All Forum Posts by: Logan Jamieson

First off, let me start by saying I logically understand a winers attitude is not based in victim mentality.  I also understand there are deals anywhere at anytime.  

That being said...  I find myself consumed with anger and frustration.  I have worked really hard over the past decade to position myself to begin to build my portfolio.  Since 2020 I have doubled my salary, moved into an apartment with my father to save rent, and was able to save over $150k cash towards an investment.  

I have never owned my own property, yet grew up in a family real-estate holding company and directly understand the power of real estate investing.

Since 2020 ive seen homes double in price.  Ive seen rates go from <3% to >7%.  A $300,000 house in 2020 at 2.9% is like a $1,200 mortgage.  Double the cost of that house and double the rate to 7% and its like $4,000 per month for the EXACT SAME HOME.  I feel like im going crazy.  

I did most everything I was supposed to do, increase my income, decrease my living expenses, save cash, etc..  The thing I did not do was ENTER THE MARKET, and am now filled with regret.  

Questions:

1) Whats the lesson here? Is it that I should have entered the market and therefore should enter now? How do you all make the numbers work? I like the idea of BRRRR but struggle to see how it works in this market.

2) How do you all deal with regret and resentment?

3) Am I crazy to feel this way?  I feel like I am living in bizarro world and honestly dont see anything changing in the near future.  Am I wrong?

4) Id like to invest where I want to live, since I need a place to live.  My places of interest are: Rochester, NY.  Southern Maine (Near portland), Research Triangle, NC, and Jax/ St. Aug., FL

 Carolyn, 

Thanks! Its been a long time in the works!  West of St. Augustine / South of Jacksonville. Close to putting in a bid on a new build / hoping to house hack for a bit until I can get out from under these current rates :). 

Happy 2023 everyone!

For the past few years I have had the goal of starting a PM company in Florida.  

About me:

1) Sister is a Real Estate attorney in FL - we would be working together

2) Grew up in a family real estate commercial holding firm - have personally managed residential units, commercial offices, and two hotels.

3) Previously owed a GC company in Maine. My previous business partner now also lives in Fl and has a successful contracting company - we would be working together

One major missing piece still seems to be the requirement of a PM company to operate under a brokers license. As I see it, my two options are to either pursue my own license or partner with a broker willing to take on the liability of a PM company under their license:

1) If I am to obtain my own license, I need two active years as an agent. As far as I can tell, active status means being registered under a broker, not necessarily "selling properties". Any thoughts on a strategy of how to find a broker that is willing to let me list under them yet not necessarily be an overtly active agent?

2) Any thoughts on how realistic it is to form a partnership with an existing broker for run a PM company?

Open to any and all suggestions, critical feedback, etc.

Thanks is advance,

Logan 

Hey all,

Question here, obviously i will follow up with a tax attorney but wanted some preliminary info.

Due to current mortgage rates I am exploring ways of getting creative.  I have the opportunity of a parent who has offered to purchase a house in cash and allow me to make monthly payments to them to slowly purchase the home from them at 0%.  

Anyone know if/ how I can leverage the annual gift tax exclusion of $17,000?  With a lease to own contract could I pay them $17,000 per year towards equity in the home and have that count as a tax free gift so they are not taxed on that amt. as income? If not, any other thoughts on how to get creative with the above mentioned goal?  

Thanks in advance!!!

Have you looked into buying some machinery yourself and starting a side business with your heavy machinery skills...?

Listen to those below.  A licensed assisted living facility is different than a residential living facility.  This is a real business, which requires a legit licensed and seasoned operator.  Staff is getting difficult to find, your expenses can be astronomical, and your liability is through the roof.  I wouldn't touch a facility with less than 40-60 beds with a 10 foot pole.  Source, I am a licensed multi-level administrator and currently oversee 5 buildings.  

Thank you all for your responses!  I really appreciate them and you have given me the courage to begin deal hunting again...

Hello all,

I have been sitting on the sidelines the past three years and have regrettably avoided pulling the trigger due to the assumption that prices are wildly inflated and not wanting to buy at the peak.  I am in southern Maine and watched my friend buy a home in 2018 at $280k, appraised again last Nov. at $380k, and then re-appraised since he refinanced at 2.59% at $490k.  He jokes, all he's one is clean his pool.  I am currently not laughing, as I am sitting on $300k cash and wishing I had bout a house.  My other friend who lives in Austin bought his home less than a year before COVID and has seen his home jump almost $300k in value.  Are these prices here to stay?

- every graph I look at (home medium prices, etc) is clearly on a run, and it seems impossible that can be sustained

- we are now borrowing more than our GPD

- Inflation seems to not be happening (10 year rates dropped 7% recently, and soon may very well go negative)

- the list of indicators goes on and on...

1) What does this mean to you all for the housing market?  

2) If prices drop, do you anticipate rates to also spike?  Or will they stay near this historic low?

3) Those of you than owned rentals during 2008, how did you fare?  Did people loosing their homes seek you out in need of a rental?  Or were many of you left with tenants that were unbale to pay their rent?

4) Are the current evictions moratoriums effecting any of you?

5) Do any of you have an anticipated time frame for when you think this housing market will correct?  

Thanks all!

Andrew, I am still not sure how to reply and have it rag you but Bill Hill would be my suggestion if you end up going with Kennebec.

I second Kennebeck savings bank.  They keep everything in house and are much more flexible with unconventional loans.