All Forum Posts by: Joseph Cacciapaglia

I've used LegalZoom, and would not recommend it. The price I pay my current attorney is only a couple hundred dollars more than LegalZoom charges, and I get the benefit of expert counsel. I'm a former attorney, and was still a bit uncomfortable when I used LefalZoom, because there is no good way to know when you're missing something. They try to sell a bunch of up charges, and it's not really clear if any are necessary.

I use http://www.lawofficeofmichaelv... for all my real estate legal needs here in San Antonio. 

I agree this probably isn't going to be an '08 scenario. I think there is just a lot of fear mongering, so there will be some fantastic individual deals made, if you can find the sellers that are spooked right now. I don't expect the whole market to drop to a similar extent. 

I think there will be at least a few panic sellers in every market though. I'm in San Antonio, and we're not doing too bad here yet, but people listen to the national news, and some of them will make a decision to sell below where the market is actually headed, based purely on fear. Waiting and watching prices won't make those deals happen though. You actually have to be out making the offers.

I would suggest doing some math related to the cost of capital of that $40K. You have to look at the rate you're paying on that $40K directly, and look at the increased interest you would be paying on the rest of the loans. My guess, without knowing those loan amounts or your new rates, is that you would be paying at least 15% on that money, and it could be a lot more. I wouldn't give up profitability for scale.

Personally, I wouldn't refinance any of those loans at today's rates. Do you have a lot of equity tied up in them that you're trying to access? Unless the equity far exceeds the current loan amounts, your cost of capital on the cash out will be very high.

Market inefficiency is where profits come from. Right now many sellers are panicking. I've already seen several sellers take deals well below what I thought possible, because they're staring into the unknown right now. The savvy investors I know are starting to make a lot of low offers, because some sellers are actually taking them. I believe some of these will end up being below the actual market bottom. Some of the best deals I saw during the GFC happened in 2008, long before the bottom, but right when the panic was highest.

Im in San Antonio, which is performing relatively well compared to several other markets I follow. Despite that, we still have plenty of nervous sellers, and not many buyers out there trying to capitalize on it.

One thing I would recommend is to start off just like any other noob: house hack, buy a SFH or duplex, etc. I started my career as an analyst for a public REIT and worked as an employee for several institutional real estate companies over the years. One problem I saw a lot of people run into was they all wanted to start off doing deals similar to what they did in our day jobs. This is too big a leap for most people's first deal, so most of them never got started. Looking down on "small" deals is a trap that a lot of people in your situation fall into.

How much does a new subscription to Airdna cost? I only pay around $100 a month for my market. I think it's a pretty great value. Have they upped the price for new subscribers? I haven't found a free version that I like as much.