35 Burst results for "Single Family"
Did You Really Care About George Floyd?
"Patrice colors buying $20 million houses and stuff. These people, these people, I hope that God deal with these people. But then George Floyd's family, where are y'all been, George Floyd, whole life? For y'all being? I'm not gonna get mad at his daughter because she's a little kid. But the baby mama, where y'all been when big Floyd was doing them drugs in the streets. Y'all didn't give a flying flip about him because he wasn't nobody to you. Maybe your baby daddy, but what would y'all worry out at when he was alive? How many of y'all was checking on him? According to Candace documentary, his roommates said, since the father, 8 years of some he was living in the house, they haven't seen a single-family member. Come over George because see how George Floyd with George Floyd was doing. They ain't nobody came to this house and see how he was doing. And checked on him and cared about him. Enough to see him physically. They never seen nobody. Mama, daddy, cousin. Everybody want money right now. They ain't seen them. Ain't seen liquor. And now Kanye West, you know, a lot of people talk about George Floyd. But when Kanye West do it, another black man, y'all suing. Ain't that funny? Is it that funny? I haven't seen them file a lawsuit against nobody, but Kanye West. Because they know he got money and he another brother and y'all want to sue another brother. Ain't that funny. Black Lives Matter don't you want to sue the only black man is talk about you want to sue him. I don't know why they I don't know why people being fake. Man, of course, it's a money grab. You can get 250 million. I mean, you can carry nothing about George Floyd. I mean, his life is more valuable, dead than he was alive. Unfortunately, nobody knew about George Floyd in and out of prison. Nobody cared about him. And he dies and he gets 5 funerals, a gold casket, during COVID, he got a Plaza where they killing people at, they still thugging in his Plaza, killing each other in the Plaza where George Floyd names on. The autonomous zone.
Be a High Conviction Investor
"The quote I took away from John gray, best investment advice he ever received, be a high conviction investor. When you see something, single-family housing, global logistics, the movement of everything online, you lean into that and that's when you have the best outcomes. Explain how you view high conviction investing. Well, that's a role that George Soros also had over the years too, which is if you have a really, really good idea and you really know what you're doing. Don't just then say asset allocate a little bit to it, really put fair amount of money into it because it's rare that a great idea has come along. When you have a great idea and you're really a high conviction about it, put your assets into that. In the conversation, you just made me think of Michael Moritz, former journalist, partnered Sequoia from Wales, a Jew from Wales. You don't run into many of those. He said to you, we always thought it was rarely ever too late to get into a good investment. I think that's profound. You want to expand on that. Yeah, so if it's a good investment, you know, you may not be there on the ground floor, but there's still a good company. So sometimes his company Sequoia, which is the leading venture capital firm in the United States now, they come in not in the first round, necessarily or the seed round, but they come in the second and third or fourth round, but they're still getting in a good prices because it's a good company and good companies will ultimately get to a really good value.
"single family" Discussed on Southern California Real Estate Report
"There are buyers that are buying to live in to create families and they're not looking at it from an investment standpoint as well. They're looking at it from as a long-term hold and as their homes. Yeah, exactly. A place to live in for a long time. Right. And I think that for those buyers, they'll be fine. They'll be fine. Yeah. But I do think for your investors, this is a really hard time to buy. Yeah. And we have quite a few investors looking right now. And it's tough because you're right. You want to make sure that you're buying correctly. Yeah. But it just kind of depends on what side of that line you are. You're on. And also, if you are someone who can actually, in the worst of times, still afford your mortgage. And that's interest rates the way they are. I think interest rates will go back down. So refinancing will be an option for a lot of people. I think that will happen at some point in time. There are always used as a mechanism to manipulate economic growth and stimulus and things like that. So you never know. I think right now the expectation is they're going to continue to climb over at least the balance of this year. So the September fed meeting the prediction is that we'll have another half a point move. And so we'll see where this goes. But at the end of the day, there were seeing price erosion, we're not seeing we're not seeing it's weird. It's not like we're seeing tons of price reductions, though, out in the market. We're seeing them, but not as much as I thought. Well, here's something to me that's a little bit crazy is that we're seeing this article that we're going to output in a link to what we've been over just really basically referencing this is about the single-family home market, but an investment market, you're still seeing things trade, especially for multi-family and the three cap range. Yes. So it's a weird time because even though you're seen in a you're seeing price reductions in single-family. I feel like the investment market is actually kind of slower on the uptake on this. I know, and it's weird in the other thing is too, you know, you just heard a phone call with an investor client of ours that was scaling a deal and talking about agency debt quotes at 4.8% for an apartment building. So it's like, I mean, it's weird that caps are still sub four. I don't understand the negative leverage that people are looking at. But at the end of the day, with residential with this, the interest rates, there is going to be look, it's always a slow process, right? You know, I was talking to you before and I'm like, hey, this is like a giant ship that drops anchor in it. It coasts for 6 months. Before it hits the pier. And I think that that's what we're going to see. I think in the first quarter of 2023, we'll probably see different pricing. So those that are selling now will price according to what values are. Remember, things are still going to have to appraise and you're going to have to look at what things are trading for. So right now it's going to be the pain of people having to make adjustments and nobody wants to be the first guy in to make too big of an adjustment.
"single family" Discussed on Southern California Real Estate Report
"Others would say that, you know, there hasn't been the same amount of demand for new construction as there has been in just existing inventory. And so the new construction never really got ramped up because the debt kind of changed on it and other things. So there's complex reasons for a lot of this, but at the end of the day, it does come down to inventory too. And we have had a very thin inventory relative to like normal times. So yeah, it comes down to inventory. I also think that despite what's going on in the market, so you need a very desirable place to live. Yeah. But prices are adjusting and you're going to see, I think you're going to see way more adjustments happening in the market. There are still going to be those buyers, and I think that this is kind of the school of thought for a lot of people that I know is that if you have cash, you're even waiting a little bit longer because if you have cash and you're going to pay for something in cash, you could possibly get a deal a little bit. So do you still have those? I think is an influx of holdouts. So people waiting for this to happen. And they've been waiting for a while for this to happen a long time actually, since 2000 15, 16, 17, you know, when people started kind of waiting for the next recession to happen. Right. And now that it's, you know, I don't think in a recession is happening. I just think that there is an adjustment happening. But I think that that's one reason why you're also not seeing necessarily huge price, you're seeing still a growth in home prices because there is still people with a lot of cash out there wanting to get into things. So San Diego is still being a desirable place. You've got lack of inventory. Yes, you do have increasing interest rates, which puts a cap on what people can afford to buy, but you also still have a lot of cash in the market. So I think that's where we are currently. Yeah, I mean, and I also think that, you know, right now, when you're looking at the, you know, some of the numbers, so they're saying that the medium home price was 800,000, and that was down from a peak of 850,000 in May. And they're saying that that medium price is still up 9 and a half percent on the year.
