
simple as that
tell you cousins to stop killing each other and gangbanging and the property values will increase

stop smoking blunts on the stoop and your property values will increase
that aint the "system" going against you
that's you yourself killing yourself

I'm not going to argue about your uncle because again, your uncle is an exception. That is not most people's reality. But I didn't realize the house was in that bad a shape to where he couldn't rent it. He could just sell the hosue and the land and buy a new one. Yes it will cost him more money...but to your example an extra $300 a month his nothing.

My previous post should have said the system is not to blame. That is actually my whole point. Maybe we are saying the same thing and you know so much more than me that you can't see it.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>I'm not going to argue about your uncle because again, your
>uncle is an exception. That is not most people's reality.
>But I didn't realize the house was in that bad a shape to
>where he couldn't rent it. He could just sell the hosue and
>the land and buy a new one. Yes it will cost him more
>money...but to your example an extra $300 a month his
>nothing.


my uncle is the exception because he has ZERO housing/mortgage debt???

if he sold that house he would net probably $20,000
with that money where is he going to live the rest of his life?
he's on social security

seriously, have you finished undergrad yet?
it seems to me you yourself are more of the problem because you don't have a basic understanding of real estate principles
you're thinking in a vacuum




>
>My previous post should have said the system is not to blame.
>That is actually my whole point. Maybe we are saying the same
>thing and you know so much more than me that you can't see
>it.


no the "system" is not to blame
we have choices
i own rental property
but i am currently renting an apartment for my family to live in by choice
i wouldnt dare have my family living in the areas where i own the rental property
too much violence
school systems are SHIT-TAY
the properties themselves are VERY good condition
just the areas they sit in are crappy

Ok. You're right and I'm wrong. Thanks for the convo.



Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

Like, a lot of people are fleeing the Uptown and Cedar Springs for Oak Cliff b/c of it's proximity to downtown...unless he's further south. Then, that's another story. The southern parts of Oak Cliff have been in development hell for decades. So, damn near anything purchased out there is a depreciating return.

over to Kiest park
all the way down to the airport/20

my dad's whole side of the fam is super deep in them areas
i'd say about 70% of them technically live in cedar crest tho
the east side of lancaster
still, all that shit btwn lancaster and marsalis aint no playground

i know they done turned Bishop Arts out
but as you said, they are slow to move southward

Two of my aunts live in Highland Hills not far from there and lot of my high school friends used to get bused in from that area.

I'm not sure what it'll take for that side to get cleaned up, b/c there's no business or entertainment hub to really draw anyone that far south. Everything keeps getting built farther and farther north. They've done a bit of development in Cedar Hill, but that's way farther south.

as well as a few house lots near Townview school and a house over by the zoo.

All these are family members homes that have died without a will and we've collected.
I'm the last of the mohicans so they all fell in my lap.

None of the houses I would feel comfortable with having anyone pay to live in.
Even the best condition house which my uncle lives in doesn't have a showerhead (only bathtub) and I know my wife be acting funny when we go visit (as i would if we visited her ppls out in the sticks of New Caney / Crockett).

But yeah, the areas near Townview and the zoo I think will pop next because their proximity to 30 and downtown
I can be to Reunion in less than 10 mins from my uncle's house. and if traffic looks stupid dumb I will just take Riverfront and hang a right on Corinth to get back to that side of town.

i been frequenting that area literally for the last 20 years
all the way back to when my cousins used to race cars/motorcycles and would take me with them to yellow belly race track

http://www.zillow.com/homes/for_sale/Newark-NJ/12970_rid/0-70000_price/0-261_mp/pricea_sort/40.794708,-74.049053,40.667749,-74.314785_rect/11_zm/

Now yes those are listings and now final sale prices. But you get the point.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

http://www.realtor.com/realestateandhomes-detail/18-Wright-St_Newark-City_NJ_07114_M60976-93747


do you live in that area/neighborhood?
if so, can you tell us why Black ppl aren't trying to rehab their own community?

I don't know enough about Newark to say what goes on there

I pass that block every morning taking my kids to school.

No commercial development in that immediate area yet. There is a lot of industrial warehouses nearby as well.

If that stretch of Clinton Ave and/ or Elizabeth Ave over there was turned into more a commercial strip, you'd see a lot of that.

Now why aren't blacks folks investing there, first there's few wealthy black real estate developers in Newark. There are black folk with money in the area (Essex, Bergen Counties). But they aren't developing real estate with it

Every major project in the city has been white people. But what IS stopping us from pooling together and doing something? Your guess is good as mine. These types of questions are why I made this post. Why aren't we doing it? What is REALLY stopping us?

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>No commercial development in that immediate area yet. There is
>a lot of industrial warehouses nearby as well.


who wants to live near a chemical plant?
shit is not appealing nor is it safe
that's why property is so cheap there


>Now why aren't blacks folks investing there, first there's few
>wealthy black real estate developers in Newark. There are
>black folk with money in the area (Essex, Bergen Counties).
>But they aren't developing real estate with it


because it is a shitty depressing looking area
there is no profit in it
you don't build homes next to industrial parks
therefore, no developer is trying to put homes or a grocery store right there
the homes that ARE there are in a tough bind because noone is trying to spend that CAPEX to serve those few homes right there
it's a losing battle




>Every major project in the city has been white people. But
>what IS stopping us from pooling together and doing something?
> Your guess is good as mine. These types of questions are why
>I made this post. Why aren't we doing it? What is REALLY
>stopping us?

why don't i want to pool my money with other black ppl?
because i dont know you like that!!!
and that goes for ANYBODY not just Black or White ppl
just because we both have a few dollars in our pockets dont mean we have the same vision for what should get built
i may want a baseball diamond to be built in the park
you may want a basketball gym
but there is only enoug space for ONE of them
which do we choose?
im going to fight for my basbeball
you gone fight for your basketball
if we cant see eye to eye the the entire deal is scrapped and we take our investment dollars to areas where we can have complete control to do what we want
simple.

now, why invest $50,000 in a house in Newark hoping to make $70,000
when I can invest $70,000 in a PORTION of a brownstone in brooklyn and make $200,000 on the back end
see how PROFIT MARGINS work?
just for $20,000 more entry fee, I'm making like SIX TIMES the profit!!!

it all comes down to money, my man

Industrial doesn't mean chemical. Just warehouses. There are other parts of Jersey with the same type of warehouses near them where the property value is much higher. You are oversimplyifying.

