All Encompassing Mortgage and Real Estate Thread

[CHIEF 5093]

We are seeing a ton of white flight coming out of DFW. The protests, riots, and COVID issues, and population density has made the real estate market boom around Granbury. Probably half the buyers are straight up cash people. For a few weeks we had opportunists coming in and trying to lowball people without making any headway. No one here is "over a barrel" they are mostly on retirement pensions and the shutdown never effected their paychecks.

CHIEF

[Modessit 5603]

If this was posted earlier, my apologies but I didn't see it.

 

From AISD:

 

 

 

 

 

 

Need to Know: COVID-19 models and procedures

 

Even in the middle of a pandemic, AISD is committed to keeping the focus on student outcomes and achievement. In order for us to keep the focus on high student performance, we need to be prepared for a variety of possibilities. There will likely be a point in time when any one of our 127 schools may need to switch its instructional delivery model based on the health conditions at a particular school site. 

Our preparations include being able to deliver distance and face-to-face learning, as well as a hybrid approach. 

As we move toward reopening, we would like to share with you some procedures you can expect to see on campus:

 

A no-touch temperature check and screening of students, by a staff member wearing personal protective equipment, will occur at designated spots before students can enter the school building. Screenings will take place in vehicles when possible.

 

Each person who arrives without a mask will be provided one. However, due to a limited national supply, staff and students will be encouraged to bring their own.

 

Student capacity in the classroom will be limited. Staff and student capacity will not exceed 25% of the classroom space. Depending on the specific class size and the ability to safely distance, this will average six to eight students per room.

 

Meals will be offered in the classroom. This is to ensure safety for students and staff and is in line with the Centers for Disease Control and Prevention and Texas Education Agency recommendations.

 

A staff member or student will need to meet the CDC criteria for returning if they are displaying symptoms, presumed positive or have received a confirmed positive COVID-19 test.

 

A staff member or student will need to quarantine for 14 days if they have had direct exposure to someone that is displaying symptoms and/or is presumed or confirmed positive for COVID-19.

 

Additionally, every student and staff member that has had direct contact with the affected student/staff member in the last seven days will also need to quarantine for 14 days. This includes, but is not limited to, the students and staff in a class, on a bus route and in group extracurricular activities. 

 

The need to shut down an entire campus, the school’s foodservice operations or an entire extracurricular activity for a period of time will depend on the level of contact, isolation of groups and guidance from health authorities.

 

Also, we understand the need for families to have options as we reopen, and are working to have at-home learning platforms available as well.

Other procedures have and will be developed, and we will soon be sharing more. We hope this begins to paint the picture of the framework we have been focused on to assure student and staff safety. Please know we have been working nonstop to consider safety measures, teaching models and multiple scenarios that will impact our students, families and staff members. 

 

 

 

 

 

 

I have no idea how they're going to do the 25% capacity thing. My son's kindergarten class had 20 students last year. How the hell are they going to do 8 or 9 in class and the rest at home? If they hire more teachers - which they can't afford to do - where are they going to have the extra classes? Are they going to have half the kids in on Monday and Wednesday and the other half in on Tuesday and Thursday and everyone on Zoom on Friday to review the week? That's going to be hell on parents who can't work from home to be with the kids and will have to pay for someone to watch them.

 

Plus, some of my wife's special ed class of 8 students isn't really going to understand social distancing. It's going to be hard to teach social interaction skills from 6-ft away with a mask on. Half of her class doesn't even show up for Zoom instruction. Add in her and two teaching assistants and I have a feeling her entire class will be online again next year.

 

That's really the only issue I have with all the new guidelines. Breakfast is already served in the classroom so having lunch there won't be a big deal. I did notice they didn't mention recess or PE where kids tend to intermingle.

 

 

 

 

[UTPhil2006 3807]

On 6/18/2020 at 12:32 PM, CHIEF said:

We are seeing a ton of white flight coming out of DFW. The protests, riots, and COVID issues, and population density has made the real estate market boom around Granbury. Probably half the buyers are straight up cash people. For a few weeks we had opportunists coming in and trying to lowball people without making any headway. No one here is "over a barrel" they are mostly on retirement pensions and the shutdown never effected their paychecks.