"single family" Discussed on Southern California Real Estate Report
"Today, on the Southern California real estate report. We talk about home prices. Stay tuned. Thank you. Thank you. Good morning, welcome to Southern California real estate report. This is bob McGuire and Daniel wise coming to you from San Diego, California. Once again, housing in the news. And we've been tracking the housing market. We always do in our office. It's a big part of our day to today conversations with a lot of different people. We're in the housing business. So it's interesting right now. So you and I have talked about this, Danielle. I think we knew that this day was going to come that there would be a reduction or a shrinkage in values in San Diego. I well, and I believe it's been happening for some time. I want to say, even as early as June, possibly even earlier, we've started to see this kind of pullback of buyers in the market. And I had friends that were looking for homes and one of my friends had stopped looking because at the time we was just really impossible. People were overpaying a lot when interest rates were low. And now as interest rates climb, it's been taking a little bit of a little bit of time for that adjustment to happen where prices are decreasing. But they are starting to show some slowdown, which is evident, I mean, it has to happen, right? Because value just sends them based on price. And I think that's the big thing that is coming out of this value has a lot to do with how you can finance. And what's the cost of debt? Exactly. And like everything, you know, we've also seen a massive increase in valuations over the last two years. I mean, you and I, I remember we did a podcast, not too long ago, and we were talking about how prices at that time had increased by 30% or some crazy number on a year over year basis or maybe over a two year basis. So this information that we're getting today, the facts are that we have had interest rate increases, prices are starting to we should call it deflate a little bit. But year over year, there's still up 9% on the year. So this isn't like a doom and gloom thing, but I do think and we were talking about this yesterday when we started talking about this as a possible podcast topic is that I said to you, I think this is going to be a very slow and steady deflation. Right. And if you look at the other thing that you have to look at is, you know, for the last year, like your friend who got out of the market. And I remember you working with her. And we've had several clients that have like sidelined right now because, you know, the people that are professional buyers or they're in the real estate business on a day in, day out basis. They recognize these things, you know, changes in the market when you see prices becoming really frothy and people making offers that are ridiculously high over asking. Part of it is it's been a lack of inventory, part of it is there's been a slowdown in construction over, let's say, you know, there's a couple of different schools of thought on that. Some people would go back as far as 2008 and say that inventory has never really caught up from that point.
We May Be Heading Into Challenging Times for Housing
"Got inflation going on. And then what do you know? We've got the prospect of a potential recession in housing. I mean, you think to yourself, how can that even be possible right now, given how on fire this housing market really has been, and yet some of the recent data both in terms of home affordability and then now what you're seeing in terms of sentiment suggests that we're heading for a more challenging time. As we said, I mean, look, these things are cyclical and you can't have something going up up up and away forever. I mean, you've seen that it's hard to actually get a house because the prices now have gone. So high. And now some are suggesting that, in fact, we are in what you might call a housing recession. This is what home builders are saying in fact confidence among builders in that U.S. housing market has actually plunged the lowest level that we've seen really since. I mean, you're going to go back to March 2020. Of course, they could be totally wrong. I mean, look at what happened after March 2020, the housing market went totally on fire. But this is the national association of home builders, Wells Fargo, housing market index, and it measures kind of the pulse of the single-family housing market to see what the sentiment is for that. And it fell for the 8th straight consecutive month down to 49, which is actually the worst stretch that we've seen for housing since 2008. Any reading above 50 is considered positive when you're at 49, that's considered negative. And so we may be heading into more challenging times for housing.
Who Is Author, Lawyer and Solider Kurt Schlichter?
"For those who are new to our show and we are ever growing, we are over 3 million listeners right now plus all the viewers on the OTT on rumble, et cetera. Let's have a little praise. Who is colonel K? Where does he come from? And why did you say to us, I love it, that your Chiron has to say author lawyer and soldier. Well, it's kind of my CV look. I am just, you know, I'm really a child of the heartland because my parents were both from Pennsylvania. And then my dad, after his time in the navy, and my mom, time as a social worker and a teacher, he joined Procter & Gamble. And I was born in Cincinnati, Ohio. And everyone there is very genuine open and honest. And of course, I didn't fit in there. By popular demand, I was sent to California. I grew up in the California suburbs, the suburbs of San Francisco. Which are now very liberal and very rich, but when I was there, it was a land of single-family houses, a station wagons, good schools, governor Ronald Reagan, was there. And I am a kid of the real California, the sunny California, the palm tree, California. The one that we consider to be a Paradise way back when. Exactly, but the most important thing was there were never any limits on what you could do. It never occurred to me that I could not do what I wanted. You know, soldier author, lawyer, I want to be a lawyer. So I did. I wanted to be a soldier, so I did. I wanted to be a writer. So I wanted to be a stand up comic. So I did and it never occurred to me that it was beyond my reach because that's the power in the optimism of California. And that's what Reagan brought to The White House in 1981. And it was, he had the only guy happy about Joe Biden is the guy that president Reagan replaced. Right. Because now Jimmy Carter is not the worst president last time. Correct.
Biden's Next Budget Wants to Destroy Single-Family Housing
"The reason why gasoline prices are high is because this administration the federal government has unleashed a war against the oil industry like any other kind of war they're crippling it And their leashing unleashing this war really against you You're the ones in the end who have to pay these prices They want you to change your quote unquote habits they call it You're a habit you know driving to work working earning money and feeding your family Apparently that's a bad habit Like a drug habit Simultaneous with this the Biden administration is at war with the suburbs It wants to eliminate single-family housing Because it's everybody has known from day one Single-family housing is not just implicitly but explicitly racist You want to live in a single-family home because you hate other people So that is in his next budget Billions and billions of dollars To destroy local zoning single-family housing
Jim Hanson and Corey DeAngelis Chat About School Choice
"Now let's talk about the other big win. State of Arizona, the money follows the kids, laid out for us, Cory. Yeah, so the victory in Arizona is the biggest school choice victory in U.S. history. Every single family, regardless of income, regardless of background, will be able to take their kids state funded education dollars to the education provider of their choosing. That could be a public school, a private school, a charter school, or a home based education option. With this victory, Arizona cements itself as the number one state for school choice. And when governor doocy of Arizona signs this bill into law, which he is expected to do soon, he'll essentially be walking up to governor desantis of Florida and snatching out of his hands, the school choice championship belt of the U.S.. Look, ducey's been a leader in school choice. We all know this. This is friendly competition and more Republican state governors should follow the lead of doocy and desantis and go all in on school choice. Now is the time to do it. Support for educational freedom is at an all time high and defenders of the status quo are on defense. We saw this with Terry McAuliffe. We saw this with the national school boards association who tried to label parents as domestic terrorists for pushing back at school board meetings about curriculum. Well, since then, over the past half a year, 26 states have already left the national school boards association. We might as well call them the regional school boards association.