Not going to keep going back and forth with you on this. Clearly you know more about this than me and you disagree with points. I'm not going to pursuade you so its all good. Thanks for the dialogue.

God Bless.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

I'm not financially illiterate, but my family struggled my entire life. I budget. Currently, I save 18% of my gross income. I'm trying to do better, but the idea of homeownership is something that I'm not all together comfortable with. The amount of debt and everything that comes with it, but at the same time, I see rich white folks starting to come into the neighborhood...

Anyways, I've been looking at buying at house using a first time home buyers program to get a house before gentrification pushes all the poor black and ethnic folk out, for a few months. It's already started to happen and particularly, for the location I want, I need to act fairly quickly, if I'm going to make it happen.

What do I need to do? What do I need to know? What do I need to be aware of? How do I know much house I can afford? How much should I allow my student loans to factor into this? What resources can I turn to?

It sounds like your other post I should be looking for a 70K house that I can comfortably afford in case something pops up, I can roll with the punches fairly easily, but 70K doesn't go far where I'm at. Or maybe I just don't know how to look.

It all depends upon your:

1. credit score (kinda)
2. annual salary
3. down payment amount
4. mandatory monthly bills (car note, student loans, credit cards, child support, tax liens, etc)


take your GROSS annual salary and divide by 12
take that number and multiply by 0.40

that is the MAXIMUM you can "safely" be approved for a mortgage for
i think technically you can go up to 49.9% of your gross but i said "SAFELY" be approved for

now, go find a house that is that amount or less for mortgage, taxes, and insurance and you're set.


i wouldn't put my personal biz on OKP and i'm sure you wouldnt
the quick and easy way to determine how much you can afford to spend on a house is to go to ANY BANK and ask to get pre-approved for a mortgage
they will run your credit and ask a grip of financial questions
might take 30-45 mins to get through the process
once done, they will let your know how much house you can afford

this amount is also determined by your credit score


FHA loans are back by the federal govt and aren't too strict on credit score but they usually cost more than conventional loans

if you're saving 18% of your gross income i'd say that's damn great
but of course it depends how much you make
if you gross $8,000 per month and save $1,440 per month
FABULOUS
but if you make $3,000 per month and save $540 per month that's nice too but not as sexy as saving almost three times that amount

what zip code do you live in and what zip code(s) are you looking to buy in?

if you just tell me where you are looking to buy in i can easily tell you how much you need to earn in order to buy there



>I'm not financially illiterate, but my family struggled my
>entire life. I budget. Currently, I save 18% of my gross
>income. I'm trying to do better, but the idea of homeownership
>is something that I'm not all together comfortable with. The
>amount of debt and everything that comes with it, but at the
>same time, I see rich white folks starting to come into the
>neighborhood...
>
>Anyways, I've been looking at buying at house using a first
>time home buyers program to get a house before gentrification
>pushes all the poor black and ethnic folk out, for a few
>months. It's already started to happen and particularly, for
>the location I want, I need to act fairly quickly, if I'm
>going to make it happen.
>
>What do I need to do? What do I need to know? What do I need
>to be aware of? How do I know much house I can afford? How
>much should I allow my student loans to factor into this? What
>resources can I turn to?
>
>It sounds like your other post I should be looking for a 70K
>house that I can comfortably afford in case something pops up,
>I can roll with the punches fairly easily, but 70K doesn't go
>far where I'm at. Or maybe I just don't know how to look.

The main zip code I'm looking at is 28205, but I'd consider 28212, 28206, and 28211, if I could find something at a decent price. The First Time Home Buyers program that I'm linked up with will only help folks out in troubled areas and in areas that in transition.

I appreciate the help.

http://www.realtor.com/realestateandhomes-detail/1305-N-Mcdowell-St_Charlotte_NC_28205_M51028-29948


i'd offer $53,000
hoping that we can settle at $55,000

do a FHA at 3.5% downpayment ($1,925)
let the First Time program pay for that
might need like $2,000 closing cost
let the seller pay for that

You're looking at a $53,000 mortgage from the bank
if you had $1,500 yearly property tax
$500 property insurance

you're looking at a $420 a month payment
you would need to GROSS $12,000 per year to qualify for that mortgage
IF YOU DONT HAVE ANY OUTSTANDING BILLS


you can go to like BofA or Wells Fargo and get a FHA loan from them with like a 650 FICO score
if you got late payments and shit on your credit report, it wont be so easy
but it is doable

you need to have last two years tax returns saying you made at least $12,000 per year
last 3 months worth of bank statements showing you have that much money going into your bank accts
last 3 months pay stubs from your job saying what they pay you

really simple...

>The main zip code I'm looking at is 28205, but I'd consider
>28212, 28206, and 28211, if I could find something at a decent
>price. The First Time Home Buyers program that I'm linked up
>with will only help folks out in troubled areas and in areas
>that in transition.
>
>I appreciate the help.

We used a FHA. House was around 115k. Our credit wasjust good enough at the time so we jumped on it. Our mortgage is $900 for a 3br-2bath ranch with a 2 car garage.

Seller paid most of the closing cost.

I can honestly say that I didn't feel any resistance or racism whe trying to buy my first home.