CHIEF

Haven't really seen that here in Houston or heard from Thad about it in Austin. 

[bluto 4932]

Anecdotally... My fam in Prosper (way north dfw) said their hood had 20 sales in the last week and every realtor/builder he’s talked to can’t keep up. Friend listed in west Plano had competing offers first weekend.

[LebongJames 1812]

We do new construction SF HVAC, electrical and plumbing in all 4 major markets.

We did 10k houses just in plumbing last year. If we annualized what we have done the last 3 weeks we would do 15k this year. 
 

With such little existing inventory on the market builders are absolutely selling a ton of houses. Builder that had been selling 50-60 a month in a market are selling 80-90.

Edited June 22, 2020 by LebongJames

[beer 3220]

On 6/15/2020 at 9:21 AM, BabaYaga said:

Any realtors with a strong knowledge and contacts in Broken Bow?  Starting to entertain buying a cabin up there as a rental and getaway for friends/family.  

I moved from hellhole 1 (OKC) to hellhole 2 (Bama) but I was just there last week.  Ate my fill of trout I caught at beavers bend.  Can see why you would want to get a place there.  Was a bank on the main highway in Hoochy-town that had a huge sign saying "cabin loans" though, might be a good place to start. 

[beer 3220]

McCurtain County National Bank...just looked it up. 

20 minutes ago, beer said:

I moved from hellhole 1 (OKC) to hellhole 2 (Bama) but I was just there last week.  Ate my fill of trout I caught at beavers bend.  Can see why you would want to get a place there.  Was a bank on the main highway in Hoochy-town that had a huge sign saying "cabin loans" though, might be a good place to start. 

 

[UTPhil2006 3807]

UWM touting a new program rollout this afternoon.  Last time they came out with something new it was this Conquest program that upwards of 40 of you have taken advantage of so far. (sidenote: once bars open back up normally, the Houston, Dallas, and Austin happy hours are gonna crazy with all the beers we owe all of yall).

Curious to see what it is, will keep you guys posted.

[UTPhil2006 3807]

Looks like they're rolling out a VA Conquest program, similar to the program above.  No loan limits it appears (from what I've priced so far) and 30 years are between 2.25-2.375%

[GottaB 594]

Looks like they're rolling out a VA Conquest program, similar to the program above.  No loan limits it appears (from what I've priced so far) and 30 years are between 2.25-2.375%

Dude.

[hornian 5219]

21 hours ago, UTPhil2006 said:

Looks like they're rolling out a VA Conquest program, similar to the program above.  No loan limits it appears (from what I've priced so far) and 30 years are between 2.25-2.375%

Refis too, or only purchase? My little bro just bought last year (I think y'all did the mortgage) with a VA loan. Don't know if that would make sense to refi that quick, but those rates are loooooow. 

[UTPhil2006 3807]

8 hours ago, GottaB said:

Dude.

Literally we all said oh god damnit xxxxxxx

[Gil Bang 25975]

On 6/24/2020 at 11:09 AM, UTPhil2006 said:

Looks like they're rolling out a VA Conquest program, similar to the program above.  No loan limits it appears (from what I've priced so far) and 30 years are between 2.25-2.375%

please check PM

[UTPhil2006 3807]

Because several have asked, this program is for Veterans/active duty, etc

[Atxracer 797]

Just for info purposes, the Austin market is still nuts. My house sold in 8 days and the one I am buying sold in 2.  That’s after losing on 3 previous bids, one of which was full price the first day the house came on the market. In the end, very happy with where we chose but just had to dig a little deeper.  I will now be doing Uber driving in the evenings.  

[UT_OB1 2224]

According to HAR, SF volumes have dropped significantly the last 2 months. But prices are flat except on the high end. Leases are up. Adding up for me to grab a decent MF duplex in Galveston. We’ll see where it goes. 