The Biden Admin's War on American Suburbs
"Now I want to tell you about their effort to destroy your home And your community It's been renewed under Biden Linda killing an American thinker the war on America's suburbs which opened a new front Buried in President Biden's proposed budget for 2023 and I mentioned this in passing last week Is a $10 billion bribe for suburban communities to remove zoning bearers to high density housing In other words low income housing The federal government promises the suburbs funding for street improvements traffic control Water and sewer lines have they adopt quote housing forward policies that eliminate single family zoning and open their communities to quote affordable housing In other words eliminate single-family home communities This is no benign endeavor to provide more housing It's a strong signal that Democrat controlled states To gear up the decades long efforts the bludgeon affluent communities into submitting to housing justice quote unquote In providing their quote fair share on quote Now we've discussed this at length but it's back
Arizona's Gubernatorial Candidate Karrin Taylor-Robson on Inflation
"About inflation as well. Huge issue here in Arizona, rents are going up. You said 40% year over year. Year over year in the class C apartments, which are the lowest priced apartment rents. That's always the bell weather. And when those prices start coming up, people are getting priced out of any type of housing. And on the single-family homes, we have about two weeks supply in the Phoenix market. So it is a seller's market right now. And that's why prices are going up the way they are. And, you know, I am a free market capitalist. This is about supply and demand. We have more people moving to Arizona and we can't deliver fast enough to the market because it's not just the rising prices or part of the reason that we're having the rising prices is we can't get the supplies. You can't get Windows. You can't get toilets. You can't, you know, our home builders could sell more houses, but they can't build them. Not only can they not get supplies, but they don't have the workers to build the houses. So it's quite a conundrum. And it's going to take a while to work itself out. And then you add on top of that, inflation. And energy prices, which is leading to the inability to have a functioning supply chain. It's a mess. And I lay the blame right at the feet of Joe Biden in this administration. And Phoenix, you could say with groceries and gas, rent, I mean, it's 40 to 45% more expensive this year than last year. And
What Our Future Looks Like With Electric Vehicles
"So what they'll do is they'll move most people to electric cars Eventually the outlaw Fossil fuel For use in automobiles vehicles And then once they have everybody stuck on electric vehicles we'll have our Brown on some blackouts So the limit how much you can drive and the limit what you can drive and then eventually limit how many automobiles a family can have and then eventually Then eventually the Department of Housing and urban development will really kick in heavy duty on the single-family homes and the suburban and extra verb areas Enforce people To live in smaller and smaller areas just for the health of the country For the health of the country These are slippery slopes and that's all they believe in are slippery slopes
US new home sales jump in December as prices fall
"Sales sales sales sales of of of of new new new new homes homes homes homes have have have have ramped ramped ramped ramped up up up up in in in in recent recent recent recent weeks weeks weeks weeks with with with with buyers buyers buyers buyers expecting expecting expecting expecting the the the the borrowing borrowing borrowing borrowing costs costs costs costs will will will will rise rise rise rise the the the the commerce commerce commerce commerce department department department department says says says says sales sales sales sales of of of of new new new new single single single single family family family family homes homes homes homes rose rose rose rose in in in in December December December December to to to to their their their their highest highest highest highest level level level level in in in in ten ten ten ten months months months months with with with with buyers buyers buyers buyers taking taking taking taking advantage advantage advantage advantage of of of of lower lower lower lower prices prices prices prices in in in in anticipation anticipation anticipation anticipation that that that that interest interest interest interest and and and and mortgage mortgage mortgage mortgage rates rates rates rates will will will will rise rise rise rise this this this this seasonally seasonally seasonally seasonally adjusted adjusted adjusted adjusted sales sales sales sales pace pace pace pace for for for for the the the the month month month month was was was was eight eight eight eight hundred hundred hundred hundred eleven eleven eleven eleven thousand thousand thousand thousand new new new new homes homes homes homes up up up up nearly nearly nearly nearly twelve twelve twelve twelve percent percent percent percent over over over over the the the the previous previous previous previous month month month month which which which which has has has has been been been been revised revised revised revised downward downward downward downward and and and and home home home home prices prices prices prices fell fell fell fell slightly slightly slightly slightly the the the the median median median median was was was was three three three three hundred hundred hundred hundred seventy seventy seventy seventy seven seven seven seven thousand thousand thousand thousand seven seven seven seven hundred hundred hundred hundred last last last last month month month month the the the the lowest lowest lowest lowest level level level level since since since since June June June June but but but but still still still still up up up up about about about about four four four four percent percent percent percent from from from from last last last last December December December December new new new new home home home home sales sales sales sales in in in in general general general general have have have have been been been been declining declining declining declining after after after after the the the the pandemic pandemic pandemic pandemic related related related related burst burst burst burst in in in in the the the the spring spring spring spring of of of of twenty twenty twenty twenty twenty twenty twenty twenty I'm I'm I'm I'm Jackie Jackie Jackie Jackie Quinn Quinn Quinn Quinn sales sales sales sales of of of of new new new new homes homes homes homes have have have have ramped ramped ramped ramped up up up up in in in in recent recent recent recent weeks weeks weeks weeks with with with with buyers buyers buyers buyers expecting expecting expecting expecting the the the the borrowing borrowing borrowing borrowing costs costs costs costs will will will will rise rise rise rise the the the the commerce commerce commerce commerce department department department department says says says says sales sales sales sales of of of of new new new new single single single single family family family family homes homes homes homes rose rose rose rose in in in in December December December December to to to to their their their their highest highest highest highest level level level level in in in in ten ten ten ten months months months months with with with with buyers buyers buyers buyers taking taking taking taking advantage advantage advantage advantage of of of of lower lower lower lower prices prices prices prices in in in in anticipation anticipation anticipation anticipation that that that that interest interest interest interest and and and and mortgage mortgage mortgage mortgage rates rates rates rates will will will will rise rise rise rise this this this this seasonally seasonally seasonally seasonally adjusted adjusted adjusted adjusted sales sales sales sales pace pace pace pace for for for for the the the the month month month month was was was was eight eight eight eight hundred hundred hundred hundred eleven eleven eleven eleven thousand thousand thousand thousand new new new new homes homes homes homes up up up up nearly nearly nearly nearly twelve twelve twelve twelve percent percent percent percent over over over over the the the the previous previous previous previous month month month month which which which which has has has has been been been been revised revised revised revised downward downward downward downward and and and and home home home home prices prices prices prices fell fell fell fell slightly slightly slightly slightly the the the the median median median median was was was was three three three three hundred hundred hundred hundred seventy seventy seventy seventy seven seven seven seven thousand thousand thousand thousand seven seven seven seven hundred hundred hundred hundred last last last last month month month month the the the the lowest lowest lowest lowest level level level level since since since since June June June June but but but but still still still still up up up up about about about about four four four four percent percent percent percent from from from from last last last last December December December December new new new new home home home home sales sales sales sales in in in in general general general general have have have have been been been been declining declining declining declining after after after after the the the the pandemic pandemic pandemic pandemic related related related related burst burst burst burst in in in in the the the the spring spring spring spring of of of of twenty twenty twenty twenty twenty twenty twenty twenty I'm I'm I'm I'm Jackie Jackie Jackie Jackie Quinn Quinn Quinn Quinn sales sales sales sales of of of of new new new new homes homes homes homes have have have have ramped ramped ramped ramped up up up up in in in in recent recent recent recent weeks weeks weeks weeks with with with with buyers buyers buyers buyers expecting expecting expecting expecting the the the the borrowing borrowing borrowing borrowing costs costs costs costs will will will will rise rise rise rise the the the the commerce commerce commerce commerce department department department department says says says says sales sales sales sales of of of of new new new new single single single single family family family family homes homes homes homes rose rose rose rose in in in in December December December December to to to to their their their their highest highest highest highest level level level in in in ten ten ten months months months with with with buyers buyers buyers taking taking taking advantage advantage advantage of of of lower lower lower prices prices prices in in in anticipation anticipation anticipation that that that interest interest interest and and and mortgage mortgage mortgage rates rates rates will will will rise rise rise this this this
