[Ren]

Great information, thanks for taking the time!

But once I’ve got one property, I’ll need 30% equity to get a loan on another property, correct? Doesn’t that translate to needing 30% down on each property, even though it’s not required?

If I can get away with 20-25% down on each property, even if it means paying slightly higher interest, I’m okay with that.

[Ren]

Great information, thanks for taking the time!

But once I’ve got one property, I’ll need 30% equity to get a loan on another property, correct? Doesn’t that translate to needing 30% down on each property, even though it’s not required?

If I can get away with 20-25% down on each property, even if it means paying slightly higher interest, I’m okay with that.

[Ren]

Great information, thanks for taking the time!

But once I’ve got one property, I’ll need 30% equity to get a loan on another property, correct? Doesn’t that translate to needing 30% down on each property, even though it’s not required?

If I can get away with 20-25% down on each property, even if it means paying slightly higher interest, I’m okay with that.

[Ren]

Great information, thanks for taking the time!

But once I’ve got one property, I’ll need 30% equity to get a loan on another property, correct? Doesn’t that translate to needing 30% down on each property, even though it’s not required?

If I can get away with 20-25% down on each property, even if it means paying slightly higher interest, I’m okay with that.

[Ren]

Great information, thanks for taking the time!

But once I’ve got one property, I’ll need 30% equity to get a loan on another property, correct? Doesn’t that translate to needing 30% down on each property, even though it’s not required?

If I can get away with 20-25% down on each property, even if it means paying slightly higher interest, I’m okay with that.

[Ren]

I have a question, HLS. You said they require 25% equity in rental property. Is this typical? I had always heard banks want 30%. If I can get away with putting 25% down on each property I buy, I’d be much happier.

[Ren]

I have a question, HLS. You said they require 25% equity in rental property. Is this typical? I had always heard banks want 30%. If I can get away with putting 25% down on each property I buy, I’d be much happier.

[Ren]

I have a question, HLS. You said they require 25% equity in rental property. Is this typical? I had always heard banks want 30%. If I can get away with putting 25% down on each property I buy, I’d be much happier.

[Ren]

I have a question, HLS. You said they require 25% equity in rental property. Is this typical? I had always heard banks want 30%. If I can get away with putting 25% down on each property I buy, I’d be much happier.

[Ren]

I have a question, HLS. You said they require 25% equity in rental property. Is this typical? I had always heard banks want 30%. If I can get away with putting 25% down on each property I buy, I’d be much happier.

[Ren]

[quote=zzz]
I’ve had people look at me like I’m insane when I tell them a 1 year savings cushion is what I believe everyone should have.
[/quote]

And having a 1 year cushion is not that difficult if you’re not house-poor and have no debt.

[quote]Also way too many people telling me what a great time it is to buy a house. I’ve been looking in Mission Hills, Hillcrest, University Heights and North Park ( areas hugging the park), and these homes are listed for quite a bit above what was paid for them in 2003-2005. I ask them what homes they are seeing in these neighborhoods that are such a steal and that shuts them up pretty quickly.

What is everyone else seeing out there? I’m afraid I don’t see major behavior modification amongst my social circle and frankly am shocked.
[/quote]

I have friends who are looking for a house in Bay Park. I did my best to talk them out of it, but despite all the evidence to the contrary and ridiculous prices, they still say things like “but do you really think prices could go much lower?” (As if 10-20% off-peak is “low”.) This tells me that everything I say to them goes in one ear and out the other. They have tunnel vision, focused on the bidding wars. They perceive them as a sign the market has turned, and if they don’t get in now, they’ll be priced out forever – without realizing that many of those people are exactly the same as they are. No real idea of what’s going on, just a lemming mentality.

[Ren]

[quote=zzz]
I’ve had people look at me like I’m insane when I tell them a 1 year savings cushion is what I believe everyone should have.
[/quote]

And having a 1 year cushion is not that difficult if you’re not house-poor and have no debt.

[quote]Also way too many people telling me what a great time it is to buy a house. I’ve been looking in Mission Hills, Hillcrest, University Heights and North Park ( areas hugging the park), and these homes are listed for quite a bit above what was paid for them in 2003-2005. I ask them what homes they are seeing in these neighborhoods that are such a steal and that shuts them up pretty quickly.

