All Forum Posts by: Thor Sveinbjoernsson

I am currently in an owner occupied duplex with a FHA Loan. I want to refinance into conventional loan to get rid of PMI but my loan officer told me their max loan to value is 75%. Has anyone had success of re-financing a owner offupied duplex with a higher LTV%?

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@James Hamling

You were right, my theory was wrong. Hope you made a lot of money these past 6 months

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Awesome! Congratulations. Looking forward to follow the renovations.

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Originally posted by @Kyle J.:

Originally posted by @Thor Sveinbjoernsson:

@James Hamling See listings for houses for sale under water from 2008 in 300-400k range.

https://www.zillow.com/homedetails/4051-Idlewood-Parc-Ct-Tucker-GA-30084/70836752_zpid/

https://www.zillow.com/homedetails/2454-Wynsley-Way-Tucker-GA-30084/79986135_zpid/

https://www.zillow.com/homedetails/6147-Queens-River-Dr-Mableton-GA-30126/87682054_zpid/

A few listings is not indicative of a market being “underwater”. However, even if it were, just looking at the first property you linked to, it appears to have sold back in 2006 for $332k and to be currently listed (not sold) for $369k.

How is that underwater?

If you consider 4% return in 14 years not being underwater than I don't know what to tell you. Meanwhile SP500 is up 300%

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Originally posted by @James Hamling:

Originally posted by @Thor Sveinbjoernsson:

@James Hamling I'm confused. You say you have been through multiple recessions yet you refuse to admit that we might possibly be entering a recession?

Possibly entering into a recession ABSOLUTELY, I would even say likely in the next 12-18 months. A housing "crash", like you have been saying, absolutely zero chance.

I remind you named this post "6 months to liquidate your assets", that's not recession actions, that's collapse actions. If you're walking the doom-preaching back to a recession I applaud you and consider my job complete.

No tot be a jerk but seriously how are you an accountant? You seem oblivious to nearly everything every account I have ever known knows. Yes, multiple recessions, there darn right common, we live in a cyclical economy, bears & bulls. I started listing all the various recessions but it's good education if you just do some research on it yourself, and I don't want to type that much.

If you were following the thread than you could see that I chose the title to attract discussion... which worked. I don't think we are entering a collapse but I do think recession is likely. And you keep going with the personal attacks... very mature of you.

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Originally posted by @James Hamling:

Originally posted by @Thor Sveinbjoernsson:

These are 4-sale listings, not sold. In GA for over 300K to almost 500K. So, you rent 300K-500K properties in GA to tenants? Sell to 1st time home buyers? Is 400K the median home price is GA?

Seriously, will a GA investor please chime in on this as GA is not a primary market of mine. I have knowledge but will withhold comments because thats all I have, some knowledge of the market, not an expert.

What are you trying to say Thor? Since there listing for under Zillow estimate that = there going down in value? I am seriously asking.

as an FYI Zillow is not a home appraisal, and it is famously known for not being accurate, but it's not meant to be accurate, it's meant to be a usually decent ball-park estimation. If you buy based of a Zillow price your gonna have some troubles.

I am not talking about appraisals, you can see the price history on zillow. Just scroll down to see what they sold for in 2008. Now they are listed for sale for less than what they sold for in 2008.

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@James Hamling I'm confused. You say you have been through multiple recessions yet you refuse to admit that we might possibly be entering a recession?

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Again, please stop with the personal attacks to anyone to does not agree with every word you write. Also please stop generalizing. There are plenty of examples of people buying at the top still being under water. See examples below that took 2 minutes to find:

1. Sold for 2.3 million in 2007 - now on sale for 2.2 mill. You invest that at 8% avg return for 12 years and you have 5.5 million today. Thats 3.2 million dollar loss - https://www.zillow.com/homedetails/35-Muscogee-Ave-NW-Atlanta-GA-30305/35901424_zpid/

2. Sold for 3 million in 2008 - now on sale for 2.8 mill. you invest that at 8% avg return for 12 years and you have 7.5 million today. Thats a 4.5 million dollar loss - https://www.zillow.com/homedetails/1220-W-Wesley-Rd-NW-Atlanta-GA-30327/35917213_zpid/

3. Sold for 2.6 million in 2008 - now for sale for 2.8 million. you invest that at 8% avg return for 12 years and you have 6.5 million today. Thats a 3.9 million dollar loss - https://www.zillow.com/homedetails/2969-Andrews-Dr-NW-Atlanta-GA-30305/82626237_zpid/

I do realize there are plenty of examples of houses being valued more now than at the top in 2008 but I am reminding people to be careful.

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Originally posted by @Bob Prisco:

@Thor Sveinbjoernsson GREAT more opportunities to buy ?

If you bought at the peak in 2008 you'd still be recovering

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All Forum Posts by: Thor Sveinbjoernsson

Thor Sveinbjoernsson has started 2 posts and replied 27 times.

Post: Owner occupied duplex refinance

Post: You have 6 months to liquidate your assets

Post: Taking the Dive! - Finally bought my first property

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets

Post: You have 6 months to liquidate your assets