Omicron spreads in New Zealand, spoiling PM's wedding plans
"New New New New Zealand Zealand Zealand Zealand prime prime prime prime minister minister minister minister Justin Justin Justin Justin the the the the Ardern Ardern Ardern Ardern postpones postpones postpones postpones her her her her wedding wedding wedding wedding as as as as restrictions restrictions restrictions restrictions tightened tightened tightened tightened after after after after the the the the country's country's country's country's first first first first on on on on the the the the crown crown crown crown outbreak outbreak outbreak outbreak New New New New Zealand Zealand Zealand Zealand announces announces announces announces new new new new coping coping coping coping nineteen nineteen nineteen nineteen restrictions restrictions restrictions restrictions following following following following the the the the discovery discovery discovery discovery of of of of nine nine nine nine cases cases cases cases of of of of the the the the Omicron Omicron Omicron Omicron variant variant variant variant in in in in a a a a single single single single family family family family the the the the country country country country is is is is now now now now on on on on the the the the red red red red setting setting setting setting which which which which includes includes includes includes heightened heightened heightened heightened measures measures measures measures such such such such as as as as required required required required mask mask mask mask wearing wearing wearing wearing and and and and limits limits limits limits on on on on gatherings gatherings gatherings gatherings which which which which will will will will go go go go into into into into effect effect effect effect on on on on Monday Monday Monday Monday prime prime prime prime minister minister minister minister Ardern Ardern Ardern Ardern says says says says the the the the government government government government is is is is determined determined determined determined to to to to test test test test contact contact contact contact trays trays trays trays and and and and isolate isolate isolate isolate cases cases cases cases as as as as quickly quickly quickly quickly as as as as possible possible possible possible however however however however the the the the tightening tightening tightening tightening of of of of restrictions restrictions restrictions restrictions means means means means that that that that Ardern's Ardern's Ardern's Ardern's own own own own wedding wedding wedding wedding plans plans plans plans are are are are on on on on hold hold hold hold as as as as she she she she was was was was planning planning planning planning to to to to tie tie tie tie the the the the knot knot knot knot next next next next weekend weekend weekend weekend I'm I'm I'm I'm Naomi Naomi Naomi Naomi shine shine shine shine in in in in
Chuck Schumer and His Racist Political Ascension
"Well, Jay, when we talk years ago, we talked about this article that I mentioned called race to the top that you wrote in January of 2006 for the American spectator. And you told about an incident, a political meeting that you went to with your dad. Tell us about it. Well, this was a formative and transformative moment for me. It's solidified my political engagement. I was just a fly on the wall essentially. I was 16, 17, something like that. My father got invited to this meeting. It wasn't that politically active, but he was a prominent figure. And this was in the flatbush section of Brooklyn. And they were introducing Charles Schumer to us and I think this is before he ran for Congress. He was becoming a state assembly person. So they were introducing and they were trying to sell them to us. It was not a very impressive figure. I must say it was whiny nasal didn't seem to have much confidence. And they were trying to put him forward and sell them on the basis and unfortunately all the assumptions that went into this are horrible, but they put a photo on the basis that he's going to get to blacks if you know the flapper section it tends to be a white section of single-family homes and for whatever reason over the years it evolved in that way. But there's a cluster of apartment houses on the other UK where black's resided. And frankly, they were not violent. It wasn't any kind of class is going on in the streets. There was no fear. If there was a problem, I didn't detect a problem. I lived there, but so I had a problem with it. It would have only been on a strictly racist type of basis.
New home sales jump 12.4% in November, highest in 7 months
"New new home home sales sales reached reached their their highest highest level level in in seven seven months months sales sales of of new new single single family family homes homes increased increased twelve twelve percent percent in in November November pushing pushing the the seasonally seasonally adjusted adjusted annual annual rate rate two two seven seven hundred hundred forty forty four four thousand thousand that's that's the the best best showing showing since since April April the the census census bureau bureau and and the the department department of of housing housing and and urban urban development development say say the the median median sales sales price price of of the the new new home home last last month month was was just just under under four four hundred hundred seventeen seventeen thousand thousand dollars dollars fourteen fourteen percent percent higher higher than than a a year year ago ago the the housing housing industry industry has has benefited benefited from from low low mortgage mortgage rates rates and and a a surging surging demand demand as as Americans Americans cooped cooped up up by by the the corona corona virus virus seek seek out out larger larger homes homes my my camp camp in in Washington Washington
US home construction jumps 11.8% in November
"Another another jump jump in in home home construction construction in in the the U. U. S. S. home home construction construction rose rose by by nearly nearly twelve twelve percent percent in in November November with with strong strong demand demand boosting boosting builder builder confidence confidence the the commerce commerce department department says says the the seasonally seasonally adjusted adjusted annual annual rate rate was was eight eight percent percent higher higher than than at at this this time time a a year year ago ago construction construction of of single single family family homes homes and and apartments apartments were were both both up up by by more more than than ten ten percent percent from from October October the the northeast northeast posted posted the the biggest biggest gain gain at at twenty twenty seven seven percent percent while while activity activity in in the the Midwest Midwest declined declined by by seven seven percent percent my my camp camp in in Washington Washington
"single family" Discussed on Southern California Real Estate Report
"That's what i mean. So what if developed for units. Then i think it you know well. I think it's a little different. I think then it would be. you know. want you'd have to take one of them. I think they're always going to carve out one at the minimum. Okay see i. Don't i don't i'm not sure about that but i think they're they try to do that with this type of thing where they're going to where they're going to rezone site you know. Well we'll find out more information on this. So i mean yeah this is going to be interesting and it's going to be interesting to follow it. Opens up a lot of opportunities inside the city. It really does and there. I'll tell you one thing. Drive around san diego and look the housing stock man. I mean there is a lot of nineteen fifties and sixties houses. That looked like mike brady designed him that. They have never been touched since since they got built. They look like mike brady design them. I think that'd be pretty cool. But i mean i think mike brady built on. They just handed over the keys. So i wish i wish they nego homes had a little bit more character than they do. I guess my point. Yeah for sure and Yeah i mean. There is a lot of old and dilapidated housing stock in the city. There really is and you can drive around the neighborhoods in kind of see where people have started to invest more money and other places where you know. It's still will you. And i were together the other day comedy about north park like north. Or maybe it was thomas adams avenue and the whole normal heights. Area is super cool. Now you know they've really done a great job with all the retail. The streets really nice all the residential seems to kind of have risen up. You know to kind of a new level and it's really a really cute. Urban really nice neighborhood you know and i think north park is headed that way too You're starting to see the outside edge of city heights pick-up some some some some momentum..
