All Forum Posts by: Joe Freeman

Personally, I don't think there is ever a "perfect" time to invest in real estate or buy your forever home. Yes, the low interest rates of years past may have been an optimal time to invest or buy, but as you see with the climbing interest rates, you are able to obtain assets at a cheaper price, which in return helps offset the higher interest rates. 

The over asking bids that flooded the market 6 months ago aren't happening as much anymore due to the interest rates knocking some buyers out of the buying pool. If you have any questions about buying in today's market or pricing your home right, I can help guide you in the right direction. Reach out to me through email or shoot me a DM if you have any questions!

@Tyler Dunkel Did you think about applying to the city's ADU program? I think that could be worthwhile if the attic could have a kitchen and bathroom added. Here's a link I have that explains a bit more in depth https://nhschicago.org/fix/gra...

Pull the houses title history from Los Angeles County Assessors site or Recorder, and look for any building/code violations in the past that the condo has faced. 

Personally would wait to Winter to buy, going to find yourself some steals and deals in those months. The wealthy get wealthier during these times, and it's best to get your foot in there to join them if your finances line up comfortably. 

You can always cash out and refinance if the rates somehow drop a substantial amount, so don't let the interest rate hold you up. The worst case scenario if you do your due diligence is that you will be paying a few hundred bucks out of pocket per month to live, but most importantly you're gaining equity at the same time. While the best case scenario in my opinion is that you're cash-flowing a couple hundred per month, living free with your tenant paying all of your mortgage. 

What area of the country are you in? Nearest Metropolitan area?

Would also check out local credit unions. Have had clients in the past use them and have received better rates due to their not-for-profit organization standing. 

Definitely reach out to others in your community to see what they did! Did they give you a reason as why they do not want to refi your loan?

Definitely make sure EVERYTHING is in writing with contractors, and never pay the whole payment upfront. You will want to do installment payments where if the deadlines are met for getting let's say flooring, cabinets, and dry wall done by the 4th week, then they get paid with a little extra bonus. 

Dividing the payment into different installments gives the contractor the incentive to get done early for that bonus, and I would say doing the little gestures such as buying the contractor's team lunch just once a week goes a long way in this game. 

Also, definitely necessary to make sure the contractors licenses are all up to date.