Charlotte is a boom city right now jump in if you can. Even if its in the hood, get on it because this city is on fire right now.

amazing. big things def popn down there. when i touched down the hornets were in their first year and they had the mural uptown with alonzo mugsy and LJ

>We used a FHA. House was around 115k. Our credit wasjust good
>enough at the time so we jumped on it. Our mortgage is $900
>for a 3br-2bath ranch with a 2 car garage.
>
>Seller paid most of the closing cost.
>
>I can honestly say that I didn't feel any resistance or racism
>whe trying to buy my first home.
>
>Charlotte is a boom city right now jump in if you can. Even if
>its in the hood, get on it because this city is on fire right
>now.
>
>

how are:
Piney Grove
Crown Point
Albemarle
Lebanon
Greenway Park
Idelwild

i just googlemapped this area and it seems like South Dekalb in Atlanta. Down near River Road/Waldrop Hills area.


just checked CMPD and it dont seem like that area (28212) is too violent. just like 30034 in Atlanta. pretty tame. just a lot of negroes living there.

what do they say about the curriculum in these schools?

but I never had a convo about the curriculum

Hi, former Senior Loan Officer, former Mortgage Broker, senior Wholesale Account Executive for an A-paper and subprime lender, nice to meet all of you.


What deej is saying is 100% dead on accurate for the majority of this country that ISN'T NYC or LA.

What perplexes me, though, is that when it was possible to buy a house with 100% financing with a 560 midscore, why weren't we gettin in on that? Most of my clients were white or Indian when I was flippin mortgages and a lot of couples in their 20's were coppin cribs with a 580, but they were overwhelmingly white.


---------------------------

forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D

The best thing is to not get in debt and lowering expenses by living with others family or a roomate until you have enough saved to buy a house . It takes a lot of sacrifice ( much more if you are black) but it's possible .

Its hard but it can be done.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

White mother baby and father will be under one roof paying $850 month mortgage

Black mother baby and father will be under 2 roofs paying $700 rent a piece or $1400 month total.

The white folks will have an extra million in the bank by the time they're 50 even if their income is the same .

As long as it's standard for black kids parents to pay rent on 2 separate homes they're paying more for housing, saving less for college, saddling kids with debt and not gifting down payments on homes at the rates white ppl are.

>White mother baby and father will be under one roof paying
>$850 month mortgage
>
>Black mother baby and father will be under 2 roofs paying
>$700 rent a piece or $1400 month total.
>
>The white folks will have an extra million in the bank by the
>time they're 50 even if their income is the same .
>
>As long as it's standard for black kids parents to pay rent
>on 2 separate homes they're paying more for housing, saving
>less for college, saddling kids with debt and not gifting down
>payments on homes at the rates white ppl are.

With no kids aren't doing themselves any financial favors by not getting married...

>With no kids aren't doing themselves any financial favors by
>not getting married...


there are other non-financial sacrifices we have to make when we get married
like, i cant just get up and travel to where i want to because i am married and i have to ask my wife for approval before i do anything like that
especially now since i have a child
each time i leave the house i need to tell my wife where im going (for saftey reasons just in case something happens to me or to her or the baby)

every decision needs to have a consultation period
no more autonomy
even for dinner
i have to consider someone else's wishes and desires
i cant leave my house all nasty as i would when i was single and just clean when i felt like it

only thing you save on by being married is sharing the rent and you get a household policy on the car insurance
other than that, financially this shit is the same
oh, federal income taxes i get a lil better break too

and on that saving money tip, you could just get a roomate and be in the same position as a married person
my wife makes out better than i do because my income pulls her WAAAY up into more nicer shit than what she can do for me
but it's whatever

Or meet financial goals...is some desperate/bad financial planning bs.

>Or meet financial goals...is some desperate/bad financial
>planning bs.


i used to date this chick in san diego whose roomate was an architect that designed like 20% of the million dollar homes in that neighborhood

he went through a divorce and just didnt feel like owning anything at the moment

so they had a BADASS townhouse they shared

neither one of them two were hurting for money to try and "cover" the bills

in san diego i lived with my sister and her husband in their condo and i made more than both of them combined
neither one of us needed the other to pay bills but we all family so it worked

Majority of humans are average. Expecting average people to become above average en masse is ridiculous. Some will be able too. Most will not. There are so many issues with home owning for Americans in general. The housing bubble proved that.

Expecting a whole group to somehow become superior basically is what you're asking. Being better than others isn't an answer. Being different or adopting unique solutions maybe. But as is...home ownership has a large number of societal obstacles as well as financial literacy pre-reqs. You are over-simplifying not only the problem but especially the solution. A small percentage of people of any race are able to do it without the pressure of extra exceptionalism

Urban life is expensive as fuck for renters. It's even worse for homeowners. I know people who have managed to buy homes in areas pre-gentrification only to be overwhelmed by property taxes as gentrification brings the value of everything around them up. Simplifying complex shit is almost always going to lead to shitty outlooks

thats all true,, what solutions do you propose.

The people in power will never just turn around and level the plying field because they are the beneficiary, so the way I see it any solution requires being twice as good or working twice as hard, but if we do it mow maybe it won't be quite as hard on the next generation.

Whatever the solution is it will require people coming together in groups, whether to live together and saving money or to organize to change laws and propbably some combination of both.

Yes it's bullshit but the alternative is the status quo.

>
>Whatever the solution is it will require people coming
>together in groups, whether to live together and saving money
>or to organize to change laws and propbably some combination
>of both.
>
>Yes it's bullshit but the alternative is the status quo.



the OP is on that bulllshit.

if you can get a household with 4-6 working adults in 3-4bedroom houses without the social stigma...

the single family home american dream isn't feasible for most lower to middle class in the current economic climate...

>if you can get a household with 4-6 working adults in
>3-4bedroom houses without the social stigma...
>
>the single family home american dream isn't feasible for most
>lower to middle class in the current economic climate...

Yes it's extremely hard, much much harder than it should be, if you have kids early or take on a lot of debt it's very much impossible.

My friends who are doing the best financially now all got married right after college saved money and waited til they had kids. It's not fair but the society is built for those that do that to succeed.

You will see Indian families, or even Caribbean families live 2 to 3 families deep on one household.
It's also this taboo thing where we kick our children out at 18 or living at home after a certain age is a bad thing.
Truth is, if you have an uncle, sister, cousin etc... that could live in the household and contribute it's a better deal.

