You guys might remember that I wassupposed to host this podcast with Rick Beck (RIP)
Well, Rick was a big car guy and a fan of a car club called PHX Driven
So when I learned that Raf Chelstowski is the brains behind PHX Driven, I had to have him on as a guest!
Learn how Raf
@SoledadUrsua
1) 4.5% rate on a mortgage is damn near free money. Your friend was uninformed if they thought that was “too high”
2) 30-year fixed rates did, in fact, drop below 3% - for the first time in history - about 4 years after your friend purchased their home. If they missed this prime
Lennar just dropped 969 sq ft homes starting at $259K in Florence, AZ
Not quite as small as their community in Texas (those are 661 sq ft starting at $153K)
But still out there!
Florence is about 1.5hrs away from Downtown Phoenix with no traffic
Would you rather live here, or
@sweatystartup
I don't gamble and have no desire to ever start gambling... but it's better for everyone now that it's legal and taxed.
Same deal as THC and alcohol and any other vice. Legalize it, tax it, regulate it.
Can't tell other people how to live their lives!
The only real change that I see coming from this NAR settlement is requiring buyer brokers to use a written agreement.
Everything else has a clear workaround.
i.e. Instead of offering to split the commission on the MLS, sellers will offer a closing credit equal to the buyer
Mexican real estate will be big $$$ in my lifetime
And I don’t mean vacation homes on the coast (those are already big $$$)
I mean Mexico City!
(Can’t wait to brag about this post to my future kids 🥰)
@morganisawizard
don't care + didn't ask + cry about it + stay mad + get real + L + mald seethe cope harder + hoes mad + basic + skill issue + ratio + you fell off + the audacity + triggered + any askers + bluepilled + get a life + ok and? + cringe + touch grass + donowalled + not based + not
@mu2myoc
None of those professionals are incentivized to actually close the deal
You have no idea how easily deals fall apart when emotional buyers and emotional sellers are involved until you depend on them for your income.
NAR sent out an email this morning, clarifying the upcoming contract changes:
- Listing brokers need a signed contract from buyers before showing them homes, even in dual agency (i.e. if buyer goes direct to the listing broker)
- Contracts are required even for virtual/video
@MrJonesSTRs
False premise
Airbnb in NYC does NOT work like the rest of the country
The vast majority of Airbnb/STR listings in NYC were not from property owners. They were from tenants at rental buildings. Basically subleasing their apartments using Airbnb.
The majority of owned homes in
Here is a more detailed take on why I think Zillow loses:
~50% of Zillow’s revenue comes from selling leads to buyer agents.
Zillow is a public company. You can verify this. Their buyer lead program is called “Premier Agent”
Zillow has been trying to capture listing leads to
The only real change that I see coming from this NAR settlement is requiring buyer brokers to use a written agreement.
Everything else has a clear workaround.
i.e. Instead of offering to split the commission on the MLS, sellers will offer a closing credit equal to the buyer
I considered suicide after some unfortunate things happened to me many years ago.
I actually went as far writing a suicide note. But writing everything down made me realize how petty, insignificant, and lame my problems were.
If you ever get to that place: please write it all
Am writing w incredibly sad news:
Our friend
@ArtemTepler
is no longer w us.
Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can.
Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.
@KAErdmann
@William48759211
Most co-ops have mortgages. It’s one of the advantages of co-ops as a form of ownership.
(HOA in a condominium can’t take out a mortgage to help pay for common area maintenance, but a co-op can.)
Land lease means the co-op doesn’t own the land their building sits on. So they
@redwood_ryan_a
If anything, warning a buyer that "low income housing" is going to be built across the street could be seen as steering, which is a Fair Housing violation
I don't know NC specifically... but they are probably NOT required to disclose that.
If you do warn a buyer about a future
@sweatystartup
Perfect form. With double overhand grip. And he’s using a belt. This man is an absolute BEAST
I love you Huber, but I am never, ever listening to your takes on physical fitness 😂
RE sales is 100% commission with no base salary
Many people who are much smarter than me have tried to make salaried agents work. It doesn’t work.
Who would put themselves thru years of training for a job with zero security?
The reality is the business only works if it’s easy
Let’s talk about the real problem with the real estate brokerage industry.
HINT: commission rates aren’t it.
The ease in obtaining a real estate license is.
It is way too easy to obtain a real estate license.
The ease in obtaining the license encourages causal,
@SBA_Matthias
Every pound is 3,500 calories
You need to eat 35,000 less calories to lose 10lbs
Just count your calories and you can do it as slowly, or as quickly, as you’d like
@adamstatonsmith
Prior to the NAR ruling: did you discount to 2.5% if the buyer did not have a broker?
