Re: Stripping your way to home ownership- Have you done it?
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Originally Posted by
Misskatia
How did you do it the first time? Did you work like a maniac 6 days a week for months? Did you have a Feinstein or family member experienced in home buying to walk you through the process the first time?
How long have you been dancing for and is this your only source of income?
i saved every thing i could and when i found a house that i could pay for for less than rent it was a no brainer.. look at were and what you want to live in ... don't be afraid to start in something less than your ideal home .. sell after you have been there for a while and buy something better....oh you can't go wrong with a sales agent you find to help you find a house they work for you ... the sellers agent works for them....
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
michele11
Being a landlord is a bitch! My tenants destroyed my property and it cost me 15,000 and since I travel and contractors don't so what their supposed to I went through 3 that ripped me off and it's still vacant! So I've been paying the water, electric and mortgage for over a year. I just need to finish the flooring and in a few days that will be done and hopefully it'll be rented out in 2 weeks. It's never taken longer, so cant wait!
This terrifies me. If I end up renting out I won't be in the area much. I'd hire a management company in hopes to make it less stressful. I can't help but think of worst case scenarios. How do you screen tenants?
Re: Stripping your way to home ownership- Have you done it?
Re: Stripping your way to home ownership- Have you done it?
^Hehe. I think the OP is looking for details. :)
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
Laurisa
Yes, I did it.
Care to share more?
Re: Stripping your way to home ownership- Have you done it?
There are threads on this topic in Dollar Den where many aspects of buying / financing a home are discussed in detail. However, since this thread has been allowed to keep growing in this forum I'll add the following ...
For US girls, the 2007 housing bubble crash resulted in new mortgage lending regulations, which include such things as ...
- verifying the actual income level of the would-be mortgage borrower. For most banks, this requires seeing self-employed persons' tax returns from past years. For those banks, unreported income doesn't 'count' toward a person's verified income level.
- evaluating the would-be mortgage borrower's ability to continue making mortgage payments over the entire life of the loan. Or put another way, where a 30 year mortgage is concerned, bank loan officers must now take into account the fact that very few 'strippers' will still be working in the adult entertainment industry / earning big money from 'stripping' at age 50+.
Also, for US girls, an increasing amount of anecdotal evidence tends to show that some major US banks are starting to enact policies which simply choose not to 'do business' with persons involved in the adult entertainment industry. From
(snip)"The vice president "was evasive in his response to plaintiff's application status requests and finally informed plaintiff during a telephone conversation that plaintiff's loan application was refused due to 'moral reasons,' because of JPMorgan's disapproval of plaintiff's former source of income and occupation as an owner of a television production company that produced television programs that dealt with the subject of human sexuality," the complaint reads.
'Reputational risk'
Greenberg's attorneys claim they were told by the vice president that the application was denied because of the potential "reputational risk" to the firm.
The rejection, noted the suit, was confounding since Chase had long held the original deed of trust on the home, without any comment on Greenberg's career.
"JPMorgan purports to be so ashamed of nudity and human sexuality that it cannot process a refinance of a home loan of plaintiff, secured by plaintiff's house, because plaintiff's source of income six years ago included production of television programs that contained nudity and human sexuality," the suit reads.
JPMorgan Chase declined to comment on the accusations due to the pending litigation.
Preston noted she, too, has been denied a loan because of her profession -- though at a different bank.
The loan officer "asked me, 'Are you affiliated with the adult entertainment industry?' When I said yes, she said, 'We will not give you a loan,'" she said. (snip)
(snip)Porn stars and adult entertainment industry insiders do note that the troubles they've experienced are tied to business -- not personal -- accounts. That may be because personal accounts are opened under their real names, which typically don't raise an eyebrow, while business is done under more well-known pseudonyms, which is when people take notice.
"It's kind of obvious about what I do when a young girl goes into a Valley bank with a different female name than the one on (their) driver's license," Preston said.
But such friction between people involved in the adult entertainment industry and banking institutions are likely to become more common."(snip)
Re: Stripping your way to home ownership- Have you done it?
Melonie- wow. Just wow. Thanks for sharing so much detailed & solid information. (In almost all your posts)
Dont mean to threadjack here- im looking at houses, looking for a cheap fixer upper to pay off in full or nearly so. Is it possible to pay 50-75% of the cost & pay the rest monthly? Ive never had credit & was recently rejected for my first application. Is owner financing the way to go? How are these properties advertised? (I assume not through real estate sites.)
Re: Stripping your way to home ownership- Have you done it?
^^^ well I'm not an expert on mortgage lending by any means. I bought my first house well before the 2007 crisis hit with 20% down and a 15 year mortgage term ... which I paid off early. However, much has changed in the mortgage industry post 2007 as previously posted ... also including potential penalties for early repayment. And I'm not sure if the Stripping forum is the right place to elaborate on the topic of mortgages. But a couple of additional comments are probably in order.
