With all of us wishing for SO MANY things in real estate during this down market in real estate, I've found my one wish...
I would like the lending industry to loosen up on its non-owner occupied loans. Currently, there are no options for less than 20% down. I would like lenders to go back to offering 5-10% down programs for "investor money." Why? If a buyer is planning on using the investment property as a rental they are probably going to have an easy time covering their mortgage, even without 20% down. Real estate values have been declining but rents have been staying steady, if not rising! On top of that, the rental market is going to be strong for many years to come with so many home owners going through Short Sales and Foreclosures taking big credit hits.
Investors buying more real estate will benefit everyone (at least in our industry). Agents will sell more houses, lenders will process more loans, title companies will have more closings, etc...Everybody wins! Instead of an investor buying one rental, with the same amount of money they could buy 2 or 3. The inventory would shrink faster which will probably bring our market and the entire economy back faster!
I won't hold my breath but I'll keep my fingers crossed.
Thanks,
Kevin
RE/MAX equity group
360.936.7277
Kevin.Schubel@gmail.com
KevinSchubel.com