No. You did not. You paid the commission negotiated in the contract.
The seller does not offer the buy side commission. The seller's broker does. You pay me 5% and then I will offer 2.5% to
@CaseyMericle
Should really explain the risk. These are not for the faint of heart.
“Make sure you pay your bank don’t let the Buyer do that!”
You say this because if the bank finds out the home has been sold, and a new buyer is making payments, then the entire balance is due immediately.
@GaucherAndrew
@redwood_ryan_a
Of course they should…
But no. It’s Fair Housing. Steering people away from areas with “low income housing” is how real estate agents used to keep white people out of black neighborhoods.
That’s been illegal for ~60 years.
I just sat thru a meeting where I heard about a buyer who signed a contract to pay their real estate agent $650/hr
No incentive for actually closing the deal. Just a flat hourly rate, billed like an attorney.
I wanted to scream
Explanation on why that’s a bad idea coming 🔜…
@sweatystartup
I am somewhere between 10x and 100x more attractive at 32 years old than I was at 22.
Waiting to get married is just good negotiating on my part 😎
AZ just passed a bill that allows homeowners to build guest houses (ADU's) in any city with a population of 75K+
That includes Scottsdale, Gilbert, Chandler, etc
Notably, these ADU's can be used for short-term rentals
@melissasavenko
Govt prints a bunch of money, inflation occurs, price of everything skyrockets, and then instead of owning it & taking the blame: they look for someone else to scapegoat
Unfortunate reality of the world we live in. The truth always wins out, but you gotta keep fighting 🙏
@ThinkAppraiser
Lot of people with a lot of money in the world
One of my friends from NYC came from a family with about a half a billion net worth
They weren’t anything special in NYC. Yeah, his apartment was nicer than mine, and he didn’t have to work much. But he def didn’t own the city.
@realEstateTrent
I see the other perspective
Most complaints about HOA’s are “the HOA will spend my money on things that I don’t want!”
Even though 95% of the time those things are in your best interest as a homeowner 😝
Democracy: where everyone gets a vote (even if they have no clue) 🇺🇸
Almost all of the new listings in my office so far this summer are Airbnb owners looking to sell…
And yet, new inventory this summer is still at historic lows!
This won’t be an easy fix, people 😬
@ToryJSheffer
I think it will depend on how you get your clients
If you were paying for leads on Zillow or Realtor: this could potentially ruin your entire business
If you are getting referrals, it barely matters
All the more reason to produce content and have a presence on social media 🙏
@TyronMcDaniel
Those same sellers could have offered $1 to buyer's brokers the last 30+ years
They overwhelmingly did not. They still offered the full commission.
@realEstateTrent
Dark chocolate
It's just sweet enough to satisfy any cravings, and it's actually pretty good for you in small amounts.
70% dark chocolate if you're soft
~80% dark was my sweet spot
90%+ dark if you're a masochist
Officially been off dating apps for 1 year. Went on 2 dates total between June and Dec. I am starting to feel like there is no other choice other than being on the apps at this point. Talk me out of this or I’m going back on lol
@realEstateTrent
I had a girlfriend who grew up in NYC and she loved it. Tbh, I wish I did too.
Casually mentioned that she was on the choir with Lady Gaga when they were in high school
You don’t get stuff like that in the suburbs 😝
@rohindhar
$604/mo HOA (78 cents per sq ft) for a single family home, not a stacked apartment?
So you’re responsible for the exterior maintenance, landscaping, roof, etc? But still paying nearly 80 cents per sq ft in dues?
Now THAT is an expensive HOA 😝
Shout out to
@chernobelskiy
and
@kempton_timothy
for putting on a great event for real estate nerds in AZ!
They’re a lil camera shy so I made the video pitch for us 😘
@realEstateTrent
There are definitely some warnings!
I got like halfway thru the first practice LSAT question before my eyes glazed over and I realized law school was not going to be for me.
@Retail_CREGuy
@realEstateTrent
It is possible to take accountability for your own actions ("I should have gotten here earlier") while also politely asking others for help. They're not mutually exclusive.
@NewsLambert
No shift towards buyers, but inventory in greater Phoenix has skyrocketed from October til now.
The town with the least inventory is still Paradise Valley (~$4M average sales price)
@GuyDealership
I know a real estate broker who does this every year for his listings.
He promotes the discount on social media / via email only.
If they don't sell over the holiday weekend, he then tries to convince the sellers to make the Black Friday price a permanent price reduction.