In regard to paying in full up front, the ability to do this eliminates all of the hassles of the loan approval process - income verification, ability to repay stress tests, bank lending policy, etc. I did this myself when I purchased my second house 'way south of the border' a couple of years ago. Paying in full up front also avoids enriching the mortgage lender via the payment of interest which often exceeds the loan amount.
I'll also add that the lowest price for 'fixer-uppers' is typically obtained by purchasing a 'distressed' property during a post-foreclosure auction. In nearly all circumstances this requires paying in full on the same day or very soon after the auction takes place.
In regard to owner financing, while private lenders are not bound by the same income verification and ability to repay stress testing as banks, questions are still going to be asked in regard to the would-be buyer's source of income, credit rating, income level etc. As such, the owner / private lender is absolutely going to find out that the buyer is a 'stripper'. Thus some private lender circumstances can carry unique 'risks' i.e. rent to own or owner financing of a house purchased by a 'stripper' via a middle aged perv who also happens to own and live in the next house on the street. Rent to own or owner financed home purchases by a 'stripper' can carry all of the same risks of a 'stripper' renting an apartment from a middle aged perv, with the additional disadvantage of being unable to move out without 'losing' a fair amount of the girl's 'investment' toward purchasing the property if an uncomfortable situation develops between the landlord / owner / private lender and herself. IMHO the potential negatives of a rent to own or owner financed home purchase by a 'stripper' far outweigh the positives.
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
Melonie
In regard to owner financing, while private lenders are not bound by the same income verification and ability to repay stress testing as banks, questions are still going to be asked in regard to the would-be buyer's source of income, credit rating, income level etc. As such, the owner / private lender is absolutely going to find out that the buyer is a 'stripper'. Thus some private lender circumstances can carry unique 'risks' i.e. rent to own or owner financing of a house purchased by a 'stripper' via a middle aged perv who also happens to own and live in the next house on the street. Rent to own or owner financed home purchases by a 'stripper' can carry all of the same risks of a 'stripper' renting an apartment from a middle aged perv, with the additional disadvantage of being unable to move out without 'losing' a fair amount of the girl's 'investment' toward purchasing the property if an uncomfortable situation develops between the landlord / owner / private lender and herself. IMHO the potential negatives of a rent to own or owner financed home purchase by a 'stripper' far outweigh the positives.
I say- rent to own is just a rip off. As Melonie mentioned, if you move, you lose your investment.
Now, seller take back mortgages are a bit different from rent to owns and puts the risk on the seller, who would also want some sort of credit check, verification of income.
Say in the event that you are going to buy this house and you've got all but 20k to pay for the house in full. A highly motivated seller might be willing to take back the 20k from the purchase price and essentially become the mortgagee(lender) while you pay them back their 20k as arranged with the seller. Since the title would pass to you right away on closing it would be a far better arrangement than a rent to own situation.
What I'd really like to know is what it's like to stack enough paper to pay in full. As I could probably expect to make 300-600 on a given day at my club, I work so sporadically right now and the 6 digits I'd need to save just seems so far away from me. Of course, it would take significantly longer to try to save and pay in full with a vanilla job, at least with that I could prove some sort of consistent income. Although doing it that way also means that I'd most likely have to accumulate a substantial deposit and then pay a lot of interest to the mortgage lender to cover the rest.
How do you motivate yourself and have the faith day after day, shift after shift- busy or slow, good night or owing the bar your tip out for the next shift? (luckily this has never happened to me but I dread the super slow days). Do you use affirmations?
Re: Stripping your way to home ownership- Have you done it?
Two dancers who are sisters bought separate homes around 2009 and 2010. They filed their taxes religiously and claimed a slightly higher income each year for 3 years. They are among the top earners for sure, earn consistent money, work 4 shifts a week. They saved up hefty down-payments, one was 50k for a 150k home, so 33% down. They do things by the book. Have great credit from previous luxury car purchases, paying them off, not having any debt. Hope this helps! With dancing and its fluctuating salary, it'd def be in your best interest to consider something you can comfortably afford even (God forbid) while being out of work or having a dry spell. Condo's are great I hear for first time property owners. With a house you have to factor in additional expenses like a lawn mower, snow blower, landscaping, replacing things old water boilers. One of the girls bought an older house that needed the water boiler replaced, it cost her 6 grand. The other bought a newer home that was smaller, the problem with her house is that whoever built it didn't insulate it properly or at all for that matter and her house was always freezing in the winter, her heating bills running 500/ a month for this tiny house. I couldn't believe it! She had someone check the house and turns out certain parts of the house weren't insulated at all. Very important to inspect houses top to bottom before purchasing! Condo's if they are maintained and fairly new should avoid any odd, unwanted surprises. Good luck with the saving, a house is a great goal! ;D
Re: Stripping your way to home ownership- Have you done it?
