All Forum Posts by: Jason Taliaferro

I hope it will fall somewhere between It will be alright, and doom and gloom. My gut says it will be closer to gloom and doom. I think what people aren't realizing even if people went to work immediately the severe damage has already happened. I hope things don't get worse but they are pretty bad. I hope everyone is liquid enough to make quick pivots. You can make money in any economy. Look for opportunities there will be more.

@Russell Brazil
@Maurice E. Stokes Jr
I totally agree that real estate is a long game. However, some investments are shorter like flipping or rehabbing houses. Flipping is more seasonal for a variety of reasons. I think this season for flips may be wiped out. I hope I am wrong. The DC area to some extent will be buffered by the Federal government and some areas I imagine tech-heavy areas where many people can work remotely may fare better than other areas. I expect more inventory to bring down prices. Of course, no one has a crystal ball or an accurate one at least. One week ago this was barely a threat on most people's radar in the REI community now, everyone has an opinion (including me). People keep comparing this pandemic to other events such as 9/11, 1918 Spanish Flu, and 2008. Each of those events were different from each other and this pandemic is different also. One thing that is constant is in times of uncertainty it is better to have more liquid assets than over-leveraging yourself. Please have cash reserves for any new buy and hold.

Secondly, don't let interest rates tempt you into a bad deal. Interest rates change and you can refinance. The only way to lower the principal on a loan is to pay it.

It depends. In the short term I think Airbnb and short-term rentals will and have taken a hit. Long term rentals probably will not be affected at all. Flips may be affected if this drags out for more than 6 months.

I second what Ned said on the dumpster sized truck. There are stake trucks that are 24' they have a 10k capacity find a guy with one of those and you are good. Demo the day before and load the truck the next day. No right a way permits (Baltimore and DC) probably most urban areas.And No neighbors or contractors filling your dumpster. 

Both Alex Cooper, AJ Billing, and Ashland have online auctions. Some properties are online only, and some are on site. Alex Cooper is different from the others as they tend to have more foreclosure properties that take place several times a week on the court house steps. I agree with everything thing Ned said. 

@Brian Ploszay Great info, however, I don't fully agree with point 3. I may have misunderstood, but to clarify for others who may read this. There shouldn't surprises in the terms of the contract and HUD will keep your EMD if you back out.

As an agent, I will fight like hell for you to get it back but against HUD I will likely lose. Lastly to help others reading. HUD only gives 45 days for investors to close. HUD MAY grant an extension but will cost you up to $375 (most transactions have this amount) per 15-day extension. They only do 15-day extensions.

I agree with a lot already said here. There were some misconceptions. I am a bit concerned about the investor/occupant comment. I hope you mean you are going to reside there but look at the purchase as an investment. HUD has a clear distinction and if your intent is to use the property as a primary residence for a period longer than a year then you are not an investor to HUD. If your mortgage is for a rental or second home that will be very problematic. Lastly, an agent who has dealt with HUD is valuable in this situation but we all gotta start somewhere right? HUD is its own animal and once you learn the systems, rules, and lexicon it can be some of the easiest transactions. Buyers, especially investors have to do their due diligence before placing a bid. HUD offers no closing assistance(to investors), repairs, renegotiation, or concessions. I still find HUDmostore a great place to find properties I have purchased a few my self from there and look every day.

Thanks @John Teachout

Thank @Daniel B Borden

Thanks @John Underwood