"single family" Discussed on Southern California Real Estate Report
"This is all that i mean maybe in our neighborhoods. It is the day like clermont in linda vista. Sarah may set like where we are. Maybe this is a little bit different. I think you know look i. I knew where i was buying. And i live very close to a lot of public. Your hospital and you're near freeway. Exactly what my house. Because i wanted to be near the office and i am definitely near a freeway right and so california's new some kind of freeway right. I mean i mean look at least sandiego even day park in clermont where you would take fifteen minutes to get the freeway if you had to but Fifteen exaggeration but still there are places up the hill. Tikolo that could get at north county becomes more. Say more rural. Yeah you daryl that's so. North county becomes a little more rural. We both live in the city. We chose live in the city for different for for similar reasons and different reasons. You because your husband and where he's working and things like that where you're working in me because purely offices so luckily live in. We live in a city. Our view is literally have a target. Like i mean. It's not exactly like even though i feel sometimes that we live in neighborhoods that our neighborhood li like we. Don't there's no restaurants i can walk to other than a taco shop. I walked to the hospital like that's pretty urban though so to think about this like put it in perspective like we're not. The san diego is the as largest city in the country. It's a big city and there's urban lifestyle is is hard to find here unless you're like you know homo or somewhere so the funny thing you know there's always this discussion that they you know so the the powers that be so this is a group. It's it's there so this was basically sprung out of the housing affordability crisis. And you know it's felt that you know the housing crisis is undermining that quote unquote the california dream for families across the state and it threatens kind of the long term growth so this group is called. why. I m b. y. So gimme that's nonprofit group that put this together. They were the ones that helped. Underwrite these bills. They're trying to make the the housing as they say. More less exclusionary based on single family and more inclusive. But the thing is. Is that when you're looking at the housing costs right. So there's always these discussions and it gets kind of you know sort of weirdly political but you don't think about the math of it so the reality is is that you know when you look at the average home price here in san diego to acquire that lot that you're gonna wanna split it's going to be..
"single family" Discussed on Southern California Real Estate Report
"Today on the southern california real estate report we talked about news. Zony rules state. Good morning southern california real estate report. This is bob. Mcguire daniel wise coming to you from san diego california so Kind of big news in the housing worlds right so governor newsom survived the the recall effort right. There was a recall effort for the governor of california for those of you. That aren't from california. We're not even going to comment on it. It's it was all now. Who knows what so that. It's not real estate related. So yeah it's not. It's not part of the conversation but he came out right after that and signed to pretty historic housing bills so the first one was senate bill number nine and literally. I think this was the day after the recall it so it was september fourteenth that he signed these or i guess. The recall vote was on the fourteenth. Excuse me and he signed him like the next day. So housing was obviously. There's been a big discussion about that housing in california is it's always one of the things that's consent can consistently on our radar. Something that we get asked about the most. You know what's going to happen with rants what's going to happen with housing costs and so these two bills are pretty interesting. So the first one is senate bill nine and this bill allows homeowners now to split a single family lot and to build duplexes all the way up to actually to to do to duplexes zone you can take. Sf are lot and split it into four units on it so that's interesting and then Then senate bill number. Ten and that measure creates a streamline zoning process to allow developers to build up to ten market rate multifamily units that are near transit or urban infill neighborhoods. So that's really exciting. So if you're somebody that lives in a larger city san diego los angeles san francisco cities like that. There is now a more open and friendly zoning process. I think you and i've talked about this. We kind of have mixed feelings about it right. Yeah i mean like you need my housing. You'd need more housing. Ideally i don't want an apartment building built thanks to my house. I wouldn't like that. I don't think anyone really wants that. I think that in areas where maybe there's been some changes or if there's been some right away changes like with the freeways with the transit with things like that i think this is a way to reclaim some of those residential sites that get maybe purchased. Or it's a it's a it's a taking or they do it in a way that that homeowner and maybe doesn't get any kind of compensation it's just because it was part of the public right away to start with those are good ways to reclaim that real estate into multifamily housing which it probably should be and that's another thing it's transit oriented so you know how but one bill is number ten is translated. Yeah i never tennis transit us the bigger one. Yeah that's the bigger one that would be multifamily right. The the sf are one is kind of interesting. That's that's going to four units and you know it's the same thing i mean it'll be interesting to see how this all shakes out. Yeah i mean look i have neighborhoods here north park. You know normal heights. This is very normal. There are tons of single family. Residential mixed in with multi unit apartment buildings and smaller duplex four plex or for unit properties. That are all over the place. Exactly i i don't think in those neighborhoods..
US home construction up 3.9% in August after July drop
"A leading economic indicator rebounds in August the commerce department says U. S. home construction was up almost four percent last month after falling six percent in July the August showing was better than expected and mainly due to a nearly twenty two percent jump in apartment construction which offset an almost three percent decline in single family home construction autonomous stake would demand still strong and the number of homes available for sale still in short supply the outlook for housing construction remains solid for the rest of the year my camp in Washington
"single family" Discussed on Talk Radio 1190 KFXR
"Packages and Luckily, I had a very nice stream of income from my rental properties, and I took it. And I was done. I was retired. What year was that? Back in the way away 2000 and 8 2000 and eight Yeah, that was another crash. So did you get big crash? You get involved buying them. That was That's the year that I actually tripled. My network became a multi multi millionaire. That was an incredible year. 2000 and 89. 10 just was unbelievable for me. What did you do during those years? Yeah, we continue to buy. It was incredible, and it was kind of really interesting because The quality of the assets that were out there that we were buying up. I mean, they were moving ready. If they weren't distressed it was just people had to leave because of the financial trouble. These were great assets. We were scooping them up. Matter of fact, we bought one that I'm about to put on the market. We paid 150,000 for it back then, and I know that's a lot. It sounds like a lot for some of them that were buying, but I'm about to put it on the market for about 4 50. Wow, an incredible amount this one asset alone. Um, we've had it for about 10 11 years I'll probably make about 900% return. And that's I'm assuming that's a single family, right? It's a single family. Yeah, Yeah, it's not a big multi family assets. It's still a good chunk of change. Good chunk of.
