All Forum Posts by: Ethan Gidcumb

Hey Dan! I will add to what Mark Munson mentioned. I could see a lender being concerned about any major renovations affecting the monthly income on the loan, (since it's based off that). But, if you have a 30 year loan, you eventually would need to do some bigger renovations.

Hey Bradley! Some time ago I connected with a ton of Multifamily owners in the DFW area through two methods:

1) I cold-called owners by using a list I pulled from the MLS. In these calls, I quickly explained that I am not trying to sell/buy anything but looking for advice. The majority of people were extremely insightful and some even had some properties they were trying to sell, but weren't right for me.

2) For the second method, I would find a property I could see myself owning one day, then go to the county tax assessor's website to find the entity that owned the property, and then reach out to the owner of the entity if I could find their information. Again, I took a very casual approach and asked about how they got into the property, what their investing journey looked like, and what advice they could give me. 

From both of these methods, I increased my network dramatically, gained a ton of knowledge, and learned a lot about the DFW area and who the major players were in that market.

Hey Anthony! Finding a PML for a DSCR loan should be easy since all of these properties cash flow, considering your comment about the rents. You would see an increase to the interest rate but I could see how it'd be a great option to pull funds from the current properties.

Hey Aarielle! Most people turn to hard money if they have trouble being qualified with a bank, (such as showing income, etc.), if the property is not bankable, or if they need a quick closing time. Its a great option if you are only concerned with being approved for an investment property but it's crucial that you have an exit strategy, (to get out of the hard money loan), and that you are prepared for the additional costs you will face with the increased rates.

Hey! I was listening to a podcast and read an article released by ATTOM and wanted some feedback from other investors. 

According to ATTOM's Q2 2023 U.S. Home Sales Report, profit margins on, "median-priced single-family home and condo sales" have increased to 47.7 percent in Q2; whereas, in Q1 we saw profit margins at 43.9 percent. ATTOM recorded Q2 as the first gain we have seen in home sales in a year. This data goes in hand with a podcast I was listening to from Housingwire Daily, where Selma Hepp explained that home prices have gone up around 40% since the pandemic, and were at a 60% increase at its peak. 

As an investor myself, I'm curious whether others think housing prices will continue to go down, or, if this recent increase will be the first of many?

https://www.attomdata.com/news...

https://www.housingwire.com/po...

I always liked using https://worldpopulationreview.... to look at population growth, average salary, etc. On a site like redfin, zillow, etc. you could try looking at the last 6 months of sales if you're interested in a certain market.

I would go with Option 2 as I am sure you will have a larger selection of qualified agents to choose from rather than Option 3. Also, having somebody on the inside with your greatest interests in mind could be a powerful tool.