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Started By
Message
re: Blackrock is buying every single-family house they can & paying 20-50% above asking price
Posted on 6/10/21 at 7:42 am to Sao
Posted on 6/10/21 at 7:42 am to Sao
quote:
Major land grabbers with huge wallets
Yep. Taylor Morrison/Lennar/Dr Horton and many others are now simply going with build to rent only. It’s the latest investment fad in Texas. Lots of money not just black rock pouring into that. It’s bull shite.
1
Posted on 6/10/21 at 7:44 am to PrimeTime Money
quote:
I’m currently looking to move to another part of Houston, and so many houses are already under contract immediately after being put on the market.
Where are you looking? I’m hoping in 2 years to be in the market but I’m just not ready yet and not at these ridiculous prices. I hate to admit it, but I’m hoping for a massive slow down (not a crash) in the near future. I’ve been thinking somewhere like Cypress or Spring would be ideal. That being said, I’ve also tossed around the idea that a high rise city condo may be fun for awhile being that I’ve never lived in a big city environment. I know that are a lot of drawbacks to that, but I don’t have kids and living in the Museum District could be cool for a number of reasons. I think we’ll see those prices come down once the demand for ownership in highly dense area fully develops (if it does) and I realize I’m in a minority here of wanting to live like that. Maybe that relatively unique position will lead to more valuable pricing. I don’t know.
This post was edited on 6/10/21 at 7:50 am
Posted on 6/10/21 at 7:54 am to supadave3
Insurance companies are doing the same as Blackrock searching for returns.
Posted on 6/10/21 at 7:55 am to prplhze2000
quote:
That why a city has to be aggressive w zoning
How would zoning stop stuff like DR Horton SFH shitboxes?
Posted on 6/10/21 at 8:00 am to stout
Boy I can't wait until this crashes and the fed makes money printer go BBRRRRR again to make my $ worth even less
This post was edited on 6/10/21 at 8:02 am
Posted on 6/10/21 at 8:28 am to Hulkklogan
quote:
and the fed makes money printer go BBRRRRR again to make my $ worth even less
Again? They haven't stopped.
Posted on 6/10/21 at 8:38 am to stout
Can we get them cancelled by pointing out that The Black Rock on Lost was a slave ship?
Posted on 6/10/21 at 8:41 am to Prosecuted Collins
quote:
Collapse is coming in our lifetime
It's orchestrated collapse engineered by evil people.
We need to see it as an existential struggle.
But what are our weapons? How can we compete against all that money and power?
Posted on 6/10/21 at 8:56 am to wutangfinancial
quote:
Okay this is a total B.S. narrative. There are plenty of better asset classes to build wealth if you're lower or middle class
The value of owing your home can't be measured in dollars and cents.
Think of it in terms of hierarchy of needs. Sure, you don't need to own your shelter, but a sense of permanence is important if a human is to be able to move to higher levels of meaning.
Keeping the masses stuck in transience is a way of making them easy to manage, like cattle.
This is about making money of course, but it's also about keeping pesky voters from having their own ideas. They see the world, including the masses of people, as being in their purview to manage.
Posted on 6/10/21 at 9:05 am to Paul Allen
Good question.
In general, cash offer beats everything, all other factors being equal, simply because you aren’t subject to bullshite from appraisers, inspectors, etc., and you have no waiting period between per and closing.
Any federal loan (FHA, military, etc) will require appraisals, inspections to ensure the condition of the property, etc, and are a minimum 30 day turnaround between offer and closing due to regulatory hoops. That can worsen if there is any government issue going on at the time (one house we sold was held up for a while because the buyer was trying for a government loan and there was a federal shutdown in the middle of it).
A regular mortgage has less of the above but is still subject to some of this simply because the mortgage company is required to follow procedures due to the last bubble burst.
About the only way I see a mortgage beating cash would be if the mortgage was substantially higher than the cash offer.
