All Forum Posts by: AJ Wong

Hi Carolyn, that sounds awesome. Go Celtics? lol My lending partner is working on a second home for an investor in the area, he might have an investor friendly agent referral for you and a local PM that can help with projections. Check in with @Joseph Chiofalo he's Florida based and could be a good general resource. He helped a friend with an impossible condo loan recently..

And I might reach out about a personal Sarasota investment sometime soon..I've been Zillowing..lol Good luck! 

Welcome Rakesh! You have definitely arrived at the right community for RE advice and support. Be sure to check out the blogs and pod casts..lots of great insight from top Professionals. 

When you're fully ready for analysis check out the renter analysis tools and don't be afraid to post questions and ask for help, everyone is really supportive :) 

A good first step and great lending resource (super important in today's market) might be to check in with my lending guide and bestie of 20+ years @Joseph Chiofalo they lend nationwide and he's very patient with newbies and can help craft a workable plan towards portfolio growth. Good luck! 

Congrats Holli that's awesome..We're on the hunt for RV/Boat storage land/facilities and financing options for 5+ units have become increasingly workable. We have a client working with our preferred lending partner on a 12Plex with 25% down based on DSCR. One strategy that has worked well here on the coast is mixed usage plexes or combo of LTR, MTR, STR.

You might also be a good candidate for a small boutique hotel, an operator looking to retire will often entertain seller financing on fair terms and you could likely qualify for a SBA loan to help with your vision. 

Congrats again and Good luck! 

Sellers are responsive to mortgage rate declines and lower rates could further boost listings later this year. 

On the Oregon Coast we have experienced a similar rise in real estate investment options. Some smaller coastal towns had literal handfuls of options at peak low interest rates. 

There is more inventory but still an elevated demand for both affordable and luxury vacation rental eligible prime homes. 

There have been several examples of $1M+ listings that are still receiving multiple offers, and many for all cash. 

Prime Oregon beach homes are a limited asset class regardless of inventory levels and there is little to no new construction development occurring. 

What are you seeing in your local market? 

I might be eating these words later, but as far as I can tell, at least here on the Oregon Coast and beyond the market crash everyone is waiting has not materialized. 

The pandemic fueled low interest rate boom demand has normalized, but the market is still moving. Quickly. It was a slow start to the initial spring 2024 shopping season, but properties are still closing quickly, still nearly 1/4+ for all cash and the majority of investors are well capitalized due to the appreciation of their real estate and stock based assets. 

With that said, there have been more realistic seller expectations to the tune of significantly reduced purchase prices both pre and post executed agreements. Sellers are slowly realizing there are fewer buyers and focused on working with those at the table. Several recent transactions closed at 5%+ lower than the final asking price. 

With mortgage interest rates on a recent downward trend, we have already experienced an uptick in mortgage activity since the slower pace in February, March and April 2024. The expectations are that any reduction in interest rates of even .25% will accelerate buyer and investor activity and competition. 

For the moment I think there is a window to capitalize on a less competitive marketplace. I was recently quoted as low as the high 5%'s on a FHA loan for a new primary property..these are attractive borrowing costs in comparison to the comparable costs of renting a similar property profile.

If average 30 year fixed loan rates reach the mid 5%'s many of the NON-QM mortgage programs that are currently rate prohibitive will also become more workable as cash flow and return ratios improve. Additionally with further rate reductions, many mortgages originated within the past two years would likely benefit from a refinance to then current mortgage rates. 

In short the investments that are 'tough' to make the numbers work, will become much more investable to the degree they might no longer be available. I would personally rather be refinancing than offering on properties when and if interest rates decline. 

Are you actively investing this summer?

Hi Damion I have a long time friend that has been doing fix and flips in Philly for the last decade..he’s certainly done very well for himself. His brother is the GC and he finds and finds the projects. He works for himself but idea our go to fix a flip mortgage broker @Joseph Chiofalo..check in with him for financing options which might help with budget and strategy. Good luck! 

 Hi Christian and congrats on the clear and early portfolio planning. I’m an investor focused broker in SoCal and beyond. Feel free to connect I can share a few prospects on the investor radar..as for loan options definitely check in with my strategic lending partner of 20+ years @Joseph Chiofalo he’s a mortgage guru and can help give you some guidance on immediate mortgage options and help strategize for your long term vision. Cheers. 

Hi Jodi..most lenders will require a six month seasoning however it's possible to use the purchase price and do an immediate cash out refi or first position HELOC. Check in with @Joseph Chiofalo he’ll give you some solutions. Good luck. 

Hi Brian..Coincidentally we just had a full webinar on first position HELOCS, fixed second and simultaneous closings. Lenders are increasingly creative with income qualifying including bank statements and even DSCR's. On SFR maximum LTV can be as high as 90-95% CLTV and on 2-4 units usually 80-85%. Depending on the loan amount and LTV there are even some automatic issuances with no appraisal requirements. Check in with @Joseph Chiofalo he does a lot of lending in Nevada and nationwide. Great investor resource as well. 

Hi Gabriel. Congrats that is exciting! It needs electrical as in there is none existing or could benefit from replacement? If it needs hard rehab that will be noted by an appraiser there will be fewer investors that can provide financing. Another potential hurdle will be loan amount, as some investors have minimums..check in with @Joseph Chiofalo he's a nationwide lender that's worked closely with me for 20+ years. Any insight to the property condition can be helpful. 

As an outlier..Any other assets that can be leveraged temporarily for a 'cash' closing? Good luck!