[Wulaw Horn 19099]

My anecdotal evidence around houston is it’s a sellers market and my buyers all seem to be in multiple offer situations. inventory seems really low. 

[closetohumping 17449]

I'm looking new homes, I know you guyscan probably beat their rate, but some are offering 20k in incentives.  

[vtaenz 601]

Shout out to Thad, Phil and Dana and everyone else. Closed today on my first home ever with a sick rate. I probably made them roll their eyes a time or two with all my requests for numbers but they knocked it out of the park.

[Firemans4Horn 18106]

Have a 15 year mortgage on my current house but had an offer accepted on a house last week. Locked at 2.75% on the 30. It’s possible for it to get lower than that but that’s damn near free money in my eyes. 

[UTPhil2006 3807]

7 hours ago, vtaenz said:

Shout out to Thad, Phil and Dana and everyone else. Closed today on my first home ever with a sick rate. I probably made them roll their eyes a time or two with all my requests for numbers but they knocked it out of the park.

Not at all. I’m sure you and Thad got to spend time becoming besties getting to know Cedar Park very well, but sometimes that’s what it takes to find the right home 

[UTPhil2006 3807]

On 6/26/2020 at 9:00 PM, Wulaw Horn said:

My anecdotal evidence around houston is it’s a sellers market and my buyers all seem to be in multiple offer situations. inventory seems really low. 

 

On 6/26/2020 at 8:09 PM, Atxracer said:

Just for info purposes, the Austin market is still nuts. My house sold in 8 days and the one I am buying sold in 2.  That’s after losing on 3 previous bids, one of which was full price the first day the house came on the market. In the end, very happy with where we chose but just had to dig a little deeper.  I will now be doing Uber driving in the evenings.  

Both accurate from our experiences.

[Wulaw Horn 19099]

On 6/27/2020 at 8:46 AM, Firemans4Horn said:

Have a 15 year mortgage on my current house but had an offer accepted on a house last week. Locked at 2.75% on the 30. It’s possible for it to get lower than that but that’s damn near free money in my eyes. 

If you aren’t paying points that’s a very good deal indeed. 

[horn4life 3762]

So what are the rates like now- got a call from our current lender on refi and I asked about cash out rates.  We fall into the "excellent" 720 and 810 score category.

They came back with 3.99% and 1.75 points on 80/20 cash out with $1250 in origination fees and them covering all the title and transaction costs.  Or 3.99% no points to drop the rate.  Our credit wasn't spotless when we did the last refi two years ago, but seems like with the points I should be getting closer to 3%, but I wasn't looking for the loan they called me.

Edited July 2, 2020 by horn4life

[Gil Bang 25975]

1 hour ago, Wulaw Horn said:

If you aren’t paying points that’s a very good deal indeed. 

A client just got quoted 2.875 on a 5% down conventional, no points, about 1500 in processing fees, underwriting, etc.

[52-80 19163]

Are there any reason to buy investment properties under an LLC if you're not under risk lawsuits and etc?  Are there much costs and complications about managing it?

 

Basically I want to buy a standard house in TX, and I'll be renting it to relatives at a pretty steep discount... so it'll be operating at a net loss for a while.  But I'm not worried about getting screwed over or anything.

 

Whenever that's done I'll rent it to others at standard market rate with actual positive cash flow / profitability in mind... and eventually expand via 1031 or add more properties to it. 

 

For the time being it's just the single house for rent to 1 party.  Does it make sense to LLC it or buy under my name?  Obviously I want to exploit maximum tax advantages

[UT_OB1 2224]

Unless you're buying cash (which it sounds like you're not), I believe you'll have to get the mortgage in your name and then transfer it to an LLC.  Might be good to do then, but  if you know you're family isn't going to sue you, probably can wait?  A lot of what I've read is that most LLCs set up for the smaller time land lords don't actually do jack.  If you accidentally use the wrong (your personal) credit card to pay for a repair for something, or don't get your name completely scrubbed from all records, they are still going to find you and sue you.   