Coming of Age During the AIDS Crisis
"New york city in the early nineteen eighty s. There was only one place to go if you wanted to do something to help. In the aids crisis an old brick townhouse on west twenty second street in chelsea when i came here volunteer nineteen eighty-four. It was a very different neighborhood. And i was different to. I'm trying to put myself back in my twenty five year. Old self shoes. I'm retracing my steps. And i'm retracing the steps of hundreds of gmac. Volunteers and staff like bill cook. So i'm here with bill cox in front of colonial house. Em which is a bed-and-breakfast on west twenty second street in new york city and it is nearly forty years. Since this was the headquarters of the game health crisis As a plaque on the outside of the building that notes that it's the i was the first permanent home of the game and tells crisis and bill. Maybe you can describe to me what we're looking at Now we're looking at a beautiful breakfast. That has window boxes flowers beautiful ironwork and it bears no relation to what it was like when i volunteer here. I mean the street was nothing like it is today so it was a lot of working class people and for people living in houses world houses that have been broken up that were single family homes in the nineteenth century. Broken up into single-room-occupancy. With bathroom a bathroom on the hall. That's right. there was a bathroom down the hall. It was a run down. Old ramshackle buildings. So i would i pass by here. I don't know how many times because i was frightened really to go to work to volunteer. I didn't know what i would do. I didn't know if i had any qualifications. I didn't know what what i would find. Really sort of terrified. And i didn't know whether who i would be seeing what i be seeing people people with as pwa's which of course that's what we refer to. When waste i started volunteering. So finally i worked up my courage. You know if. I'm not gonna do it. Who's gonna do
"single family" Discussed on Today, Explained
"As the daughter of a residential school survivor in the granddaughter of a residential school survivor. So much of my work has been immersed and trying to understand what it means to be an intergenerational survivor of residential schools and how the trauma that might parents and grandparents experiences children his continued to impact. Not just my family and my community but every single family shine foyer.
Rent for Single-Family Homes on the Rise
"Know we saw during the pandemic. A lot of people moved from apartment buildings to single family homes so they could spread out a little bit while they were working from home that spurred demand and the rent for single family homes nationwide is up almost 8%. From April of 2022 April of this year, overall rent for all types of homes went up 5.3%, the largest gain in nearly 15 years.
Rents for single-family homes just saw the largest gains in nearly 15 years
"Single family homes saw the largest gain in nearly 15 years up by more than 5% of the last 12 months. And if you're renting, you're seeing an increase between 2.5 to 4%. Finally Mackensie Scott, the
"single family" Discussed on My Worst Investment Ever Podcast
"Travis. Travis take a minute delay for tidbits about your life awesome. I appreciate you having me and thank you for the whole theme. We were talking before the show. And sometimes i'm notorious for just kind of the pros of what i do right and then kind of forgetting the other side of the coin and certainly the experiences i've had that have been not so pretty. So that's what. This is all about travis. Watts quick couple tidbits. I was raised by a couple of very frugal parents. That taught me an awful lot about just budgeting and personal finance but did not teach me thing about investing which is quite fine. But that's been kind of the journey of of adulthood so far is learning the investing side of the coin. And like everybody out there. I've made quite a few mistakes. So real estate's really been the foundation since two thousand nine as you pointed out in the quick bio so started with single family doing it all on my own lead into multifamily doing things passively and the story i'm gonna share today is kind of in the middle of that journey almost the complete mid point so Into it and one one question before we get into that you know. What does it mean like. I know a lot of people talk about passive income in. I know here in asia. I mean like every single blog in every single ad is all about you know making passive income and it sounds pretty good. Because i mean i've either be passive than active But what does it mean to you. And what is it much. Should it mean to people out there that just hear it as kind of buzzword sure i use a few words interchangeably. Sometimes i use cashflow will describe myself as a fulltime cash flow investor. That's more of a real estate reference. There meaning no collected rents in revenue from property passive income to is not having an active participation or involvement in the business itself of whatever it is that you're investing and so if you take real estate as that example you're going to have a professional team managing taking care of the business side of it. I will just be a a limited partner. So i will have very limited if no involvement or active participation. So you know a lot of people who are into true passive investing and passive income or a lot of busy working professionals. You know a doctor dentist lawyer attorney a pro athlete folks. That are making money. Actively in their business firsthand..
"single family" Discussed on Newsradio 1200 WOAI
"Today's focus on what you can control and then work on expanding that that that sphere of influence and we talked first about what's happened down in our nation's capital way. We had a turn of the guard to change of the guard, and a lot of people are getting riled up and, you know You don't have a lot of control there. Now. You can act through other people, right but get involved locally. That's where you do. Exert some control right with your city council may be at the county level. With your apartment association. Right? Focus on what you can control retirement. You know you're not in control. I'm sorry if you're sitting and waiting for Social security dependent on somebody else, which is inherently my definition of lack of control. Buying a single family house. Where you make the choices. You decide which area of town you on investing, and so on. You are in control. Of that asset. Even if you're investing passively in multi family, you'll you choose. It's a deal. You're getting into who that lead investor is. Where that you know what deal they're offering, you know? Hey, I like that part of town. I like that city. I like that state, right? We have investors buying across the nation. You are in control of that choice. And you're a lot more informed as to what's going to go on with that deal. Then when you invest in a mutual fund has stocks of their investments in any number of large corporations, midcaps, etcetera. Who knows what those executives they're deciding to do. Do you know what their business plan is? I'm sure you don't write. Focus on your personal piano, right? Your income in particular. Keep it on your expenses, But boy try to take control of that that income side of the equation. Try to increase that income right waiting around for your employer to give you a raise is not control. Men. Unfortunately, they're the raises air pretty another thin. If it gets 2.6% on average in 2020. Sub 3% on average in in 2021. That average included includes companies that aren't offering raises at all. If you're in that unfortunate situation, so heading a single family, just one single family house to your portfolio. As an investment. And far exceed that, that that raise that you otherwise might expect. In your company from your employer. Right. And then your time, you know, Enjoy your time with your family, Your kids your your time off, but don't blow it full time in front of the TV or something like that. You some of that timeto work on your future right and that's becoming educated..
