All Forum Posts by: Ryan Schaefer

Curious to see how others are handling the current market. Obviously the supply/demand has put upward pressure on rents, which is great for units that you already own. However, the extreme price increases are making it difficult to find viable new investments. My wife and I are looking to expand our portfolio, but when running numbers, nothing seems to be working out at the current market prices. 

In short, purchase price increases seem to be largely out-pacing the rent increases: the 1% rule looks more like the 0.7% rule right now. Just curious if anyone is buying now or are you holding off and building a war chest should prices pull back? (which doesn't look like it will happen any time soon)

@Joe P.

It was part of a bill proposed by Ilhan Omar, and co-sponsored by AOC.

https://reason.com/2020/04/20/ilhan-omars-bill-would-enable-the-feds-to-seize-landlords-properties-for-trying-to-collect-rent-during-coronavirus/

"According to a summary of the bill put out by Omar's office, landlords making use of these relief funds would also have to give tenants a 10 percent equity stake in their properties."

https://omar.house.gov/sites/omar.house.gov/files/Omar%20-%20Rent%20%26%20Mortgage%20Cancellation%20Act%20-One%20Pager%20and%20Legislative%20Framework.pdf

@Alfred Litton

The section with that text is specific to mortgage relief and a freeze on foreclosures. If there's no loan, there's no need for mortgage relief or foreclosure. I'm not a lawyer, but that's what I took from it.

However, the stuff about the eviction moratorium applies to all "covered dwellings"; loan or not.

@Mike D.

The new act seeks to amend the wording so that it does not apply only to federally backed loans and instead uses the term "covered mortgage loan".

"(2) COVERED MORTGAGE LOAN.—The term ‘covered mortgage loan’ means any credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a 1- to 4-unit dwelling"

Not sure if it was already posted, but the relevant portions can be found here (the page may take some time to load): https://www.congress.gov/bill/116th-congress/house-bill/6800/text#H7498DDE323FB412B97C8EBB6C04A82DE

Hey all,

I grew up around the St. Louis area, but am currently living in Florida. I have one rental property down here, but am looking to move back to Missouri and want to start looking at rental properties in the area. Can anyone recommend a good RE agent in the Saint Louis area?

For investing purposes, I'm currently looking on the South side of the city and the surrounding areas (Arnold, Imperial, etc). 

Cheers, everyone!

I hadn't even considered that, thanks for the heads up!

Wow, thanks for the quick replies! It looks like it has worked out for you all, so I'll give it a shot. 

Hey all, 

I just closed on my first rental property and we're getting ready to rent it out. I'm looking at different ways of collecting rent and was just curious if anyone used Cozy. It looks like a great option, but given I don't have much experience, I wanted to see what thoughts others might have on it.

Thanks,

Ryan

Hey all, I actually was able to get the 20% down from Regions and got my approval. 

@Colt Taylor
I do like the idea of house hacking, but I've already got a primary residence and am not looking to move. If I were to do it all over again, I would definitely start with a multifamily and rented out the other units!

Hey all, I'm new to real estate investing, but I've saved up a decent amount of money for a down payment and am just wondering what financing options people in Orlando use. I'm currently talking with Regions bank, but they are looking for a 30% down payment and I'd rather stay at 20 or 25. I also called TrustCo Bank, but was told they don't offer loans for rental properties. 

Any recommendations?

Thanks!