🏠 5 Tweet Sunday 🏠 - Best real estate tweets of the week
🏠 5 Tweet Sunday 🏠 - Best real estate tweets of the week
🏠 5 Tweet Sunday 🏠
I started going to Pure Barre this week. Pure Barre is a cross between ballet, yoga, and Pilates. They love me there. I’m probably the only man to have stepped foot in a Pure Barre studio. The class is usually me and 10+ women, aged 20-50. I’ve never had more free time in my life than I do now, so I’m crushing hobbies and new/wacky workout classes. Having a lot of free time is great, but I got a little spooked this week. I read this book called The Defining Decade: Why Your Twenties Matter. The book was about how your twenties are the most important/defining decade of your life. The author, Meg Jay, says “The future isn’t written in the stars. There are no guarantees. So claim your adulthood. Be intentional. Get to work. Pick your family. Do the math. Make your own certainty. Don’t be defined by what you didn’t know or didn’t do. You are deciding your life right now.” Life is short!
Let’s get to it:
#1 🏠
Housing affordability is improving. You love to see that.
#2 🏠
Grant Cardone comes across as pretty cheesy a lot of the time, but I’ve been thinking about this change in lending for awhile. Many people are familiar with house hacking, and using an FHA loan to buy an owner occupied 2-4 unit property with 3.5% down. The issue is the FHA has something called the self sufficiency test for 3 and 4 units. To qualify for 3.5% down on 3-4 units, 75% of the rental income has to cover the mortgage. That is very uncommon, so it is hard to qualify for a 3-4 unit property with 3.5% down. The 5% down conventional loan on 3-4 units doesn’t have this restriction. Conforming loan limits in AZ are almost $1.4 million. Pretty sweet to be able to control a $1.4 million property for only $70k.
#3 🏠
It’s easier to get the sale if the person you are selling to likes and trusts you. Regardless of what is being sold. I’ve heard this is especially true in apartment deals from the multifamily syndicators I’ve talked to. Most people are not going to give money to someone to buy an apartment if they don’t like or trust them.
#4 🏠
I’m not sure how big of a problem squatters are. I’ve never had squatters at any of my properties. But they definitely exist. The house next door to me in AZ is falling apart. No one lives there. The cops got called last year, because some homeless people started living in the house.
#5 🏠
I used to love Ramit’s video courses back in the day. He’s always got some sneaky outside the box ways of making and saving money. I was just on the other side of the scenario in this tweet. I had a tenant break their lease early on my Kansas property. Every second I don’t have a renter in that property, I’m losing money. Winter during the holidays is the worst time to fill a unit. Especially in cold areas. Things slow down a lot. A couple tenants wanted to rent my property for $100 per month less than what we were trying to get. We eventually took it, because if the tenants fell out, it could take 2 more months to fill the property. Letting the units sit vacant for 2 more months would have cost me more money than taking $100 less rent per month for the year long lease.
REFER A FRIEND AND I’LL VENMO YOU $2. 5 REFERRALS GETS YOU $15!