All Forum Posts by: Eldon Pixley

@Pamela M.

Thank you I’ll read it

So I'm new to all of this, but I don't think I've ever heard of the stand alone test before. Is this a requirement for all FHA loans and what exactly is it? I tried googling it and using the search option here and I'm not getting anywhere.

OK, It would seem that what I was seeing is correct then. it is just mind-blowing being an outsider getting ready to jump in and see houses reporting low rent and trying to make property cash flow and get good ROI and then only finding high rents nowhere near the rents they are reporting. that makes numbers a bit easier to trust when I am doing analysis

thank you all for your insight into the local market

I am trying to find what rent is in different areas. Most of the houses I look at to buy say they are currently renting at $500-1000 for a 2-3 bedroom. I figured that’s probably below market but I can’t seem to find more than 5 or so rentals on Facebook or Craig’s list. So here in Utah we have a different website. We use KSL.com that locally is used more than Craig’s list and fairly close to Facebook.

Does Maine use a different source like that or is the market that competitive that there are so few rentals in the market?

Dave Rav from Summerville, SC

Hey Group. I have noticed some of the larger banks (B of A) are *still* hosting limited lobby hours and business hours. They cite "CDC guidelines" as their reason for this. I have visited multiple B of A branches, and some still are actually CLOSED 1-2 business days per week. Others sport limited hours (as if bankers hours weren't already a joke). All this when other businesses are reopening doors and approaching "business as usual."

I can't help but think they are strategically trying to reduce access to deposit accounts, thereby holding onto your money longer to gain interest. Yes, I realize you can still use the ATM. However, for large withdrawals, or in my case where I debit card was terminated, I was forced to visit a branch in person.

What do you think?

I have noticed similar things. I use KEY bank as my family's primary Bank (kid accounts and main checking) and their already reduced hours are even more so, and When I tried to talk to a mortgage specialist they are by phone only. my agent has recommended another place for mortgages and so we are going in that direction. we also bank with Chase, and for where we are they seem to be going back to normal a bit faster but still slower than I would like 

 the national chains seem a lot slower on the uptake than the local credit unions 

So for me as a tenant (saving for first investment) my landlord has me sign a new lease every year, and with the new lease there is typically a $50-100 rent increase every year and we just know that’s the way of things. 

He can’t just up rent on me because I have the contract. But we know and all the other people I know who rent except a very few, know that a increase is come every year or so. It’s never huge, he doesn’t want to scare good tenants away but not raising rent is bad business

thank you, everyone 

you have all helped put my mind at ease 

we are in Utah county area. we just moved from Orem to my father inlaws home in Lehi to help save money and work on the credit. 

I worked in the cottonwood area in a previous life as a construction worker so I know it well

I definitely agree our agent has been super helpful in helping us learn the areas we should be looking for and what things like utilities and insurance cost in an area we have never lived in. I definitely appreciate that he is a real estate investor and willing to take the time to recommend books and this great webpage for learning more.

ok, so you think we likely will see a plateau more than a crash. that seems to rectify what I keep being told. I hear that there is a shortage and that drives prices higher and others say that there is unsustainable growth and that economy  can't support it and that will send us into a crash. 

a plateau seems to be a likely outcome if both are true

hey, four is better than non you're an expert in my book.