Meetup/Mastermind July 9th 2020

Please verify all info for yourself.  We are just discussing these topics, and not saying they are fact.  You MUST verify yourself! You can register for these online events in advance on our Meetup page.

Links shared from meeting:

• Checkout our podcast with Flynn Family Lending to get creative with borrowing.

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!