All Forum Posts by: Alicia C Reynolds

I’ve been in residential real estate both a lending side and agent side.  When I started, people were literally sending their keys into the bank because of ARMS that had adjusted way too high way too fast.  2008 was an anomaly- no income/ no asset loans were done in a blink, and as a result, a lot of people lost their homes etc… Now, I think with much tighter lending practices, very little supply, we will not see a ton of foreclosures.  As an agent, I am still getting multiple offers, showings are still crowded with buyers etc… The top end of the market might correct, but overall, I think this is going to be the market getting back to business as usual- with the exception of a lack of inventory-which will keep prices relatively stable.

If you are definitely refinancing within the 7 yrs.with no prepayment penalty, the ARM is the way to go- but make sure you read every disclosure very carefully. The other thing to consider is where fixed rates will be when you want to refinance. Everything is cyclical, you would just want to mitigate your risk of the fixed rates not adjusting downward.

I really believe that you need a strong local real estate agent who can help guide you with not just financial information, but also contacts who can help with the maintenance and upkeep of the property.  I would suggest building a team of professionals who can take some of the stress and mystery out of owning investment properties.  Also, I would recommend developing a good relationship with a local lender.  They can provide invaluable support and facilitate the financing of future purchases.  Good luck!

I would strongly recommend quartz.  There is so much out there in beautiful patterns/ colors at really good prices per sq. ft.  It is extremely durable, really super hard to stain, and holds up incredibly well with very little maintenance.  Hope this helps!

Hi, I would recommend speaking with a couple of lenders who have been recommended to you.  I would probably prioritize lenders with local ties as opposed to National companies.  Generally speaking, a local lender will have a better idea of what loan program would best suit your particular circumstances.  I always advice my clients to have a very clear idea about what their financing will look like before we start a property search.  Most sellers have gotten used to dealing with pre-approved buyers, and it will alleviate a ton of stress for you if your agent and lender have a good working relationship. Everyone needs to be on the same page that the goal is to get you the correct property.