All Forum Posts by: Vijaianand Thirunageswaram

@James De Stefano There are still houses coming on the market in B neighborhoods which are old with good pricing and need rehabs but investors are hesitant to jump on it and stuck with the analysis paralysis mode. I have couple properties in Missouri city which has good potential for BRRRR if purchased HM or cash and rent out but many new investors didn't want to bit it.

Yes, new homes are entry level homes built by KB homes and DR Horton in areas which are outside and close to Grand Pkwy which is getting hot these days. 

@Mark Sewell That's correct. I am paying 1 point to get 4.5% for refi. Usually cash out is 1% higher than refi so 3.2 points with 5% is not bad deal. I am good anything with 5-5.5% on investment homes. 

@Scott Byer  That's really good question. Actually I am dealing with the problem already for last 2 months. It's taking more than ever to get my refinance done and it's take 2-4 weeks to just get underwriter to look at the file. I also hear from my wife who is loan offer and other lenders I use that refinance is given importance much than purchase. They take their sweet time to process it.

Also Cash out refinance has been stopped by many lenders. Even regular regular refinance, you have to pay points and many lenders are forcing you to pay points and they don't offer without points as my lender. So it's going to be hard and time consuming to get your refinance done at this current situation so plan accordingly.

Many lenders are not even willing to take the investor refinance loans and increased credit score requirements as well and JUMBO loans are totally stopped as well.

It's totally different situation than ever so BRRRR strategy investors make sure you plan accordingly

@Girish Bharwani BP has lots of resources for PRO members. You can easily check the member directory and narrow down agent who has been active and working with investors. That's better way to find the right person..

Good luck!

@Jhoana Olarte Thanks for the market update. I know you do that religiously every month.

My thought as Broker, Investor and market analyzer, Houston RE market, we are in the eye of the Hurricane yet. Its coming, coming slowly because of lots of things,

1. Fed loan program is holding many big companies layoff till October. Like United cannot layoff employees till October while they got millions of relief. They plan to layoff 30%

2. Oil and gas companies are starting to do cost cutting and layoffs coming in Jul- Sep so thousands will be affected.

3. Retail business are using EDIL for now and when we get 2nd wave in fall which is expected and they run out money, more impact.

4. Sellers are holding off because they think people will expect ridiculous price lowering so trying avoid but its going to get worse which they are predicting.

5. Finally, i do expect market slowdown and foreclosure which always lags due to process timeline but it wont be similar to 2008 which happened because finance market.

I would like to say, investors keep looking and buying and also keep money to jump in later for grear deals which might popup later this year or next year.

Anyway, recession is here and here to stsy for few years. Tighten your belt and get ready for a ride.

@Sean 

@Sean York We develop to sell not for rent. You can take look at our project details at, 

http://ompropertysolutionstx.com/projects/design-and-build/

@Adriel Hsu Do let me know if you have good lots? We look for wider lots with more frontage so we can replat and do more instead of narrow lots coming out these days. 

@Kevin Wood They rejected all our properties mentioning it's out of city limits which I did expect but want to try to see we can help those tenants. It didn't work.

I have to agree with @Shahriar Khan on the land price in regard to Sunnyhill but Acrehomes there are retail land available and they are priced bit higher these days. But there are builders who do low quality builds with government subidy bought lands in large scale. We have 2 projects in ACREHOMES going on at this point both retail land purchase. Unless you buy the land at right price and provide quality homes, it's hard to compete in these markets. 

@Kevin Wood I just applied today after talking to landlords of the houses in Houston area. I don't think they are in Houston city limits but they have Houston address so I just applied taking the chance so we can help the tenant. Unfortuntely one tenant had COVID19 and they are recovered now. I really want to help them out. Let's see how it goes..