All Forum Posts by: Eddie Torres

@Rheis Cloutier yes the market will change. History shows that it always has. But when and to what degree is the million dollar question. If we all knew the answer to that we'd all be able to strategically get rich. If you're ready to buy, just keep trying to buy. I know people that have been waiting for the market to go down so they can buy and they've been waiting for years. I personally don't understand that strategy. If you're looking to house hack by buying a multi unit building, generally a bank will count up to 75% of the potential rental income from the other units as income for you so you can qualify for a higher amount. If they're not doing that, consider working with a mortgage broken instead of a single bank since a broker works with multiple banks and has greater resources.

@Rheis Cloutier I live in Northern California and the market is still hot. I paid $75k over asking for my home a few months ago and I'm considered lucky. Over here $100-200k over asking is the norm. I think it's safe to assume that anything right now will be selling for over asking price. To what degree obviously depends on the area. That's where research obviously comes in. Are you making aggressive offers based on your market? Is your realtor experienced enough to know what it takes to win a bid in that area? 2 and a half years seems like kind of a long time. I know the market has been good for a while but that's a long time to not have any success.

@Joshua Hernandez What part of Hunstville is the property located in? I'm currently looking in this area and I'd like any feedback that you're willing to give regarding the area.

@Sai Kiran I think the market will cool at some point but not necessarily crash per se. If there ever is an actual crash, I think it will be because of a crash in the tech industry.

@Ankan Basak if you do decide to keep it, one thing to keep in mind is if he moves out say 2 months from now and the refrigerator fails 6 months from now, you likely won't have the benefit of the manufacturers warranty unless the warranty is transferable which generally it is not.

@Derek Schetselaar I'd always invest in real estate over anything else. Stocks are too risky imo. With real estate, at least your money (home value) at minimum will be growing along with inflation and the tax benefits are nice. But I'd also still keep some stocks if you can. That keeps you diversified.

Having a terrible experience personally with my previous HOA which might be on the rarer side, I always told myself I'd never buy a home with HOA ever again. However, the area I'm looking to invest in has mostly newer homes all under an HOA. Maximum HOA amount I'm seeing is about $33 which is low. I'm looking to buy and hold long term. Would you go for it?

Which tool is more accurate when estimating potential monthly rent income on a property, rentometer or bigger pockets rent estimator? I plugged in an address and there was a $200 difference. TIA.

I'm looking to buy an investment single family home in hunstville, Alabama. Looking for a 3/2, no more than $200k purchase price. Looking to get some cash flow and I'll be putting around 20% down with conventional financing. Does anyone have any insights to this market or tips as far as the best neighborhoods and the ones to stay away from? Any advice would be appreciated. Thanks.

@Auryana Faramarzi with so little cash flow you have no margin for error and HOA is risky. 1 special assessment will have you in a hole. I just sold my personal condo in CA and I had to pay a special assessment for $33k. That probably isn't likely to happen to most but the fact that it can makes me skeptical.