My family lived in my great aunt's upstairs for two years when I was little. We paid rent and bought food for the whole house.
It was a shared space and actually the most memorable experience of my childhood. I loved living with my family.

to me this is the real solution but people are just too unwilling to do it...

it's definitely a lesson I learned from immigrants moreso than mainstream culture...

i think lot's of black family's do this periodically but never really planned or any sense of permanence...it's always seen as a "until i get on my feet" type of deal when that's when it's most beneficial for everyone...when u have 3-4 people on their feet financially...it becomes way easier to live in a 300-400K household

more people cost money...but with one mortgage..that bill and quite a few others become way more cost-effective long-term

more than 2 grown adults living under one roof is BOUND to have problems
shit, i even have problems with my wife with certain household "rules"

financially it is better but emotionally and mentally it can be a drain

i agree...just in trying to think about my fam and friends...

there are some i'd honestly rather not live with lol

but it's definitely doable

some of my roommate situations seemed like hell in the past only to work out way better than expected

it being more acceptable in general means...either make it work in one household or find another that you fit into...

it could even be a business of finding well-suited households for singles, couples, families, and so forth with rules so the prospect of not fitting into a group won't seem like 1 step away from homeless

this is what i mean creative solutions...

it's not easy...but it only takes changes in attitudes and less of a need to feel obligated by AMERICAN individuality vs community

my folks bought their apartment, bottom 2 floors of a brownstone on the upper west side in 1969 for under 60k...it was at a time when the city was broke and the neighborhood was a bit dicey....needless to say, it's worth waaaaaaay more than that now even taking inflation into account.

had they stayed renting...they would have been forced out decades ago.

they are white, but when it comes to real estate, the only color that really matters is green.

and we have terrible business practices. i hate to say this & i include me in this sweeping generalization but for example

many of us are simply ignorant of how simple personal finance works. my proof of that is the prevalence of payday loans, title loans etc in our community. do these preadatory businesses victimize ALL cultures? im sure they do. however im concerned w/ US right now.

that shit is simply a scam. period. i get how if you have seemingly no other choice, its either borrow some money against your next check or the lights getting cut off...then you do what you do. but i know of people with DAMN good sense who ARENT in that tight of a crunch who just want some fuck off money...that do that shit. then look up 6 months later when that $500 has ballooned to $750-1k & they like what happened? bitch you happned. you didnt read or understand what you was reading & now that shit is a albatross around your neck.

business wise...i work w/ small business people. retail. services. whatever. VERY few Black businesses, ive been looking. the few i have...are by & large inept. they aint open when they are supposed to be. their image is amateurish or nonexistent on the internet. they dont know new shit coming down the pike in our industry. they have piss poor mystery shop scores. etc etc.

& this is the majority. unfortuynately. and as a business owner trying to put MY shit together...much as i hate to say it...im late more often then i should be. my business cards & shit look flimsy & cheap. etc etc

extrapolate that out to the big picture of why we arent captalizing on this wave of gentrification and its simple

1) no money
2) no knowledge
3) few qualified people to run the organization
4) VERY lil business acumen
5) no trust to work together

we in a hurt locker as a people for real which is why its sooo important that OUR generation...my 30-40 yr olds who came up during the crack era...turn this shit around before its too late


does it really matter?

for all my fans who keep my name in their mouth: http://i.imgur.com/v2xNOpS.jpg

The one's who know gotta to tell the ones who don't. It's that simple.


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

I've been thru it via trial and error and came by my knowledge the hard way because even if I had someone in my life as a young man who I respected and would listen to (which I didn't and woukdnt have listened to anyway) I firmly believe in experience being your teacher. Teachers can give you the knowledge of where to go to find what you need but ultimately, as with all things in life, that desire to get it has to come from and be fueled by something within.

Me trying to tell other grown ups how they fucking up when I'm not their daddy is a non starter for black folks, plz keep it 100 in the gatdamn post

Yet, they have so much to say.


.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

im giving exact figures
ways to get into a house if you only make $18,000 a year

you dont need to know the WTI spot price in order to buy gas
just choose the station with the lowest price!

i told wade a couple can buy a house in Nashville on a CNA's salary + gas station cashier (~$30,000)
i proved it via the numbers using a FHA loan

main thing is they need to pay their bills on time and get their credit scores up

>im giving exact figures
>ways to get into a house if you only make $18,000 a year
>
>you dont need to know the WTI spot price in order to buy gas
>just choose the station with the lowest price!
>
>i told wade a couple can buy a house in Nashville on a CNA's
>salary + gas station cashier (~$30,000)
>i proved it via the numbers using a FHA loan
>

I'm not disputing your perspectives or the evidence to support your opinion.

>main thing is they need to pay their bills on time and get
>their credit scores up


But this is not the only thing that people need to do. There's a lot more. I think you are oversimplifying the whole context -- here.



.
.
.
"America, stop turning our Court Houses of Justice into Dens for Justified Murderers."

nearly 1 in 3 black people are living in poverty
so right there is a huge swath of our community that could never afford to own
these are the same people who are likely segregated into areas that are in need of "development"

the other 2/3 of us are probably financially illiterate like the rest of the country
how many people here can explain the difference between ETFs and index funds off top? how bout a tbill vs. a tip?
keeping it house specific how many can calculate PMI for a given loan amount off top? do we even know what the current base rates are?
it's not just dumb poor people. it's a good majority of people
deebojam might have just been giving an illustration above but it seems like he's promoting FHA loans when that's one of the worst options from a financial perspective, especially now. a good amount of black owners i know that shared the info copped with FHA loans or other similar programs. so you have plenty of ppl who DO own who are underwater or paying hundreds of dollars extra every month because they felt compelled to buy at an inopportune time

But here's what I'm saying....buy where you live. If you are in the hood, buy in the hood. Otherwise, when someone else does and they fix it up.

Is it a challenge? yes. But as someone mentioned before. 600 fico, G in the bank and 18K a year salary can buy your something.

