All Forum Posts by: George Post

Such a great question @Daniel McDonald! There a so many 401k's out there that are not company matching, yet people still put their 3-5% of their paycheck into it... hope it all will work out and be able to retire in 30 years. LOL! But if you purchased a property that "broke even", that a tenant was paying the loan down, its most likely going to appreciate, and more likely than not will cash flow EVENTUALLY with rent inflation... kind of a no brainer if you have strong other income AND the down payment/reserves were readily available! I think doing this is harder in a high price market, but also the exact reason why it's going to work out in the end (since eventually it will be a HIGHER priced market)! 

Cheers ... great question!

Hey @Daniel Cassamajor

Good luck on your new venture! I would also recommending letting everyone know what you are doing via social media and help buyers, too. I bet there are plenty of people in your natural network that are renters that want to break into the RE game! Help them too, earn a commish, add it to your capital for the next deal! Hope that was helpful  and good luck :)! 

Hey @David Penco! If you are looking to house hack, and you currently have a steady w-2 job, I would stay put at your job until you land the house hack. I think the market is going to be rocky this year, and a solid salaried job is a good thing for 2024. Most jobs in the real estate space are commission based (doesn't matter if 1099- or W-2, commission income would require a 2 year history for that income to count - usually). Furthermore like Randall mentioned, the NAR lawsuit does not bode well potentially for agents. For loan officers such as myself, high rates and low purchase transactions has force many LO's to find work elsewhere. If you found a management role or construction pm that offered a steady W-2 salary, I would pursue that! Just my take!

Always happy to chat - RE. I have 3 rentals in Hull and live in Scituate. 781-534-8071

Good luck!

@Lucas Bernard Great insight man! It will be interesting to see more guidelines and pricing for the Fannie Mae 5% down 2-4 unit on 11/18. One of the beauties of FHA is that you can go up to 56.99% on the backend DTI (usually) and still get approve eligible. THe back end DTI is what typically stops the MHP programs from working out. However, the 3-4 unit FHA self sufficiency test has been a sticking point in this high price point & interest rate market. I do think rent renewal are going to increase. I heard average renewal rent is 4% nationally, which is certainly not keeping price growth compounded with rate increase.

We shall see how it all shakes out! Good luck!

Thanks for the loop in @Sam Horton!

@Lucas Bernard How much of a home you can buy really mostly depends on YOU (DTI, job history/stability, credit score, etc.) like Sam mentioned. The County loan limits are certainly important, but for instance Boston's conforming loan limit on a three family is $1,123,900. Which might be more than you wanted to spend anyhow!

I personally do not provide the One Mortgage, so I cannot comment on exact guidelines. However, we certainly have SAVED a number of One Mortgage deals that a borrower was promised something that could not be delivered! Usually related to DTI issues! Always happy to chat it through

Best,








@Lucas Bernard@Lucas Bernard

Hello!

Is anyone actively wholesaling in Cape Cod Massachusetts?

Would love to get on your list!

TIA!

Wholesale*

YO!! I'd be down to meet up! What up @Tom Wagner!!

Happy Thanksgiving Y'all!

Thanks for the advice!

We are looking at Orleans & Brewster, because ideally we would like Wellfleet, but just seems like there is nothing for inventory down there! I like to surf (and punch sharks in the nose :)!). This would be a use the house a couple times a year and have it subsidized by STRing!

Best,
George

Hey Cape Peeps!

Looking into STR in Orleans or Brewster. How has people's experience been down there? Do places still cash flow well at today's prices?

TIA!

So,

Looking to purchase either a second home or an investment property with my mother in-law.  She is swimming in Debt to Income, and I may need her to help qualify. However, I do not want her to take Title as she is getting older and has medical issues. So incase she needs to use Medicaid, I don't want a lien placed on the property. I have found a lending source that will keep her as a Non-Title holder. Will this stop Medicaid from going after the property if she is only a co-signer and not an owner?

TIA!

Best,
George