All Forum Posts by: Kevin Maher

Yes I miss quoted on the headline.  

sorry about that.

I don't think the ag understands the position these people are in.  Most times houses are not financeable due to damages lack of maintenance and have no money to make repairs.  house is not saleable on the normal market channels.  Owner is facing a default on the mortgage will go on their credit.  The equity is not accessible by the owner due to these factors.  So why would be entitled to it?   It just seems crazy to me that they are suing the wholesalers.  I am afraid this going to happen more and more.  I would be afraid to do wholesaling at this point.  Better to buy at the auction I think

I put mine in T bills and waiting for a better opportunity with less risk.   The market is going to have to start selling again before I get back in.  Lowest in 40 years and your competing against developers with interest buydowns.   

Looking for comments on the Airzona attorney general that has brought a lawsuit against a wholesaler, closing agent and anyone involved.  

You have picked the worst time to get into real estate.  The market is saturated with abnb now.  Days rented is down 30% roughly.  Prices are at a all time high.  90% of the country can't afford to buy.  I find it hard to believe you can build at current rates and get a cash flow on long term rental.

I think alot of people are going to have a hard time qualifying for a new loan with a existing one.  Lenders are tightening.  You are going to have to be high income to do this.

I am a appraiser and did a appraisal on a  property that owner didn't own.  It was discovered doing research and then comparing it to what was there.   Another one half the house was on a different lot.  This section was added on over the years.  Shithappens get the survey money well spent or lower price by that amount

Seen others just quit making payment and collect the rent money until bank forecloses.  Might be 2 years before that happens.  Seen some go 5 years last time. Stash the cash you will need it.  

You don't understand lending guidelines of banks which dictate scope of work for the appraiser.    In order to give value to something like str income shouldn't be able to prove the market pays extra.   In a neighborhoods where str is common vacation home market values will be hire and is reflected in sales prices.   However I don't work in cal.  And Arizona.   Talk with a appraiser understand what lender guidelines are and how they impact you.   It's not about wear and tear.  First a lender wants a rent comparison schedule that meets fnma guidelines which state on a month to month rental basis.   And where are you going to get the data.  You have show 3 other houses that rent str that supports your claims of income along with your receipt s..   That is private info and not given to appraiser.  Info is not verifiable by a 3rd party.   Somebody has to prove all your specilation is true.    They don't take your word for it.  You really need to talk to underwriter s  bank president and understand

Oh I am not a lawyer or represent my self as one but this is general business school stuff