The system is jacked up no doubt. But we still need to do what we need to do within in it


Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>But here's what I'm saying....buy where you live. If you are
>in the hood, buy in the hood. Otherwise, when someone else
>does and they fix it up.



why?
most blacks live in/near a ghetto
why should we stay and live in these impoverished areas?
you go through 4+ years of college/training in order to earn an income that you think is appropriate, why would you want to live in such shitty housing stock?
why would you want to be fearful of parking a nice car in front of your house that it may get stolen or vandalized?

why would i want to fear that my child might get robbed of her iPhone6 as she is walking down the street talking on it just past sundown coming home?

why would a married couple with a HHI of say $160,000 want to live in such squalor when they can live in just about any neighborhood in the city with that income (this is true for all but say 5 cities in america)
humans naturally gravitate UP towards nicer things

wade, do you have kids?
if you do, would you rather send your child to the high school where 90% of graduates went on to Ivy League level colleges
or the high school where only 30% of the students even barely graduate?

Leave the Ghetto, Stay and make it better, stay and do nothing, stay and make it worse.

That's it. So if you can't really leave due to whatever circumstances you still have like three options. Black neighborhoods even if they are ghettos can still be improved and it's foolish to think non blacks would or should play a lead role in that.

>Leave the Ghetto, Stay and make it better, stay and do
>nothing, stay and make it worse.
>
>That's it. So if you can't really leave due to whatever
>circumstances you still have like three options. Black
>neighborhoods even if they are ghettos can still be improved
>and it's foolish to think non blacks would or should play a
>lead role in that.



I agree with you options
but "if you can't really leave due to whatever circumstances" then you're pretty much fucked to begin with.
the bigger question would be WHY cant you leave?


show me a ghetto that has been gentrified by Black ppl, that was and still is majority Black thru the down violent crack times.

community development is through investment...most of it capital...

so if you can't afford to leave...how can you afford to invest?

not to mention...even those that can afford to leave don't have anywhere near enough financial or political capital to attract business or employers

if people had the resources to attract more resources...gentrification wouldn't be happening in the first place

>so if you can't afford to leave...how can you afford to
>invest?


you might not be able to afford rent but you can start an after school program for kids
you can become a Little League or Pop Warner football coach to give kids positive things to do

you could write for grants that'll bring moeny to the community that will uplift the community

you can start a chirstmas caroling group

lots of ways with the use of your own money

and more often than not...organization costs money...

if you are too busy worried about how rent is going to be paid...highly unlikely you have either the time or skills to do some of the other things

and that type of non-capital community building doesn't necessarily attract economic change

it's like exercising with a shitty diet...sure, it makes a difference but it likely won't have a lasting impact on your health

Deej is right. It doesn't take a lot of money to build or improve a community and whatever the cost the money is there (through grants) if the organization is there. Maybe that's the big issue? Folks aren't organizing their communities and don't know how much is out there for them?

Here we go again. I think you are not even reading what I am writing and just disagreeing to disagree.

The post is about gentrification. What gets gentrified...the hood. My point is, we'd win in gentrification if we bought in the hood, before it got gentrified. We'd make a profit on the increase in prop value.

I got three kids. One is in a charter school and the other 2 will be there. The school is one of the top 15 elementary schools in the state. I work the system. I don't sit and complain that the rules are unfair.



Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

>The post is about gentrification. What gets gentrified...the
>hood. My point is, we'd win in gentrification if we bought in
>the hood, before it got gentrified. We'd make a profit on the
>increase in prop value.


has any area EVER been "gentrified" by Black people?
I asked before,
I will ask again,
Has any hood in America that is predominantly Black went from Good to Bad to Horrible to Good again?

Can you list all of the "well to do" Black neighborhoods in America?
I can off the top of my head:
LA - Baldwin Hills/View Point/Ladera Heights
DC - Gold/Platinum Coast
ATL - Cascade Heights
Houston - MacGregor
Philly - East Oak Lane (debateable tho)
Cleveland - Shaker Heights

you can add on to that list as you see fit

You're saying Dave Ramsey is a solution to this "problem"
I say, not all Black folks want to nor care about "the hood" like that.

We are both saying it is not necessarily the system that prevents Black ppl from owning their own home.
But have you thought about many ppl do not care to own their own home?
Before I got married and had a baby I could care less about owning the place I lived in.
I love the disposableness that renting gave me.

You left off parts of PG County in Maryland. Hillside, NJ especially if we're talking per capita income (53% Black), average household income $67K/ year

Again...you are validating my original point. Just because black folk don't want to own homes doesn't mean we shouldn't nor does it mean it would help us when areas are gentrified.

And those neighborhoods you named as well to do areas...find the % of homeowners and I guarantee its high. Its one reason those areas stay nice.

You study this more than me. Clearly. So I'm not going to sit here and try to out stat you or out history you. But if we owned homes we could turn our own neighborhoods around.

And one thing I haven't seen you mention at all...which is the number 1 thing for families next to safety is schools. We turn our schools around and families want to move into that community.

Download my new mixtape featuring Lecrae, Andy Mineo, Christon Gray and more. Positive Hip Hop: http://www.noistrade.com/wadeoradio

I know that's where you prolly came up, that's where you old friends are, but dammit when you move up in this world it's OK to upgrade your surroundings!

It's ok to want to put your kids in good schools
it's ok to want a nice house in a nice area
It's ok to want nicer things for yourself and your fam.
When you get to that point... the point where it's no longer viable to live in "da hood", it's ok to leave it and not feel guilty about it.

---------------------------

forcing myself to actually respond to you is like bathing in ebola virus. - Binlahab

Like there is stupid, and then there is you, and then there is dead. - VAsBestBBW

R.I.P. Disco D

recommendations?

the appealing part is the 3.5% down

deej is dropping gems but he is also throw o my a few darts that would discourage someone from owning... and honestly, some people aren't ready even if they qualify for an FHA.

Fridge breaks down, it's on you... Heater or AC goes out... it's on you. Roof leaks... it's on you.

We used an FHA and bought a home in an area where the prices are stable. I'm not trying to buy in the hood and hope and pray it turns over.

We were renting for $800 and our FHA mortgage with PMI is $900. We looked at places where our mortgage could be 500 and they were some real shifty places.

unless some is really lazy, its not that expensive to own.

