All Forum Posts by: Account Closed

@Jordan Moore my guy is Randy Bongard with Price Mortgage. He is phenomenal. They guarantee a 21 day close. His process is literally flawless. Give him a call!

@Beau Pearson I have used Zillow Rental manager, Cozy, and Avail.co

Personally i would say I receive the most tenant traffic through Zillow but prefer Avail for contract and payment management.

@Jesse Flores you might look into creating a trust. Many conventional loans will consider trust income in a situation like yours.

Example:

Put $200k in cash into a trust account. Transfer $5,000 each month for a couple months into your checking account from the trust account. Show this is a repetitive deposit that you can sustain for 3 years.

Ask your lender about this scenario. I did it on a much smaller scale for my last loan to create additional “income” to qualify for the price point I was targeting. Best of luck!

@Ivan Casale I would say that Phoenix is an attractive market to invest in. I primarily focus on employment growth when choosing a place to invest. Jobs bring people, people bring competition, competition brings price and rent increases.

As mentioned above, it is a highly competitive market with extremely low inventory. My theory is that prices will continue to rise if interest rates are kept low. We won’t cure the supply problem with new construction, not for years anyway. COVID, 2008, lumber costs and the current lending environment have created a perfect storm on the supply side. I imagine the demand side is honestly being held down by COVID as well, if you can believe that. I’ve had many conversations with individuals who have no desire to move in the middle of a pandemic. Sooner or later this all has to shake out, but none of my warning signs are flashing at the moment for a pullback in pricing.

My advice, dip your toe in.

I wanted to see if anyone else has looked into the COVID related forebearance programs. I own 4 properties spread out to 4 different lenders and each has their own program to initiate forebearance.

For those who are a bit on the cash poor side, have you considered utilizing these programs?

Anybody have any insight as to how it might affect future purchasing power to have the details of forebearance on your credit report?

My thought is that if they allow you to tack the missed payments on to the back of the loan, this might be one way to quickly shore up a portfolio that is short on cash reserves. Any takers?

@Frank Mendez I'll just share my experience. I bought a new build in Norterra last year. I went under contract Dec 2019 and construction finished July 2020. I paid $375k. The house is now worth $450k approx one year from contract. I put 10% down at the time and just ordered a BPO to get out of PMI.

Needless to say, I highly suggest this method for the current climate.

@Sammy Cho I literally have a pending offer just up the street from there at a place called 3rd Ave Palms. I think it’s a great spot in the immediate area. I’ll be renting to traveling nurses because of its proximity to so many hospitals. If you want to chat about the surroundings feel free to DM me.

@Joe Brisindi I happen to have bought some of that publicly traded stock myself. I am amazed that you’re STILL arguing against 6x on your money. I thought this was a forum for investors.

How much stock did you buy??

@Joel Gonzalez I think the most critical question that is missing from this discussion beyond your budget criteria is your focus. Are you looking for appreciation or cash flow? The answer will lead you to drastically different neighborhoods.

@Stephan Khamis we are at RECORD low supply right now with single family permits trailing demand for the foreseeable future. My feeling is that it is a good time to buy. If you need some insights about the local market give me a holler.