Quote:
How do you motivate yourself and have the faith day after day, shift after shift- busy or slow, good night or owing the bar your tip out for the next shift? (luckily this has never happened to me but I dread the super slow days). Do you use affirmations?
I indoctrinated myself that persevering day after day would result in my being able to retire by age 40, versus having to spend another 25+ years after age 40 working for someone else.
Quote:
Condo's are great I hear for first time property owners
Unfortunately, there have been some recent changes in regard to Condo's. As you may or may not know, a rising percentage of all recent real estate sales have been to 'institutional' investors i.e. hedge funds, REITS etc. looking for rental income, instead of to individual owners. This has created a new problem given that the FHA will no longer back new mortgages if the overall property has less than 51% of resident 'owners' versus renters. As a result, an increasing number of Condo's can't qualify for low interest FHA mortgages ... meaning fewer potential qualified buyers if and when the individual Condo owner wants / needs to sell.
There are lots of discussions of such matters in Dollar Den.
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
msincredible01
Two dancers who are sisters bought separate homes around 2009 and 2010. They filed their taxes religiously and claimed a slightly higher income each year for 3 years. They are among the top earners for sure, earn consistent money, work 4 shifts a week. They saved up hefty down-payments, one was 50k for a 150k home, so 33% down. They do things by the book. Have great credit from previous luxury car purchases, paying them off, not having any debt. Hope this helps! With dancing and its fluctuating salary, it'd def be in your best interest to consider something you can comfortably afford even (God forbid) while being out of work or having a dry spell. Condo's are great I hear for first time property owners. With a house you have to factor in additional expenses like a lawn mower, snow blower, landscaping, replacing things old water boilers. One of the girls bought an older house that needed the water boiler replaced, it cost her 6 grand. The other bought a newer home that was smaller, the problem with her house is that whoever built it didn't insulate it properly or at all for that matter and her house was always freezing in the winter, her heating bills running 500/ a month for this tiny house. I couldn't believe it! She had someone check the house and turns out certain parts of the house weren't insulated at all. Very important to inspect houses top to bottom before purchasing! Condo's if they are maintained and fairly new should avoid any odd, unwanted surprises. Good luck with the saving, a house is a great goal! ;D
In a lot of places though (California for example) 150k is impossible. So is 300k, even for a condo. And condos have HOA fees, which are basically equal to any repair fees you would have to pay on a house.
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
msincredible01
Two dancers who are sisters bought separate homes around 2009 and 2010. They filed their taxes religiously and claimed a slightly higher income each year for 3 years. They are among the top earners for sure, earn consistent money, work 4 shifts a week. They saved up hefty down-payments, one was 50k for a 150k home, so 33% down. They do things by the book. Have great credit from previous luxury car purchases, paying them off, not having any debt. Hope this helps! With dancing and its fluctuating salary, it'd def be in your best interest to consider something you can comfortably afford even (God forbid) while being out of work or having a dry spell. Condo's are great I hear for first time property owners. With a house you have to factor in additional expenses like a lawn mower, snow blower, landscaping, replacing things old water boilers. One of the girls bought an older house that needed the water boiler replaced, it cost her 6 grand. The other bought a newer home that was smaller, the problem with her house is that whoever built it didn't insulate it properly or at all for that matter and her house was always freezing in the winter, her heating bills running 500/ a month for this tiny house. I couldn't believe it! She had someone check the house and turns out certain parts of the house weren't insulated at all. Very important to inspect houses top to bottom before purchasing! Condo's if they are maintained and fairly new should avoid any odd, unwanted surprises. Good luck with the saving, a house is a great goal! ;D
I'm not sure what all agreements of purchase and sale denote in their clauses. But I am aware that clauses can be inserted in an offer making the sale conditional on certain things such as attaining a satisfactory home inspection. Where I live home inspectors tend to charge hundreds, sometime thousands for a home inspection. This is why most buyers will skip it all together. Of course, an inspector can't guarantee everything in the house, they can identify latent material defects.
We are currently renting and when we moved in it was the end of summer so we didn't notice until the winter, the the front 2 bedrooms of the house aren't insulated properly. The coat of hearing the place is at least 1/3 more just because this has not been rectified : (
Re: Stripping your way to home ownership- Have you done it?
Quote:
Originally Posted by
Melonie
I indoctrinated myself that persevering day after day would result in my being able to retire by age 40, versus having to spend another 25+ years after age 40 working for someone else.
Thank you! I should write something along these lines on a sticky note and post it on my mirror to see it everyday and remind myself; )
By the way, so glad to have you back on SW Melonie- it wasn't the same without you ; )