All Forum Posts by: Bill Schrimpf

I think the lack of interest in this subject is very telling.  It's the biggest non-news topic of the year.  Hopefully Janet Yellen and the other members will do with rates what the did with quantitative easing; get us back to "normal".

@Peter K. and @Matt Motil are correct, at least in the next 1-2 years.  Never-mind the fact that this is the overnight rate, not the 10-year.  If the FED does what is says and slowly moves rates, this will have little to no effect on the mortgage industry, at least for the near term.  Bottom line, if a move of 0.25% in any rate effects the ability of someone to finance a deal, its not a good deal and/or your not really qualified for the deal. 

The domain name is important but if you want people to find your company using a search such as Google, your time would be better spent looking into SEO (search engine optimization).  

You could have a domain name of webuywhaterstuffyougotforsale.com and if you do your SEO correctly, you show up when someone searches for we buy houses fallon.

Thanks for posting this!

I love contradiction.

I've listened to most BP podcasts.  Just about every guest says, one way or another, in the famous 4, the key is getting going is to do something.  

Many types of income from real estate investing is passive by IRS standards. As most podcast guests point out and every pro I've talked to says, REI is not passive. Is REI as demanding as your day job, probably not, but it sure isn't passive.

Thank you IRS for the lower rates and befuddled masses.

BP did a good podcast on this topic a few months ago.  Its worth a listen if you haven't already.

@Brandon Turner - I just watched the recent webcast replay and you made a great point.  I should give back to BP.  I'm going to by contributing some of my hard earned knowledge.

Following is something I have learned but not seen here on BP about a very nuanced bankruptcy and foreclosure rule with Fannie Mae and desktop/automated underwriting.  If you had a BK and listed a mortgage in the BK and had it properly discharged, the wait times for a mortgage is 4 years not 7.  This was huge for me.  I had to educate my credit union underwriters and loan officers to get past automated underwriting.  Anyone dealing with BK and foreclosure fallout knows about the wait times, HTH.

https://www.fanniemae.com/content/announcement/sel1410.pdf

https://www.fanniemae.com/content/guide/selling/b3/5.3/07.html

"If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied."

@Charles Ho - Consider moving some $ to a self direct IRA and from there you can invest in RE while keeping the deferred tax advantages. Talk to an accountant before moving that $ though, there is some red tape to consider.

I plan on retiring before 62.5 years old, (planning for 45) that had a huge impact on what I did with my existing 401k and IRA's.

The stock market dipped 300+ points today, why?  Fear over Greece, the FMOC maybe raising the fed funds rate 15-25 basis points (trivial) sometime in the next year, low oil prices, who knows why...  Blue Chips and the S&P500 companies have more cash on hand than ever, M&A activity is trough the roof, banks are well capitalized, P/E ratios are historically strong so again, why the 300 point swing today?  Who knows, its irrational.  My best guess is high frequency traders (a.k.a. computers) making algorithmic trades based on current positions, not the fundamentals of the companies or the economy. 

If rental income drops you know why, its rational.  You can specifically point to a reason such as a major employer moving its corporate office, a military base closed, the news may be bad but at least it's rational and generally local.  Greece and Crimea probably wont effect your ability to retire if you invest in a rental in Austin TX.  Compared to the stock markets, rental income (separate from housing/appreciation values) was a better investment than stocks in 2008.  

Hi @Wesley Pittman - Keywords are a good suggestion, make sure you setup Reno NV, not just Reno, otherwise every post about renovation will send you an alert.

We need a cable/street going from Whitney peak to Rocksport!

Hi@Perry Z. - It's not just the redeveloping urban core but the new huge industrial developments going up east of town.  That area is what big names like Switch and Tesla are looking at.  Desert is cheap to develop in this purple state.

To actually answer you question, no, I live in Reno.

Do you remember when you were a kid, maybe 8 years old, and you were a week away from that trip to Disney Land? That is how I feel today! My first real estate investment close is a week away! I can't wait, time wont move fast enough.