In general, cash offer beats everything, all other factors being equal, simply because you aren’t subject to bullshite from appraisers, inspectors, etc., and you have no waiting period between per and closing.
Any federal loan (FHA, military, etc) will require appraisals, inspections to ensure the condition of the property, etc, and are a minimum 30 day turnaround between offer and closing due to regulatory hoops. That can worsen if there is any government issue going on at the time (one house we sold was held up for a while because the buyer was trying for a government loan and there was a federal shutdown in the middle of it).
A regular mortgage has less of the above but is still subject to some of this simply because the mortgage company is required to follow procedures due to the last bubble burst.
About the only way I see a mortgage beating cash would be if the mortgage was substantially higher than the cash offer.
Posted on 6/10/21 at 9:08 am to stout
For those that want to join rather than fight Blackrock, they are a publicly traded company and you can buy their stock for $680 per share.
Posted on 6/10/21 at 9:11 am to stout
If inflation drives up housing prices Blackrock management wins big. If prices go the other way Blackrock investors lose big. It's easy to gamble with OPM.
Posted on 6/10/21 at 9:12 am to r0cky1
Fake conservative wheels abbott is riding along with it. Wouldn't be surprised if black rock is paying him.
Posted on 6/10/21 at 9:13 am to Whiznot
It's a win win either way for them. Section 8 is a guaranteed check.
Posted on 6/10/21 at 10:02 am to lsu13lsu
If you are a renter right now who has:
great credit
a nest egg from a previous sale
a stable job
you are in a good position to buy when you feel comfortable whether it is this year or next. What percentage of people fit into this category (especially credit score wise) is likely small.
great credit
a nest egg from a previous sale
a stable job
you are in a good position to buy when you feel comfortable whether it is this year or next. What percentage of people fit into this category (especially credit score wise) is likely small.
Posted on 6/10/21 at 10:07 am to stout
quote:
“You now have permanent capital competing with a young couple trying to buy a house,” said John Burns, whose eponymous real estate consulting firm estimates that in many of the nation’s top markets, roughly one in every five houses sold is bought by someone who never moves in. “That’s going to make U.S. housing permanently more expensive,” he said.
And therein lies the rub. It’s already been a huge issue in markets since at least last year with investors like this coming in and buying up property.
How is a family supposed to buy a home like this?
Posted on 6/10/21 at 10:11 am to GREENHEAD22
quote:
It's a win win either way for them. Section 8 is a guaranteed check.
Yep. Sadly that’s what has happened in my parent’s neighborhood. As people have died off, they’ve been bought up and rented out.
We bought back in December and last week has one of these investment corporations reach out wanting to purchase our not for sale home. So they’re not just sticking to houses on the market.
Posted on 6/10/21 at 10:12 am to BluegrassBelle
quote:
How is a family supposed to buy a home like this?
They're not.
Posted on 6/10/21 at 10:13 am to gizmothepug
quote:
And that’s the problem, rental homes. I, like a lot of us have rented homes before but when older folks die off in a neighborhood a lot of those homes become rentals and sooner or later those neighborhoods go to shite. Most renters aren’t going to care and have the same pride that comes with owning a house in a neighborhood.
Yeah I feel like people are skimming over this fact... this neighborhood wasn't going to do well anyways. I dont agree with this but when DR Horton owns your house what do you expect?
This post was edited on 6/10/21 at 10:14 am
Posted on 6/10/21 at 10:31 am to upgrayedd
quote:
The Obama administration was trying toward the end of their tenure to inject as many section 8 rentals into the middle to upper-class neighborhoods as possible. This is probably their way to get it done.
if you have a minute go read about the Dubuque/Chicago section 8 fiasco from 2016. it's unbelievable the amount of government overreach that exists when it comes to subsidized housing.
https://bwi.forums.rivals.com/threads/hud-rewrites-the-map-makes-dubuque-iowa-part-of-chicago.81231/
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