All Forum Posts by: Stephen Stokes

@Ryan Kelly 100% agree and @Surendra Chawla let me know if you need a referral for repair guy I have a great one for north Austin.

@Julien Amparan if you buy discounted off-market properties that have built in equity day one who cares about market timing. However, if you are buying at retail prices (MLS) it better be in a buyers market. Strategies shift based on market conditions and right now the only way to limit risk is to spend the time and money to market for off market deals.

@Bill Brandt first, if you are using year ago data to compare, you will certainly miss the turn and only identify the shift in the market in the past not in the present. Second, did you see the article so posted? The data is there.

@Victor Steffen Sounds Great! FYI for folks looking at this on mobile app it does not show the time and location.

• 06/14/21 07:00PM - 08:00PM America/Chicago
• https://zoom.us/meeting/register/tJIvf-uurz8jGdcLvaBPI20fG3g-qHSCbHO0

I see a lot of anecdotal responses which is to be expected with the current narrative. Unfortunately, these opinions are ubiquitous and facts/data are my preferred choice of input to make an educated guess on the direction of the market in the future. 

That said, I'd love to see someone do a thorough fact/data based analysis of what @Nina Hayden mentioned which is what I have anecdotally observed as well; days on market and price reductions picking up even in the hottest markets like Austin. 

This data is a warning signal and yes, Austin will not be immune. I also got an email from my Yellow Letter marketing provider today titled "a forbearance tsunami coming". 

Caveat emptor my friends

https://wolfstreet.com/2021/06...

@Jake Helmburg sounds like a plan set up for failure in more than one way. What are your backup exit strategies? Can you afford to rent it out at a loss? Can you afford to make payments for 6 months if you cannot find a buyer? As the other comment says, this plan is technically loan fraud as well so how will you avoid the legal implications?

@Kaya Spicer you make your money when you buy, never forget that. If you are trying to buy investment property on the MLS (retail market) in an extreeme sellers market it will be tough and you are probably setting up to fail. However, if you want to invest the time and effort to market for off market deals it will pay off once you finally find what you are looking for. Get specific on what you are seeking and go after it, on the market, neighborhood, property type, condition, etc.

@Idris Haroon firstly I suggest you think about motivation a s how you are painting this Financial Advisor? Are they incentivized to get your money out of real estate and under their fee structure?

I highly recommend anyone who has a financial advisor to only pay them on a “Fee-only” structure.

https://www.investopedia.com/articles/investing/102014/feeonly-financial-advisers-what-you-need-know.asp

@Kevin Noell I would never engage a lawyer to draft a purchase and sale agreement. If you are that uncomfortable following the advice and link I shared just hire a real estate agent, it will probably be cheaper.