All Forum Posts by: Brendan OConnor

@Account Closed My thoughts exactly...it's a very high ledge to fall from right now which is what led me to ask the question in the first place. I'm in the South End - hbu?

@Account Closed Would definitely be interested to hear more about that (not for my own uses, but just keeping a pulse on things). 

What warning signs do you think would be the canary in the coal mine here?

@Kevin Schaefer good luck!

@Tom ONeil I think you're correct in that overall, the market is a lot less leveraged on the whole so we will hopefully not see widespread systemic problems. 

Good to hear that you're positioned well enough - I think 30-40% would be the most you'd have to stomach. 

@Mark 

@Account Closed Definitely agree that the rental market will be more stable than owner-occupied SFH for example and I think how stable you are with your rentals is based off what class you're in (i.e. A+ properties), not as stable, but in B or C, like you said everyone needs a place to live.

How do you think a 2008-esque housing market would affect the Charlotte area specifically? Are you positioned to make it through to the other side?

I see two options...if the bank wants $150K over FMV and its legit (no botched assessment, etc.) then short sale or wait until it forecloses are really your only options.

If seller has substantial equity, and the numbers work out you could also assume the loan, saving the buyer from foreclosure and owning the property that way.

Seasoning for Refi is mostly just applicable if you're looking to count the rental income towards qualifying income for the refi mortgage. So if you already have w2 income, no seasoning needed.