[52-80 19163]

Ah, so it's a transfer... you dont incorporate first and buy directly under the llc entity?

[Native Horn 3504]

On 6/27/2020 at 1:50 AM, vtaenz said:

Shout out to Thad, Phil and Dana and everyone else. Closed today on my first home ever with a sick rate. I probably made them roll their eyes a time or two with all my requests for numbers but they knocked it out of the park.

Add another shout out to ease and efficiency by Phil, Thad and Danna.  Contacted Phil exactly one month ago today, closed my cash out refi with UWM on June 26th and got my proceeds today.  It's a relatively painless process, and can really go quickly if you stay on top of any requests for info they have.  

[UTPhil2006 3807]

18 minutes ago, Native Horn said:

Add another shout out to ease and efficiency by Phil, Thad and Danna.  Contacted Phil exactly one month ago today, closed my cash out refi with UWM on June 26th and got my proceeds today.  It's a relatively painless process, and can really go quickly if you stay on top of any requests for info they have.  

Beers on Native Horn! 

[Gil Bang 25975]

1 hour ago, 52-80 said:

Ah, so it's a transfer... you dont incorporate first and buy directly under the llc entity?

You form the LLC first, and purchase in the name of the LLC.  

I've made many loans to LLC's, but the main party was always a guarantor. 

[UT_OB1 2224]

22 minutes ago, Gil Bang said:

You form the LLC first, and purchase in the name of the LLC.  

I've made many loans to LLC's, but the main party was always a guarantor. 

Can you get a “normal” federally backed loan as an LLC?  

[dingleberryswitzer 2724]

Are equity loans still a thing? Anyone here deal with them?  What are the rates looking like?

[Native Horn 3504]

1 hour ago, UTPhil2006 said:

Beers on FOR Native Horn! 

FIFY

[Wulaw Horn 19099]

3 hours ago, Gil Bang said:

A client just got quoted 2.875 on a 5% down conventional, no points, about 1500 in processing fees, underwriting, etc.

Yep. That’s pretty good too. I e generally got slightly better pricing on 5%-19% down than I do 20. They like the mortgage insurance I guess. 

[Wulaw Horn 19099]

45 minutes ago, UT_OB1 said:

Can you get a “normal” federally backed loan as an LLC?  

No

[Wulaw Horn 19099]

20 minutes ago, dingleberryswitzer said:

Are equity loans still a thing? Anyone here deal with them?  What are the rates looking like?

They got sketchy for a while at some places but we’ve got them back at normal-ish pricing. Add 3/8 or so to your normal pricing for an equity loan. 

[UTPhil2006 3807]

4 hours ago, dingleberryswitzer said:

Are equity loans still a thing? Anyone here deal with them?  What are the rates looking like?

That’s what Native Horn is alluding to in his post as getting paid after closing, we can help you out.  As mentioned by Wulaw, they’ve actually came down to where they should be too rate wise (compared to beginning of COVID). PM me and I can get you taken care of. 

Edited July 3, 2020 by UTPhil2006

[Gil Bang 25975]

So, I'm not trying to sound like an asshole, but, I seem to be a bit of a "big deal".

Today, I had 6 different title reps, 5 different little slutty escrow reps, 4 or 7 loan hacks, a few home inspectors, and a couple of home warranty people email to wish ME a "happy Independence day". 

I'm some kind of superstar, it seems. 

[vtaenz 601]

So, I'm not trying to sound like an asshole, but, I seem to be a bit of a "big deal".
Today, I had 6 different title reps, 5 different little slutty escrow reps, 4 or 7 loan hacks, a few home inspectors, and a couple of home warranty people email to wish ME a "happy Independence day". 
I'm some kind of superstar, it seems. 

Yes you were. And that's okay.