>Fridge breaks down, it's on you...
craigslist...150 delivered tops

Heater or AC goes out...
>it's on you.
hit cg services section for a brother who is skilled but lacks the respect for authority to thrive in an institutionalized business environment. watch him do the repair and ask him to explain while he works. do it yourself next time.

Roof leaks... it's on you.
it is amazingly easy to patch a roof if you are not afraid of heights and can borrow a ladder.
mold remediation is also easier than one would think.


>We were renting for $800 and our FHA mortgage with PMI is
>$900. We looked at places where our mortgage could be 500 and
>they were some real shifty places.

try appealing your property taxes...usually they'll knock something off if you just do the paperwork. call your insurance company and make sure they aren't fucking you over on how they are calculating your replacement value. those two adjustments can really affect your monthly bill...and an escrow adjustment can put a quick thousand in your pocket.

>unless some is really lazy, its not that expensive to own.
>
>>Fridge breaks down, it's on you...
>craigslist...150 delivered tops


you can get a brand new refridgerator from home depot for $325 (maybe $250 if you buy an open box/dented floor model)
i'd never buy a used fridge or mattress or sofa as you dont get a warranty on that $150 fridge, so when that shit goes out, you'll spend another $150



>Heater or AC goes out...
>>it's on you.
>hit cg services section for a brother who is skilled but lacks
>the respect for authority to thrive in an institutionalized
>business environment. watch him do the repair and ask him to
>explain while he works. do it yourself next time.


LOL
you seriously gonna have someone that dont know shit about HVAC try and load refrigerant into their unit.
or even know the difference between r-22 and r-410?
then they have to buy the special tools/equipment to do the repair

you getting them fly by night mexicans from home depot means the quality of work on your house is suspect and it might be OK but you took a chance
own homes and rental properties for years i can tell you NUMEROUS times i've dealt with upstanding guys and got luck and times like this last time where i had a guy paint the entire interior of my house but did not patch/spackle the nail holes or this big huge gaping ole from a plumbing repair as we discussed. long story short he also ran off with 1,100 sq ft of pergo i had bought for him to install.
he was a side job hustler.

could the same would have happened using a licensed and bonded contractor?
yes.

but the probability of that happening is waaaaaay lower than some home depot parking lot mexicans.




>Roof leaks... it's on you.
>it is amazingly easy to patch a roof if you are not afraid of
>heights and can borrow a ladder.
>mold remediation is also easier than one would think.


jesus christ man!
many ppl on here cant even change the spark plugs/coil packs in their car and you're asking them to buy a $100 ladder and climb on their roof to try and patch some shit?



listen man,
some shit is better just left to a professional.
you will soon find that the amount of money that you are "saving" really aint shit when it comes down to it.
some times the handyman can get better deals on materials than you can get.
take my pergo example
shit was $2.50 at lumber liquidators
ol boy had some left over from a huge job and did my mans town house with some and even had some left for me
all at 75 cents per sq foot

my mans lucked out and got his job done PERFECTLY
by the time ol boy got to me his crack tendencies reared their ugly head again and i was left holding the bag



lastly,
if i walked in your house i could pick your shit apart and know what a professional with 30 years of experience has done
versus some hack job that you nigga-rigged
98% of the public wont know and wont care
but my eyes are drawn to details like grout lines and lintel beams



stay safe out there man.
sounds like you're pretty handy (like myself)
and pretty cheap too (like myself)
and through the years of me being cheap and trying to save some dough ended up costing me faaaaar more not only in time but also in cash

for the avg person that be on OKP
i'd direct them to hire a PROFESSIONAL
union if they can.
it's funny to hear one side of OKP be all pro-labor
but then at the same time eschew their local trades and run to home depot for some $100 a day mexicans
or even craigslist for dudes who aren't licensed or union


also too,
these shitty/hack repair jobs are whats keeping our neighborhoods behind and having them fall apart quicker and look raggedy
when you get a professional union man he will make sure shit is done PERFECTLY and won't have you with 10inch siding mixed in with 12 inch siding on your house
looking all mixed matched

let me take my butt to the gym...


>
>>We were renting for $800 and our FHA mortgage with PMI is
>>$900. We looked at places where our mortgage could be 500
>and
>>they were some real shifty places.
>
>try appealing your property taxes...usually they'll knock
>something off if you just do the paperwork. call your
>insurance company and make sure they aren't fucking you over
>on how they are calculating your replacement value. those two
>adjustments can really affect your monthly bill...and an
>escrow adjustment can put a quick thousand in your pocket.
>

I bought with an fha before the minimums increased...and then used the equity in my house a couple of years later to refinance with a conventional loan to avoid the pmi. I don't owe hundreds of thousands so it was easier for me than it would be for most.

I think homes would generally be less expensive if we knew how to build and fix them. or if we stuck to the basics instead of getting caught up in that hgtv bs. ive saved thousands by doing things myself. home depot has free workshops and reasonable too rental prices. all of my appliances except the dishwasher were free and in great shape because others were upgrading. I paid like 500 for a whole house of used carpet, had it installed for cheap by an apprentice who wanted experience, and cleaned it myself. I sanded/refinished my own hardwoods and bathtub. bought a ten dollar sprayer and a ten dollar bottle of pesticide after laughing at a 200 dollar quote from a company. I craiglisted until I couldn't craigslist anymore. and you can grab a few helpers from the home depot parking lot for cheap but quality repairs that you can't do yourself.

shit I went on a high tangent. oh well. I think I made my point somewhere.

>I bought with an fha before the minimums increased...and then
>used the equity in my house a couple of years later to
>refinance with a conventional loan to avoid the pmi. I don't
>owe hundreds of thousands so it was easier for me than it
>would be for most.




fha are for those who cant qualify for conventional.
if you have the credit and cash, sure conventional is better
otherwise, fha it is

the twenty percent was equity. pulled more out as cash. it was easier than I thought it would be.