"single family" Discussed on Denver Real Estate Investing Podcast
"But to be able to help friends and family and to build that business A do feel pretty passionate about the power of real estate especially in our market. That's super forgiving. And is appreciating like crazy. It's an opportunity to to print money just like the fed does and so. Why not might not are you focusing more on. Just like an investor niche or or just helping friends and family or determined that yet I think ideally be fifty fifty. Where i'm spending my time in building content for Marketing and just what. I know and what i'm comfortable really talking about. It is more on the investor side. Just because that's what we've experienced then That being said i think a lot of the skills are transferable into into an average buyer or seller I think that you know inevitably. They're going to get a little bit of nashville on. Why it's such a good idea to buy because of the investment background. But i think a lot people appreciate that the to coming from like the investor mindset. It's just a very different perspective other than beyond schools and paint colors right to forever. So how can how can people get a hold of you. And we've got A website so healy hyphen r. Dot com and your last name h. e. a. l. e. y. hyphen r. e. dot com or doing the show notes among instagram. Mike nine in facebook at mica. Healy double check that they sell so much confidence. Yeah and i'll throw one last thing out here and and you guys I'm going to ask forgiveness rather than permission but before we hit record on this you guys were talking about the maybe getting an internal some help with some project management stuff so we were talking aside. I've found great help from this. Other people become an angel investor if they played. Hey do this job for me. i'll pay for it and it's been great win win and so if you guys are still looking for things and you guys are interested in what project management investing all. That stuff might be worthwhile reaching out to you. Yeah if you wanna give them more clarified dion. I'd probably butcher the that is out there. Because i've had great success with that and you guys are in that point two of getting more help and it's been great win wins yeah. I don't think that's an accurate. We are looking for some support. Been helping us get content created A lot of the project management stuff some of the administrative Just kind of day to day keeping us organize with filing whatnot. And i mean absolutely on You know the analysis side. There'd be no shortage of of items here. We've got kind of professional roles in place with Bookkeeping and taxes and legal happening some of the like and and now we're really looking for more of the real estate Focused pieces so perfect. Still looking to buy here in denver and actively doing that so yeah no no shortage of things to to get done awesome guys. Thank you so much. This is fine. Might have you back on the six months through the project doing but definitely reach out to be of interest that will put the links to shut us. So kevin michael thank you guys thank you..
"single family" Discussed on Denver Real Estate Investing Podcast
"An impact. Your families get it right. Okay and so did you ever. You've never have airbnb yet or anything. Hopefully this month. Let's see that's the goal. We're ready we just got photos back and Trying to get it off the ground for tax reasons permits final week before so By the way we just closed the entire project out this past week with permits and everything so working graduations and so what was the take out financing on this place. That made the whole thing. Your take out financing. How all that come out together. Yeah so the we did a straight construction on on honest that we knew that we'd have to refinance out of We basically how it worked out. Is that the the Full value of the construction loan was Five seventy five. We had to put twenty percent down our initial purchase and so that was what the the takeout financing was also and. So we've got a conventional loan for five hundred and seventy-five yep rate in term refi At two point. Eight seven five percent and That covered all of the the construction lending that being said. We had quite a bit of money that we had to throw in since we did completely blow our budget from our lines of credit. That are still out there but We we kind of knew that that would be part of part of the package part of what we were doing and then we also did take out a second. He locked on this property for the purposes of being able to go and invest in two other properties. Smoke like the ada you proper able to do a thirty or conventional as your first mortgage get me to the five five limits yet. And he's got a he. Lock same lender nine percent lt. Now we actually did a local bank for this one in do eighty percent or eighty five did eighty percent on they max out at two hundred seventy five. I think what so we have a second year locked for two hundred seventy thousand. We did use about one hundred consolidate some debt and then the remaining that drake out. There's just to go out. There and recycling reinvest exactly okay so i take it. The air v came and wanted to be. It did where we needed to be needed. A little shy of wanted it. We didn't have the exterior completely buttoned up when we closed on the first mortgage. Okay and did you have to go through like five appraisals. Eighty one just one on this sun. Yes okay so he did that and then. What's the plan here..
"single family" Discussed on Denver Real Estate Investing Podcast
"Through refinish the attic. What was it. Like with popping atop. We thought that we could do it for just over. Two hundred was the goal. We still blew the budget and part of it was by design. We realized along the way that in order to reach the rv that we wanted we would need to build our two car garage sooner rather than later which was not necessarily part of the initial plan. We had Built at the previous property the one part one of this podcast series That was the first time that we have had a garage and a few years and the thought of going without a garage after we just had one for six months so it's really painful so we decided to go ahead and pull the project forward and an ad that in so that on the back of the lot. Yeah so what you do with that old one car garage the original one car garage and that the back basement portion of the property still there so they're still attached Now a rec room a rec room in the making with a gorgeous full for pain. Slider that walks out onto finished patio. Oh nice cut tulsa class door. Okay see the car garage and then that's the patio you're talking about right and you mentioned something else too that they did. Oh and saad saad worked on. Oh mean okay the landscaping. I think we did like a. We did a patio that has Like the riverstone and inset. I don't know what the technical term are for that. But it looks nice out there we had to do quite a bit of landscaping To kind of make it work for us okay. Great so give us away peyton. Peyton me picture so you got the main floor. Which has your you know your family living room kitchen bathroom. I think there's one bedroom the main for the master suite master suites okay and then you added two bedrooms upstairs to bedroom bath upstairs and that's the laundry for the the top end up there as well. What the basement would you do the basement. Because then that was. I remember before they did. There's already a kitchen down there which they tore out and there was just a big empty space. So you would do with a basement. We wanted options with basement. And so How we have is that it can be a two one down there with a full kitchen and living space or it can be a one bedroom rental and with covid right now in both of us working from home we kinda need the bedroom down there for our office space But we have a situated that we can either open up the doors. We can lock it off. Basically have the two bedrooms available to rent out or just one and locked rafa with in the basement. Martha staircase in the basement. Bedrooms has doors to mocha. Yeah okay and then they can just come into their separate entrance and they want.
"single family" Discussed on Denver Real Estate Investing Podcast
"Ran everyone. Welcome back but in the episode so this is part. Two of our two part series with kevin mica. So if you listen to the previous episode where they discussed how they built an eighty thousand sloan's lake. I'd recommend starting there because this proper talking about which is a single family home that they popped the top on Their timelines overlap. And they lose a lot less other things. Overlap as well so kevin mica good to have you guys back. So we're talking about this deal. And also i know mica right. I think pretty soon after we close on this transition from w. two to real estate agent career and also just doing that and full-time running your guys as portfolio as well so a lot of other people are thinking about that. Same crew change on digging that after talking about the property town skin. All right so the loop timelines because if people from the last one Enjoy right around the summer. Two thousand nineteen you guys were making. We're making progress need you. And then you went under contract on this house So paints a picture. You guys get eighty you two steps forward one step back. Two steps forward one step back and then you said to take on another big fairly big construction project. And what's the thought process here boy. What was the process. We wanted to buy something before you left due job that yeah that was and take advantage of the financing right exactly exactly very valid reason. It was I'm not gonna call it sighted because it's worked out but Pretty stressful pretty stressful move And the project that took on definitely is a little bit bigger than we anticipated and ended up being the biggest construction project that we had ever managed bigger bigger than the show. And i would say you know when you add existing conditions and a really old house today to you is a brand new ground up built on a flat lot and when you add in a hundred ten fifteen twenty year old house that your as your foundation that changes things for sure all right so this is a property bought in it was actually officially. May it was right. So may twenty one thousand nine hundred and the west highland from outside standards Brick palffy see oliver denver But it was not habitable at a time time. Viewing time of closing. I think i mean what a wholesaler sold a few hot four months. Six months before some investors and somewhere in the partnership and he just went off the rails. Though is just you know gas was turned off. I think the water was turned off to And just the kitchen was gutted. I mean most. The house was gutted. You add on their kind of paint the picture for the audience I know there's a roll off of a raw full role often had been sitting in front of the house for coastal year. If not over a year. Oh yeah i remember. The neighbors love that. Yeah yeah i mean. I think you painted the picture. There the Just to kind of reiterate the previous owners were out of state investors that owned an llc and they paid probably a little bit too much for a year before. I think we saw that. They had something crazy. Like twenty four percent interest on hard money. Loan rate was insane or carrying costs there and ultimately they ended up listing for less than they bought it for plus all of those carrying cost so they were motivated in financially strained and they had to bring money the closing table as well to get the deal. Then i think was that one of the reasons closing got delayed. Okay a massive amount..
