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re: Blackrock is buying every single-family house they can & paying 20-50% above asking price
Posted on 6/10/21 at 6:27 am to PrimeTime Money
Posted on 6/10/21 at 6:27 am to PrimeTime Money
Sounds like in addition to BlackRock, there are some legit Texas born and bred companies like DRHorton, David Weekley and Lennar (etc) who are aligned w the strategy. Major land grabbers with huge wallets. Lots of materials leverage.
Really makes you think about this more. It's an unstoppable biz strategy. 100 homes for 32M is nothing to these people.
2
Posted on 6/10/21 at 6:36 am to TideCPA
BlackRock is big on Social Justice investing and policy....
Posted on 6/10/21 at 6:37 am to dewster
quote:
Another RE collapse likely is coming.
The bubble is everything now. Not just RE
Posted on 6/10/21 at 6:40 am to TheFlyingTiger
Exactly
When the bubble pops and investors demand returns, all the ESG bullshite will fade with the quickness.
When the bubble pops and investors demand returns, all the ESG bullshite will fade with the quickness.
Posted on 6/10/21 at 6:45 am to Seeing Grey
quote:<——Buys more Gold & Silver & Investment Grade Coins
USD Supply
Posted on 6/10/21 at 6:53 am to stout
This makes me sick to my stomach
This post was edited on 6/10/21 at 6:53 am
Posted on 6/10/21 at 6:53 am to Sao
quote:
DRHorton, David Weekley and Lennar (etc) who are aligned w the strategy. Major land grabbers with huge wallets. Lots of materials leverage.
I almost have a bigger problem with these companies.
They buy out a ton of land, build cheap cookie cutter housing that they know exactly what will happen with and move on. The Northshore over here is becoming over populated because developers just keep taking down land and putting up subdivisions like this. Eventually it’s going to turn to cheap housing and lead to blight and crime.
Posted on 6/10/21 at 6:54 am to stout
Not enough people are talking about the "great reset" and how real it is.
fricking terrifying.
fricking terrifying.
Posted on 6/10/21 at 7:03 am to I Love Bama
That why a city has to be aggressive w zoning
Posted on 6/10/21 at 7:06 am to stout
Hmmmmmm who owns and operates BLACKROCK??? A man named LARRY FINK. Seems like every time you turn over a slimey rock there is a kosher turd underneath.
This post was edited on 6/10/21 at 7:10 am
Posted on 6/10/21 at 7:10 am to stout
The can have mine 5% below appraisal.
Posted on 6/10/21 at 7:17 am to Penrod
quote:
it was a sale of hundreds of homes packaged as one asset.
Why are you only pointing out that one transaction and ignoring the rest? Even so, they still paid over market for those and that hurts the market. It raises comps and takes a lot of inventory off of the market at once while there are still a lot of buyers ready.
quote:
Second, those who want to own homes can still do so; they just can’t in that subdivision.
Are you really this stupid or just being obtuse? Of course they can still own but this is creating artificial shortages and will drive prices to where some of those buyers turn to renters.
This post was edited on 6/10/21 at 7:39 am
Posted on 6/10/21 at 7:18 am to elcid
They have targeted the food supply heavily as well. It is a an all out war right now on family/privately owned farms and ranches, especially ranches and cattle producers.
Posted on 6/10/21 at 7:21 am to stout
quote:
Are you really this stupid or just being obtuse? Of course they can still own but this is creating artificial shortages and will drive prices to where some of those buyers turn to renters.
Well I mean that's the entire point of them buying up so many homes. Make money on the rent, watch prices still go up until the bubble pops, dump the houses, make a killing, watch entire neighborhoods go Section 8 as the government keeps expanding welfare programs for votes.
Posted on 6/10/21 at 7:23 am to GREENHEAD22
Yep, they are trying to force us into a collective where they will run the show, all in the name of equity and fairness. Just like the Bolsheviks promised before the Red Coup. Look how that turned out for the vast majority of Russians, yet the leadership and their families lived in comfort, privilege and affluence.
Posted on 6/10/21 at 7:23 am to Penrod
quote:
that will force the government to give them free housing in subdivisions.
They are not causing the trend; they are capitalizing on it.
You do realize that there are already whole developments built with tax credit AKA free Government money? Every state gets tax credits every year to allocate towards housing. There is a development in Lake Charles that not only got enough tax credits to build 100+ homes but also got "Road Home" money after Rita to buy the site and build the development out.
LINK
A company like Blackrock knows these programs exist and if that was their endgame they could very easily be doing that already. They aren't paying above-market in anticipation of an event that may or may not happen like the Government all of a sudden subsidizing more than they already do.
This post was edited on 6/10/21 at 8:09 am
Posted on 6/10/21 at 7:29 am to stout
frick the middle class, right?
Posted on 6/10/21 at 7:29 am to Prosecuted Collins
quote:How would they do this without losing massive amounts of money? I can't imagine section 8 housing pays more than what a typical renter would pay for a 3/2 house
They are going to destroy all spec middle class neighborhoods and move section 8 in them thereby creating an even bigger strain on inventory. This is a Democrats wet dream happening before our eyes and it’s not happenstance.
Posted on 6/10/21 at 7:29 am to Centinel
quote:
dump the houses, make a killing,
Who are they going to dump the houses to in case of a pop for enough to "make a killing"? Investors like Blackrock were buying blocks of houses as far back as the last pop but they want them cheap. Blackrock paying above-market is a new thing and concerning as to their motives.
There are other smaller groups that buy large blocks of houses from the bank's REO departments. I deal in the foreclosure industry in multiple states and see it often. Some have reached out to us to rehab for them but none of them have near the buying power of Blackrock or pay above market.
Posted on 6/10/21 at 7:35 am to Epic Cajun
quote:
I can't imagine section 8 housing pays more than what a typical renter would pay for a 3/2 house
It pays less. There are caps to it but it's not the only way housing is subsidized.
The Low-Income Housing Tax Credit (LIHTC) program I mentioned is a bit different than section 8 and can allow a tiered rent system that is offset by tax credits so realistically the owner can move a low-income tenant in and still technically get market rates when all is factored in.
A lot of people are unaware this even exists because the companies that snap up the $8 billion annually to develop new housing don't want the competition.
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