I threw in the results not typical disclaimer intentionally. just wanted to share what I did since I had to start with an fha. and I didn't need cash, save 450 for the appraisal. instead, I pulled out six digits to do some work on my house (to replace the equity) and go on vacation.

the main ENTRY point mortgage then FHA is :easier: to get
but it will COST you more in the long run versus a conventional
but then again, any mortgage broker worth their salt will tell you that if you can qualify for a conventional, then dont fuck with a FHA

i'm telling you man, banks want pretty much over a 700 FICO score for conventional mortgage
if i'm not mistaken the Govt says you only need like a 580
that's pretty much paying your bills late every other month status

but the banks that issue these loans really want to see a 600/620 score.


it's just waaaay easier to get a FHA than a conventional

>the twenty percent was equity. pulled more out as cash. it
>was easier than I thought it would be.


you saying, you used equity in the home as a down payment on an initial purchase? not a re-fi. but initial purchase?
for example, house was appraised at 100k
you bought it for 80k
so the bank gave you a mortgage for 80k and since it appraised for 100k they said you have LTV of 80% and don't have to pay pmi?

i swear that's the first i've ever heard of that
normally the way it would work is your house appraises at 100k
you contract for 80k
bank still wants at least 5% down from that 80k
so $4,000
they give you the $76,000 mortgage
then after a year they will let you re-fi that $76,000
which will be 76% LTV and it will make the pmi go away
that is how it is NORMALLY done
especially in these dodd-frank times


it also depends upon WHEN you bought your house
these mortgage laws have been changing pretty rapidly in the last few years

so also, you only had $450 to your name and they gave you the loan?
or was you sitting on thousands in the bank?

mortgage amounts matter in this too
if you're talking about a $50,000 bungalow that's one thing
and a $650,000 rancher is something totally different


>
>I threw in the results not typical disclaimer intentionally.
>just wanted to share what I did since I had to start with an
>fha. and I didn't need cash, save 450 for the appraisal.
>instead, I pulled out six digits to do some work on my house
>(to replace the equity) and go on vacation.


you're saying you "pulled out six digits"
so that is at least $100,000 to me
how are you pulling out $100,000 of equity from a initial home purchase?
sounds to me like you're dealing with a re-fi which totally goes against what we've been discussing here.
yeah man, dont mislead the ppl talking about re-fi when they are trying to do "first time homebuyer" programms

I agree that starting out...fha is easier. that's why I had to begin with one. and we agree that I am talking about a refinance. I'm just pointing out that if you start with an fha, you still have options so the pmi sacrifice can potentially only be a short term thing.

>it also depends upon WHEN you bought your house
>these mortgage laws have been changing pretty rapidly in the
>last few years
my first fha loan was before the increase...when I refinanced, I chose the conventional because the pmi/mip would have made it no longer worth it.

>
>so also, you only had $450 to your name and they gave you the
>loan?
>or was you sitting on thousands in the bank?
I had to scrape up the 450 at that moment but I had the cash in the bank when I needed my statement to show cash in the bank...only like a thousand.

>mortgage amounts matter in this too
>if you're talking about a $50,000 bungalow that's one thing
>and a $650,000 rancher is something totally different
there are plenty of variables...my experience is a unique blend of variables that are unlikely to be duplicated. but what I accomplished can be accomplished by someone else...which at its most common denominator is to start with an fha and refinance with a conventional so the pmi/mip is only temporary.

and I bought a foreclosure for sixtyfive percent of the appraised value. my father helped me fix it up. and to avoid multiple replies to one person...there are some repairs that I rig only for functional use. the important shit goes to a professional...but either my father or I can handle most. and I'm far from an amateur. there are about twenty houses between my immediate family. more have been flipped. I'm the only one of us with only one but ive helped and observed my parents and siblings.

I think people underestimate what they are capable of doing. we agree that some shit is best left to a professional...but handling the basic things yourself can save a lot of money and possibly make a house affordable.

>>
>you're saying you "pulled out six digits"
five digits...my edit expired so I had to put it in a separate post. didn't mean to confuse you.
>

1.
>how many people here can explain the difference between ETFs
>and index funds off top?

2.
>how bout a tbill vs. a tip?

3.
>keeping it house specific how many can calculate PMI for a
>given loan amount off top? do we even know what the current
>base rates are?


before we get down to that level of knowledge,
how bout simple responsibility of paying your bills on time?
many ppl in the hood have jacked up credit from not paying bills as they should.
i honestly dont know 1 & 2. but i know 3. as i've built all kinds of spreadsheets/formulas calculating rent vs buy scenarios in the last couple years to assess my personal situation.

i knew what a tbill was but i had to google TIPS
Treasury Inflation Protected Securities (TIPS)



>deebojam might have just been giving an illustration above but
>it seems like he's promoting FHA loans when that's one of the
>worst options from a financial perspective, especially now. a
>good amount of black owners i know that shared the info copped
>with FHA loans or other similar programs. so you have plenty
>of ppl who DO own who are underwater or paying hundreds of
>dollars extra every month because they felt compelled to buy
>at an inopportune time



FHA are designed for ppl with iffy credit and marginal financials.
It is an alternate to "conventional" mortgage where the bank wants at least 5% downpayment and preferably 20% downpayment
I'm pushing FHA in this post because OP was focusing on really shitty/violent areas that are pre-gentrification.
Many times, those that CHOOSE to live in such violence and squalor cannot afford to live in "nicer" or "safer" or "prettier" confines.
using Philly as an example, if a person makes $90,000 per year with a 710 FICO and is looking to purchase a home, they rarely are going to be focused on Mantua.
They more than likely would want to find something several blocks south, closer to UPENN, in University City.

The financials of the current FHA program make it VERY EASY for someone to get into a mortgage (which the program was designed to do) but it also makes the loan more expensive over 30 years vs a conventional 30 year loan with 5% down.
with the FHA you have not only PMI but a MIP which you must pay for the life of the loan regardless.
At least in conventional mortgages once you get to 80% or 78% LTV you can get rid of the PMI.
which averages 0.75% - 1.15% of the value of your mortgage each year (ie can be a few hundred dollars per month EXTRA)


Yes FHA are crappy mortgage vehicles compared to a conventional, but remember who the FHA program was designed for.