"single family" Discussed on Denver Real Estate Investing Podcast
"So on the takeout financing. Sounds like the appraisal. When good enough dead we could. This is always like we. You know people can't cross a fingers on the appraisal. So what was that process like because got earlier in the beginning was just getting construction. Line where there's very few calms. Yeah there probably three more calm sense. Yes are the process. A year half earlier But the appraisal we. I mean that's the main issue still it is we got. We got lucky in the last one. We didn't i but then we kinda made some. We had five appraisals of the two and a half year period and there was over. One hundred thousand dollar swing. Yeah which is meaningful we were able to to pay off all of the construction debt Came in at nine eighty Which who's right where it needed to be. but i. i don't think we had to request another one. Or we didn't have to fight it while the little subjectivity. In how these are done and so the the one that came in really low that we had to redo I can't remember which. I'm gonna switch him up here but one way of doing it is looking at all single house so your comps are essentially the the some of the square footage is or d. Look at them separately in now. That skews your comps wildly. And yeah can't remember which way he did it but that resulted some way to also. Yeah no. i'm sorry now that we're talking about it. We did have to get an exception and we had to resubmit to get a second appraisal successful in came in ohio. Oh yeah that's a that's a coin. Toss when you may do that. Yeah it it it worked out. We had some pretty good arguments and very specific. About what we we wanted. So obviously we can lead told the story. Let them provide the fact. Sumitomo can provide the facts and help them out like everyone to give make anyone's job easier..
"single family" Discussed on Denver Real Estate Investing Podcast
"We said what our budget was in. He found a way cool. So what was what was the initial work order with the first far as like timeline in rough budget if you can recall or if you wanna share as well yeah I know that it was they. Were saying twelve months but it was more like you know nine to twelve months thinking we can squeeze it in sooner. Broke down like two or three months revision and then you know five or six months of of permitting and invited six months construction. I'll jump back just as just a hair. Because i don't recall the budget but exact amount is around to like one seventy eight. That's true because we ended up beating them up trying to beat him back and forth on contracts. 'cause they have like four thousand dollars for a water heater and like two thousand dollars for a dishwasher right in in the basically estimate and so he said. We're not gonna do that so we kinda ended up willie down in hyde site. Something that we'd probably taking a different approach to off the bat knowing that with all businesses contractors have lost leaders down things that aren't always exactly net to know the exact margin that they planned to me. The real gymnastics though. On all of this was aligning the the the financing product and the and the contractor scott. That was a really difficult thing like for example in the financing construction loans out there but they weren't to doing it where there was already an existing structure on the property. So then we got into you know back and forth how does it. How do we appraised value not to mention like the specific evaluation eighty you. That's not there the there any And then getting the contract actually work well with the lender so do not be the first person to put under a contractor in touch and have really worked that makes you. They've worked together in the past and other ends just like draw processor. What was so bad about it that everything that was largely largely it but then it was the scheduling was funds and payouts. Nothing before we got any of that. A lot of the A lot of the challenge was that the clock starts on the interest only payments. When you close on that loan we were still in the process of getting our permits and all the delays with the city all of the drama with the builder. We're still paying interest only payments. Which at the time. It was like great because there's a low payment but not helping us in reducing any principal balances And as i mentioned before we had in theory twelve months to complete our construction and so the that was part of the issue is that the banks process did not align with the reality of constructing new in denver. Quite a delay there. Okay so how kinda rough with like when you. How long the permanent processed take your member rough like number of months. It was over eighteen months. Because jekyll azuma process while we know that includes a dam but we closed in february on that loan and we went all the way through to the following february.
"single family" Discussed on Denver Real Estate Investing Podcast
"So you bought this place with Like five percent non-conventional. Okay so scrape owner october. Sundown conventional yup. And you bought it for what around fifty nine fifty nine. Yeah and what was the the lending option. You're looking for with this first one of that. That didn't work out with like what was the breakdown of that. I don't remember entirely because it was three years ago. But i think that it was just a straight construction loan. I don't know if that was the single close meaning that we would have had to refinance out of the construction loan. So another set of closing costs into a permanent product after that when the construction was complete The image the roots were probably pretty competitive. They are a little bit higher. When you're doing construction lending was it like five and a quarter five and a half some really that okay Mentally that did didn't work out with the first one With the second construction lender they did a single close and so it was interest only for the construction period which was supposed to be twelve months. Didn't work out that way but Luckily we were able to work out some exceptions and then After that they had an option to transition into a permanent product which ended up being like a ten arm. I think is what we had. And it was a pretty competitive rate numb. If i have those details here. But i want wanna jump had too much but we ended up refinancing out of that again in order to realize some of the equity that we had put in once. The idea was finally done. You know half later. Whatever ended up being okay. So you're able to rebel The construction fund the full cost today. Do you ultimately yes. Wow okay yeah. There was some shuffling around a speed things up have more control but yeah ultimately covered it. Hundred percent of our contingency budget was used now. Let's talk about the construction site because doing what you're talking lending. You're probably talking to an architect or a builder bows at process like away. Fold or have you like pack these memories way. A repressed facial expressions. My answer to that question. You both Yes yeah we This is our first major. construction project. Tweeted handled lots of little remodels within the four corners of a home. But nothing you know no ground up development and so the idea of working with the firm that could handle it from all of the design. The plans everything with the city That the full design build process was really attractive. ultimately the the organization that we worked with it didn't work out. We had to kind of fire them in the eleventh hour. And we brought on another g that you actually referred us to kind of get us across the finish line. The first firm did ultimately ended up. Help us getting our permits but that was all of painful as well. We had to review with the city on the third one. They said wait. You wanna do a garage with an you on top. You can't do that. There's Both plan issues like you said the last two times that wasn't an issue and so we had to change her plans completely in separate the garage from the ada you and do two separate structures on the barrel house. Instead of stacking 'em i would assume probe increase the price to do two separate structures lucky for us the the juicy that you referred us to..