What is everyone else seeing out there? I’m afraid I don’t see major behavior modification amongst my social circle and frankly am shocked.
[/quote]

I have friends who are looking for a house in Bay Park. I did my best to talk them out of it, but despite all the evidence to the contrary and ridiculous prices, they still say things like “but do you really think prices could go much lower?” (As if 10-20% off-peak is “low”.) This tells me that everything I say to them goes in one ear and out the other. They have tunnel vision, focused on the bidding wars. They perceive them as a sign the market has turned, and if they don’t get in now, they’ll be priced out forever – without realizing that many of those people are exactly the same as they are. No real idea of what’s going on, just a lemming mentality.

[Ren]

[quote=zzz]
I’ve had people look at me like I’m insane when I tell them a 1 year savings cushion is what I believe everyone should have.
[/quote]

And having a 1 year cushion is not that difficult if you’re not house-poor and have no debt.

[quote]Also way too many people telling me what a great time it is to buy a house. I’ve been looking in Mission Hills, Hillcrest, University Heights and North Park ( areas hugging the park), and these homes are listed for quite a bit above what was paid for them in 2003-2005. I ask them what homes they are seeing in these neighborhoods that are such a steal and that shuts them up pretty quickly.

What is everyone else seeing out there? I’m afraid I don’t see major behavior modification amongst my social circle and frankly am shocked.
[/quote]

I have friends who are looking for a house in Bay Park. I did my best to talk them out of it, but despite all the evidence to the contrary and ridiculous prices, they still say things like “but do you really think prices could go much lower?” (As if 10-20% off-peak is “low”.) This tells me that everything I say to them goes in one ear and out the other. They have tunnel vision, focused on the bidding wars. They perceive them as a sign the market has turned, and if they don’t get in now, they’ll be priced out forever – without realizing that many of those people are exactly the same as they are. No real idea of what’s going on, just a lemming mentality.

[Ren]

[quote=zzz]
I’ve had people look at me like I’m insane when I tell them a 1 year savings cushion is what I believe everyone should have.
[/quote]

And having a 1 year cushion is not that difficult if you’re not house-poor and have no debt.

[quote]Also way too many people telling me what a great time it is to buy a house. I’ve been looking in Mission Hills, Hillcrest, University Heights and North Park ( areas hugging the park), and these homes are listed for quite a bit above what was paid for them in 2003-2005. I ask them what homes they are seeing in these neighborhoods that are such a steal and that shuts them up pretty quickly.

What is everyone else seeing out there? I’m afraid I don’t see major behavior modification amongst my social circle and frankly am shocked.
[/quote]

I have friends who are looking for a house in Bay Park. I did my best to talk them out of it, but despite all the evidence to the contrary and ridiculous prices, they still say things like “but do you really think prices could go much lower?” (As if 10-20% off-peak is “low”.) This tells me that everything I say to them goes in one ear and out the other. They have tunnel vision, focused on the bidding wars. They perceive them as a sign the market has turned, and if they don’t get in now, they’ll be priced out forever – without realizing that many of those people are exactly the same as they are. No real idea of what’s going on, just a lemming mentality.

[Ren]

[quote=zzz]
I’ve had people look at me like I’m insane when I tell them a 1 year savings cushion is what I believe everyone should have.
[/quote]

And having a 1 year cushion is not that difficult if you’re not house-poor and have no debt.

[quote]Also way too many people telling me what a great time it is to buy a house. I’ve been looking in Mission Hills, Hillcrest, University Heights and North Park ( areas hugging the park), and these homes are listed for quite a bit above what was paid for them in 2003-2005. I ask them what homes they are seeing in these neighborhoods that are such a steal and that shuts them up pretty quickly.

What is everyone else seeing out there? I’m afraid I don’t see major behavior modification amongst my social circle and frankly am shocked.
[/quote]

I have friends who are looking for a house in Bay Park. I did my best to talk them out of it, but despite all the evidence to the contrary and ridiculous prices, they still say things like “but do you really think prices could go much lower?” (As if 10-20% off-peak is “low”.) This tells me that everything I say to them goes in one ear and out the other. They have tunnel vision, focused on the bidding wars. They perceive them as a sign the market has turned, and if they don’t get in now, they’ll be priced out forever – without realizing that many of those people are exactly the same as they are. No real idea of what’s going on, just a lemming mentality.

[Author]

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