More on the social aspect of these mortgages and neighborhoods.
OP is saying "buy where you live"
I was raised EXACTLY where they shot this video,
my mom lives DIRECTLY in front of this camera
my elementary school and high school (they share a fence) is DIRECTLY behind the camera
i know every nigga in the video
80% are my potnas the others i just know from being around them my entire life
https://www.youtube.com/watch?v=wvQxbBh2Le0

who wants to have their kids raised in/near situations like this (same neighborhood as above might i add):
https://www.youtube.com/watch?v=sQesmUU7ED0


Not only is it violent/sketchy to live in these areas but the schools are SHITTY because these same parents dont value education so they send their kids to school very unprepared, no homework is being done, and those students create disruptions for the students that DO want to learn.

If you have the means (savings, credit, salary) why would you subject your family to that mess? this stuff is generational. i know these dudes GRANDparents were gangbangers and the ppl in this video have KIDS who are gangbangers who have kids that they are raising to be gangbangers. so that is FIVE GENERATIONS of gangbangers all sittin on the same park bench when I go to a VALENCIA PARK pop warner football game. VP pop warner plays their football games at the high school which is in the background of that first video.


Also too, purchasing a home is an INVESTMENT.
why would i buy a home for $70k and invest $200k into it fixing it up
when at the end, it will only be worth $100k because the neighborhood is so shitty?
that's not a sound investment strategy.






all in all, I was promoting FHA loans above to illustrate to the OP that financials aren't the impediment for ppl to buy homes in this country because the entry costs for FHA loans are so low that if you can't meet those, then you need not be purchasing a home.
if someone is so desperate to go to a subprime lender such as Zeus or use hard money then they are SERIOUSLY losing the battle.


are their white ghettos like Mantua, North Philly, SouthEast San Diego, or Compton/Watts/South Central Los Angeles in this country?
I've heard Port Richmond in Philly is like that but i never been thru there. white people talk about trailer park trash but trailer parks are usually in rural areas and not smack dab in the middle of a metropolis
can an af-am studies student/professor chime in on this please?

i guess if you live in a 30000 house FHA is fine since the mortgage still probably only be $500 a month or something like that
personally i still wouldn't buy a house like that since including taxes and maintenance over 30 you're going end up spending 200k+ for something that's worth nothing. you're basically gambling that your neighborhood gentrifies in the future
on the landlord forums there is all kind of discussion about these "C" properties. honestly they make the most sense if you can lock in a good section 8 tenant and hit all your 50% landlord metrics. and most times that's what's happening in bad neighborhoods

even if they do want to own we have to remember there are ppl out there who can't even get approved to finance a used honda
i think ppl should get their financial situation straight before worrying about buying a house. and if your situation is straight i think you need to be focusing on that 20% down payment (or maybe a 80/10/10 if you know you can get rid of the 10 in a year or two)

>i guess if you live in a 30000 house FHA is fine since the
>mortgage still probably only be $500 a month or something like
>that
>personally i still wouldn't buy a house like that since
>including taxes and maintenance over 30 you're going end up
>spending 200k+ for something that's worth nothing. you're
>basically gambling that your neighborhood gentrifies in the
>future

>Was having a conversation with a friend who lives in Newark's
>Central Ward where much of the development is taking place.
>And he was frustrated. He was like man its only a matter of
>time before they move us out. History would say this is
>probably true.


Do *YOU* own property in Newark?
Does your friend?
If you are renting, my question is WHY?
What's your story, bruh?

Folks that live in ridiculously-expensive places tend to be the first ones to try and poke holes in ownership. Folks from more affordable areas often seem more open to the idea of ownership.

I'm in the latter group myself, so I'm preparing to purchase a crib within the next few years.

i mean...

in general gentrified areas are pricey...

this isn't just about general home ownership

this about home ownership in urban areas where there are more opportunities for upward mobility for more people

the conversation doesn't travel well to areas with fewer amount of available houses for purchase, jobs, and so forth bc it would need a mass exodus from the major cities...which isn't viable numbers-wise

but you are right...if you live in a small market...it's significantly easier

Of course there are 50 million other programs and methods to doing it but I just randomly chose this one.
Do it and stick to it and have at least 60% of Black folk be debt free within 36-48 months.

Dave Ramsey and other methods work but it takes discipline and most people who need to use it lack discipline. A car breaks down, sickness, emergency, etc... and we end up right back where they started.

then year two start working on a 30 day emergency fund
then year 3 start working on the dave ramsey principles

i dunno man
i know about the hood and how it can be
but i also know waaaaaay too many houses be having fight parties
with full likka cabinents poppin off

>Dave Ramsey and other methods work but it takes discipline
>and most people who need to use it lack discipline. A car
>breaks down, sickness, emergency, etc... and we end up right
>back where they started.

our money to prove we have it.

much easier to keep up than catch up.

if you pay a credit card bill as soon as you get paid and then swipe if you need the coins...it's the same money but the bill has been paid. you're taxed the interest but you can get by for a little stretch until you figure it out. plus you save like fifty dollars in fees.

it's just discipline.

it takes discipline
>and most people who need to use it lack discipline.

period.

people incl me lack discipline

rent when you are young, save up to buy

buy in middle age and become a landlord or let your parent/random family move in
or commute somewhat far to work and commute your kids to some better school because
area schools have not kept up with area housing

get old and sell to become a renter again

I mean if everyone in bklyn owned and did not rent... how would that work?
new developments will be market rate or affordable so not serving everyone

middle gets the burden and many do not want it…
transplants will hit the suburbs before they commit to that brownstone
natives breathe fresh air in college and do not come back… buy in va, nc...

yes you people
in houston the way schools work is you go to your neighborhood school unless you test into one of the "gifted" schools
or of course you can pay for private
this has to do how Texas public education is funded via Real Estate property taxes so schools in my affluent areas get more money for schools.


>buy in middle age and become a landlord or let your
>parent/random family move in


you people throw around "become a landlord" like it is such an easy and blahzay thing to do
that shit is WORK
a HEADACHE

If you don't own shit, what are you crying about?