All Forum Posts by: Paul Sofia

The pandemic is not the issue, the collapse of the world's economy is. You don't shut down the world's economy all at the same time because of a virus without dire consequences. This virus will end and another one will emerge, but there is no vaccine for what is coming to the world's economy. Death is with us every day, if you don't believe me go to this website and prepare to have your mind blown...worldometers.info

Deaths TODAY...43,124...at least 3 deaths every second, by the time you go to the website this number will be much higher.

Doomsdayer?....nope...just a realist.

0 Votes

Originally posted by @Marco Bario:

Will it cause a Depression? That's the question I've been asking.

Taking into account a global economic shock, a coinciding drop in energy prices, many small businesses that won't recover, unemployment, the possibility for a run on US Dollars which could cause the USD to spike, plus municipalities and retirement funds who were already on financial thin ice – there's a great deal of risk and the combined headwinds are enormous.

Right on, Mario....this is not good...anyone check out the debt lately?

3 Votes

I am an experienced investor and have been doing specs as of late, finishing one up as we speak. I also have experience in residential lending and currently a commercial loan rep specializing in MHP financing. I am an optimistic guy for the most part but based on current conditions, with no future end game, I am afraid we will experience something like never seen. It is not going to end well.

0 Votes

@ Ryan Thomas, yes. There will be more opportunities. There will be plenty of deals out there once we come out of this economic nightmare. We are still clueless to what the UE rate will be. I am no economist but when more and more people are out of work, the more that will lose jobs. Consumer and commercial credit are maxed out.Let's do the math on this.

0 Votes

@ Scott Mac is spot on.

0 Votes

Too much uncertainty in the market right now. If this continues, I see lending to be a huge problem. Not looking good for the credit markets. If we had a date that we knew for certain that we are back to business, things would be different. This whole picture is not looking good right now. Hate to say it but truth is truth.

0 Votes

Yes, spec lending. I build specs here in the Charlotte, NC region and yes better than the bank I have dealt with since 2005...Full disclosure.. I forgot to mention rates go up .5 point every month and max out at 7.99. Still, not bad at all.

0 Votes

I have a lender that has decent terms. They want to see some experience so your LTV will depend on that.

Rates start at 4.99 and max out @ 7.99 / 2 pts. origination $500.00 closing fee, third party fees

Normally 8 mo. term with four month extension option (1pt)

No payments during construction.

1 Vote

I doubt very much that the "city" will grant you a zoning permit for a manufactured home....modular, but not manufactured.

0 Votes

All Forum Posts by: Paul Sofia

Paul Sofia has started 3 posts and replied 321 times.

Post: Risks of investing in mobile homes?

Post: Will COVID-19 Cause a Recession?

Post: Will COVID-19 Cause a Recession?

Post: Are you concerned about financing or refinancing right now?

Post: In the middle of a property purchase--should I back out?

Post: A Call for Leaders in our Industry to Speak Loudly!

Post: In the middle of a property purchase--should I back out?

Post: Spec Home Lending for New Builder

Post: Spec Home Lending for New Builder

Post: Manufactured Homes / Lot Investing Strategy?