Texas Real Estate Help

03/03/2021

https://texasrentrelief.com/?fbclid=IwAR0WkQEqpON-1hK1DUBBJlswF3BBei1Pc-MryfXODlqNJl7ZNBpYmarQ1M0

The Texas Rent Relief Program is here to help. COVID-19 has affected Texans across the state. We have emergency funds available to help Texas renters pay rent and utility bills (including past due rent and utilities). Due to Winter Storm Uri the call center staff and reviewing staff had significantl...

03/26/2020

Coronavirus changes to buying and selling real estate.

From going to the office to dining out, there's no aspect of American life untouched by the coronavirus, and that includes buying and selling a home.

03/25/2020

Mortgage Update 3/25/2020:

Today has been a very busy day in lending world related to the COVID 19 outbreak.

• MORTGAGE RATES: The big news...the Fed announced this morning that they will purchase as much US debt as necessary to stabilize the economy. This will include buying lots of mortgage debt, which should help keep mortgage rates low for some time.

• PAYMENT DEFERMENT: Fannie Mae and Freddie Mac plans to initiate a mortgage forbearance program allowing some borrowers relief of up to 12 months of mortgage payments. The plan will reduce, or delay payments, and will depend on the borrower's loss of income during the COVID 19 outbreak. Important to note that this does not eliminate the debt payments. It only defers them. Borrowers should continue to make their usual payments until granted the relief. This plan will not affect the borrower’s credit. Do not stop making payments!! For more information, contact your current servicer.

• APPRAISALS: Fannie and Freddie are changing the requirements for physical inspections for some appraisals. If an appraiser cannot go inside the home, for any reason, they will allow desktop and exterior-only appraisals on primary residence purchases and second homes/investment purchases with 15% down or more.

• VERIFICATION OF EMPLOYMENT: Fannie Mae and Freddie Mac came out with guidelines today that allow for more flexibility and alternatives in verifying employment for customers whose workplaces are temporarily closed. They also allowed for some flexibility for those on leave but did caution lenders to use their best judgement when making loan decisions to ensure the borrower clearly has the ability to repay the loan.

• CONGRESS STIMULUS AND RELIEF BILL: Congress is currently in a stalemate over the administration's proposed stimulus plan. Democrats don’t believe it has enough direct funding for relief of workers. Some economists have said it’s also not substantial enough, despite being over $1 trillion. Although it’s expect they will find common ground very soon, maybe even later today, this debate will continue to affect markets.

• NON QM AND JUMBO LOANS: Due to extreme market volatility, most Non QM and, even some jumbo lenders, have suspended all loan applications, locks, closings and funding's at this time. Non QM loans are non-traditional loans like bank statement loans, no doc investment loans and some other asset based loans. These loans are not backed by Fannie Mae and Freddie Mac, nor the government, so loan investors have pulled the plug, or substantially raised the rates, out of economic uncertainty.

****IMPORTANT: During the mortgage meltdown of 2008, loan guidelines changed nearly every day, for months, as loan investors tried to get their arms around the crisis. We are in a similar place. What’s true today could be untrue tomorrow. I’ll do my best to update you with the most current info as I get it and confirm it****

Stay healthy!!

Please feel free to share with others or use for your own customer updates!

03/23/2020

https://newslink.mba.org/mba-newslinks/2020/march/mba-newslink-friday-march-20-2020/coronavirus-update-mba-trade-groups-urge-comprehensive-response-from-congress/

If you’re having difficulty paying your mortgage due to the Corona virus, we can help.

The Mortgage Bankers Association joined more than 100 other industry trade groups in a March 18 letter to Senate and House leaders, urging Congress to take appropriate steps to provide a coordinated and comprehensive response to businesses dealing with fallout from the coronavirus pandemic.

11/22/2019

Spring Branch Contract for assignment.

Showing this Saturday (11-23) 10:00 - Noon. Bring your contractor. All offers and deposit must be in by 1:00.

ARV - I renovated and sold 9731 Kemp Forest in the same neighborhood earlier this year. It sold in 10 days with multiple full price offers at $196 sq ft. The appraisal also came in at $196 sq ft. This house is on a better street has a better floor plan and is 200 sq ft bigger. At $196 sq ft it’s valued at $326,000. I have the ARV at a conservative $300,000. Please send your email for pictures and comps.

11/10/2019

https://www.facebook.com/1213162352/posts/10221329624409444?sfns=mo

Texas' largest cities were at the top of the list, as well as Midland, a major hub of the fracking boom.

09/19/2019

I recently partnered with a home owner who needed to sell his house but it was in poor condition and he had very little equity. I financed and managed the remodel and we split the profit. I converted his Spanish style house in Spring Branch (Houston) into a mid-century modern. It turned out beautifully. We had the house under contract for full asking price, 3 weeks before completion. The homeowner’s return was more than $40,000 than if he sold it as is. If you need to sell your house, please give me a call to discuss your options.

2530 Pine Village
Houston, 77080

Mike Armstrong

10/08/2018

We Buy Houses Fast!
Call Now For A Free No Ob;ligation Offer.

10/01/2018

REAL ESTATE AGENT VS REAL ESTATE INVESTOR?
by Mike Armstrong | Sep 27, 2018 | Real Estate | 0 comments

Real Estate Agent VS Real Estate Investor?
First the disclaimer, I’m a real estate investor. There is value in both agents and investors. The situation you’re in determines what’s best for you. I use a Realtor when selling houses that I’ve flipped.

Licensing
Real Estate Agents are licensed and represents the broker/brokerage they have their license with. The broker/brokerage represents the client that the agent works with. The agent is an agent for the brokerage, and the brokerage is an agent for the client.

Real Estate Investors are not licensed or restricted to the rules that apply to real estate agents. There are more and more people becoming real estate investors. Make sure the person you work with has the knowledge, experience and resources for your situation.

Commissions
Real Estate Agents make commissions off every sale they facilitate.

Real Estate Investors make no commissions. Sophisticated investors have several ways to make money in real estate.
⦁ Wholesale: Assign the contract to another investor for a small profit. If the purchase price is right, there’s little risk.
⦁ Flip: Buy the house, make needed repairs and sell it. Can be risky if repairs are underestimated or unexpected problems occur or if the house sits on the market too long and holding costs add up.
⦁ Owner Finance: Sell the house and finance to a buyer and the buyer makes payments to the investor instead of a bank.

What’s best depends on the situation?
Real Estate Agents are great for someone who’s house is in perfect condition, will keep it “show ready “at all times, are not in a big hurry to sell and don’t mind paying commissions.

Real Estate Investors are for people who need to sell fast. Typically, they’re in financial difficulty, the house needs repairs or they’re not comfortable dealing with an agent. Experienced Investors are problem solvers. They help with foreclosure, divorce, probate, unwanted rentals, behind on mortgage, behind on taxes and many other situations.

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