@realAAAbbott
@redwood_ryan_a
No, only a garbage broker would break that law. It’s there for a good reason.
This was a huge deal in NY a couple of years ago. Notice how none of the agents doing it are top producers.
@rohindhar
Most Airbnb listings in NYC were actually listed by tenants. They were subleasing apartments to subsidize their income.
They were overwhelmingly NOT apartments being used as STR's instead of long-term rentals.
You could find a few cases of the latter (townhouses etc) but the
@realEstateTrent
My cousins (3 of them + my aunt and uncle) all moved to Austin from Houston at the start of the pandemic
Visited them a few months ago
One is adding a second story to her house. No zoning stopping her, just flat out adding an extra ~1500 sq ft.
As I told her: Only in Texas 😂
@Cobylefko
That is a pretty notable building, though! Alwyn Court is a New York landmark AND it's on the National Register of Historic Places.
I toured the penthouse many years ago. Wrap terrace with Central Park views:
@ThinkAppraiser
I’ve never sold a $30M listing
But the psychology is the same as a $5M listing
They want to be surrounded by people of a similar caliber.
Jeff Bezos couldn’t live in a regular subdivision in AZ. He would get harassed constantly. High profile people need some level of
@dieworkwear
In AZ, it’s less about being made fun of and more about “it’s so god damn hot that you will be dripping in sweat if you wear fun clothes 4 months out of the year”
I get my leather jacket and suit fix in the fall though 😝
@quinnjmiller
The incentive to buy is that rent goes up, mortgage doesn’t. You’re not suddenly forced to move if your landlord decides they want to sell. You can upgrade the property and profit. Etc…
If anything, that is the ideal market for an end user. Investors aren’t touching homes in
@KobeissiLetter
I disagree with this premise.
Old homes are generally in better locations. New homes are generally in worse locations (because that’s just where developers can find buildable land).
What’s the saying? “Location, location, location”
@TripleNetInvest
Body weight bench press for 6-8 reps is pretty strong… months if not years worth of work.
Squat/deadlift your body weight is maybe a few weeks in the gym 😝
Overall I agree though.
@bavedikian
If they’re a few states away, and you want them to get it ASAP, maybe
Same state? More hassle and more expensive than just dumping it in the mailbox 😝 they usually get it next day!
Now is an excellent time to sell an investment property or second home in Greater Phoenix! 🌵
Help a local buyer find their primary residence and earn top dollar for yourself in the process 😎
@rohindhar
Many complain that the bar is too low to become a real estate agent (I don’t - I think it’s fine for a job with no salary, 100% commission)
If you remove this requirement, the bar gets even lower 😝 Now an agent with no experience can start their own company!
I've come around on this whole NAR thing.
I never liked using contracts with buyers.
If you walk into Tourneau or Mercedes, they don't ask you to sign a contract before showing you watches or cars!
But this year has changed my mind.
I have lost more deals this year than ever
The child of California and Texas is actually Arizona 🌵
- Physically located between those two states
- Moderate politics
- Business-friendly with low taxes
- Natural beauty *in the major cities*
- Better weather than Texas 12 months out of the year; better weather than
If Texas and California had a child, it would be Florida.
With California’s weather and beaches, and Texas’s business and tax-friendly climate, it attracts more billionaire residents and tourists than anywhere else.
How is Florida not universally recognized as the best state?
@SactoGeoff
I think this is more of a cautionary tale about unmarried couples buying a home together than an issue with gifting
Unfortunate, nonetheless
@rohindhar
It depends on the asking price.
Assuming the asking price was $500K: there’s no world where I would recommend the offer w/ contingencies. Even if there’s a contingent offer at $600K. It won’t appraise. Deal won’t happen.
Now, if the asking price was $600K, and we’re confident
@CREdebtlawyer
I’m AZ, and most markets, it’s 3x the monthly rent.
$4K/month rent needs $12K/month income, or $144K/year. Not far from $160K.
As a former NYC broker: if you have $144K income & applying for a $4K/month apartment, the landlord will make an exception to the 40x rule for you.
@heyalexfriedman
It’s a co-op
You’re not buying real estate. You’re buying shares in a corporation. The shares grant you a lease to that particular apartment.
Requiring that buyer uses that apartment as their primary residence is really common for midtown & uptown co-ops. This automatically
Back in my day, criminals knew to NEVER put anything in writing
In 2024, we have people running extortion schemes on social media… in writing… where every message sent is permanent evidence against you…
It’s sad to see how far this country has fallen 🇺🇸
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