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Notes from meeting:
- Hello to new members Janice and Nick!
- Keith Pitsch with Loan Depot says he’s doing refinancing on rentals and owner occupied homes all day long right now, and recommends that you do as well!
- Julie and Janice look at loan maturity when they build a list for marketing.
- Keith also says that LOTS of people can afford to buy homes right now because of having Amazon and other tech companies in our backyard.
- Co-buying is something people can do to get out of the #apartmentlife during COVID.
- Thomas Ngo says… PPP is drying up. Watch out for new wave of layoff / employment change.
- Keith doesn’t think we’ll see a dip in the A and B rental market because of the mass influx of new people to the Seattle area.
- Julie adds that we still have a housing shortage and people from California are moving up because it feels like the housing prices are low to them.
- We all feel like good deals are coming, but are they coming in Seattle? That’s the question.
- Keith: Says with investment purchases you need 6-12 months of reserves for each property.
- Janice: Is anyone hearing anything about bankruptcies? Julie: I think they are already happening. Brooks Brother’s just filed bankruptcy.
- Julie: when people have to sell properties cheap it brings down the comps.
- Keith: The difference between now and 2008 is that people have a better equity position. So hopefully people just cut the ties and get out fast. Then restart. We will be through this much quicker if they do that. Janice: Is there a way to help people?
- Ranee: I think we are going to see more reverse mortgages increase as well. Keith: You must be 65.5 to get a reverse mortgage.
- Julie: What’s the story on unemployment? That extra $600 expires in July. Crowd: The democrats and republicans are dooking it out right now.
- Keith: If you have an uptick in credit score you should look to refi!