[LTtxfan 49251]

17 hours ago, Gil Bang said:

So, I'm not trying to sound like an asshole, but, I seem to be a bit of a "big deal".   Today, I had 6 different title reps, 5 different little slutty escrow reps, 4 or 7 loan hacks, a few home inspectors, and a couple of home warranty people email to wish ME a "happy Independence day".    I'm some kind of superstar, it seems. 

 

Well Happy 4th Mary Katherine Gallagher!!!    😁

 

 

Edited July 4, 2020 by LTtxfan

[Enchubben 5510]

Think I found a buyer for my current home. Asking just a couple grand off our somewhat aggressive asking price. They seem to have their shit in order and we are looking for a quick close and lease back so we’re not rushed.  

Really glad we rushed to get everything updated and current to put it on the market before the holiday weekend. 

Also am I a dick for watching people tour our home on our security cameras?

[UTPhil2006 3807]

Ha that’s definitely normal 

[Gil Bang 25975]

1 hour ago, Enchubben said:

Think I found a buyer for my current home. Asking just a couple grand off our somewhat aggressive asking price. They seem to have their shit in order and we are looking for a quick close and lease back so we’re not rushed.  

Really glad we rushed to get everything updated and current to put it on the market before the holiday weekend. 

Also am I a dick for watching people tour our home on our security cameras?

We've got a disclosure for buyers to sign that basically says "the seller may watch you scratch your ass and might post it online".

[Enchubben 5510]

31 minutes ago, Gil Bang said:

We've got a disclosure for buyers to sign that basically says "the seller may watch you scratch your ass and might post it online".

I could not for the life of me figure out what this one old lady was trying to find in my refrigerator. Damn glad I cleaned and organized it prior to showing though. 

[Gil Bang 25975]

I'm always nervous about that. 

As you probably know, "lookie-loos" often look in medicine cabinets, looking for opiates.  They also look in nightstands, looking for watches, etc. 

I once had a listing and the seller had a couple of valuable guns, and his grandfather's rolex.  No safe.  I advised him to put them in a cardboard box, mark it "XMAS DECORATIONS", and put it on a shelf in the garage.   That's what he did.  

[Catpfish 618]

I think you are okay watching...kind of an ethical question. However, I have heard that it is highly illegal to be listening in since neither party to the conversation has given permission (I believe that Texas is a one party permission state).

[Enchubben 5510]

11 hours ago, Gil Bang said:

I'm always nervous about that. 

As you probably know, "lookie-loos" often look in medicine cabinets, looking for opiates.  They also look in nightstands, looking for watches, etc. 

I once had a listing and the seller had a couple of valuable guns, and his grandfather's rolex.  No safe.  I advised him to put them in a cardboard box, mark it "XMAS DECORATIONS", and put it on a shelf in the garage.   That's what he did.  

Yea I definitely made sure to put jewelry and firearmS in the safe. I was more interested in hearing people’s feedback in case I needed to fix anything etc, but after watching the first group, I gave up interest and then just made sure the people made it inside ok and weren’t thieves then turned it off.

[Reagan1k 3024]

In the early 90’s my home was burglarized while it was on the market.  It was shown for about a week.  I left town and came back after a few days (was not shown when I was gone).

During one of the viewings, someone had flipped the latch on a window, presumably while playing with the plantation shutters.

Clearly they cased the house until I was gone and came back. 

Thankfully my being out of town was due to me moving my valuables personally.  All that was left in the house was furniture and accessories for the movers to haul.  They got a few things but nothing critical. 

[UTPhil2006 3807]

14 hours ago, Reagan1k said:

In the early 90’s my home was burglarized while it was on the market.  It was shown for about a week.  I left town and came back after a few days (was not shown when I was gone).

During one of the viewings, someone had flipped the latch on a window, presumably while playing with the plantation shutters.

Clearly they cased the house until I was gone and came back. 

Thankfully my being out of town was due to me moving my valuables personally.  All that was left in the house was furniture and accessories for the movers to haul.  They got a few things but nothing critical. 

Yeah I would think people would just assume people have cameras everywhere nowadays on showings.  I certainly do.