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re: The next housing crisis is here, and this time, it’s about rentals
Posted on 5/12/20 at 3:09 pm to 9Fiddy
Posted on 5/12/20 at 3:09 pm to 9Fiddy
quote:
that's the bubble I'm waiting to burst.
Not saying I disagree. But, you could be waiting for a long time. Banks will always get bailed out.
This post was edited on 5/12/20 at 3:10 pm
0
Posted on 5/12/20 at 3:12 pm to The Spleen
I agree. We have these young kids in my office paying $1800 a month for a studio in Houston.
GTFO with that noise.
GTFO with that noise.
Posted on 5/12/20 at 3:13 pm to joshnorris14
quote:
I'm sure Hawaiian residents are going to be economically empowered by the collapse of their real estate market because their dominant sector is gone.
Hawaii is definitely on the extreme end of the argument and not really what I meant. I'm talking places like Nashville, Austin, New Orleans, Portland, etc. Places where tourism is big, but places that could also afford a little more housing inventory for locals.
Posted on 5/12/20 at 3:15 pm to 9Fiddy
quote:
What they didn't publicize in this is the fact it's not that payments are tacked onto the end of your loan. It's that when the deferment is over, the full amount you would have paid is due. Meaning if your note is $1,000 per month and you defer for 12 months, your amount due month 13 is $13,000.
Who could be advantaged by doing this? I guarantee you that someone who can't come up with $1000 a month for a couple of months with unemployment (and the USG kicker) ain't making no $13K balloon payment in month 13. What moron thinks this helps anyone?
Defer by adding 12 months on to the current mortgage termination date, where can I sign up?
Posted on 5/12/20 at 3:18 pm to RLDSC FAN
quote:
both renters and property owners will slide down the socioeconomic scale together,” says Emily Benfer, a visiting law professor at Columbia University. “It will have a ripple effect.
Government action usually has unintended consequences worse that the issue they are fighting.
It almost feels like a test run for technocracy.
Posted on 5/12/20 at 3:25 pm to OysterPoBoy
quote:
The landlord/renter relationship as we knew it could never last. Landlords became reliant on rent coming in and renters became reliant on having a place to live. It was always unsustainable.
That's been the case for hundreds of years.
Posted on 5/12/20 at 4:00 pm to RLDSC FAN
China wins, not Wall Street.
They will buy buying up blocks of houses and apartments.
They will buy buying up blocks of houses and apartments.
Posted on 5/12/20 at 4:13 pm to RLDSC FAN
Not nearly on the scale of subprime mortgages
Posted on 5/12/20 at 5:23 pm to RLDSC FAN
I’m lucky my homes are paid off and in good shape which reduces unexpected costly repairs.
I only have to pay the insurance, taxes, pest control, and minor unexpected repairs.
Over the years I have worked with my tenants. Most of them had a bad few months here and there which I always worked with them.
Finding tenants that have been in my units some up to 10 yrs that treat my property like their personal home is golden.
I only have to pay the insurance, taxes, pest control, and minor unexpected repairs.
Over the years I have worked with my tenants. Most of them had a bad few months here and there which I always worked with them.
Finding tenants that have been in my units some up to 10 yrs that treat my property like their personal home is golden.
Posted on 5/12/20 at 6:13 pm to OysterPoBoy
quote:
The landlord/renter relationship as we knew it could never last. Landlords became reliant on rent coming in and renters became reliant on having a place to live. It was always unsustainable.
This is the dumbest thing I have ever read.
Posted on 5/12/20 at 9:37 pm to RLDSC FAN
A trillion dollars. That’s 999,000 million dollars plus another 1,000 million. Crazy. Bernie Sandets lives.
Posted on 5/12/20 at 10:07 pm to wm72
quote:
However, I pay $2200/mo in Brooklyn.
I can just keep paying but how smart that will be depends on how quickly I'm making the same amount every month and not just dumping savings into rent
Nice where in BK?
I pay over that (in manhattan) and have had no issues and don’t expect any in my industry
Do you expect your salary to get lower because of this?
quote:
I have a lot of friends in very similar situations.
I don’t but we are also all in the same industry
quote:
would hate to think I had to move -- I've been in the same place since 2009 -- but will certainly consider it if I'm paying much over the new lease rate for similar flats in coming months and especially if my business doesn't bounce back to close to the same level.
Ah if you don’t mind me asking what business?
Posted on 5/12/20 at 10:08 pm to SeeeeK
quote:
China wins, not Wall Street.
Where do you think Chinese investors hold their money?
With JPMorgan, Goldman Sachs, BOA etc
Foreign investors get involved in the Unites States, and the banks help them invest their money
quote:
They will buy buying up blocks of houses and apartments.
Ripping apart crappy neighborhoods of shite and putting in luxury high rises
In that case, I’m for it
This post was edited on 5/12/20 at 10:14 pm
Posted on 5/12/20 at 10:30 pm to lsu13lsu
quote:
Airbnb etc was a very good idea for people that wanted to rent their place out or rent out their second home. It is a problem when everyday joe's are essentially a hotel owner with a bunch of units and a bunch of debt.
Agree.
All I've stayed in except one were renovated apartments on the owner's property. Either above their garage or in a renovated small building on the property or renovated basement.. something of that sort.
I have no interest in buying places to use as AirBnb, but I would definitely consider renting out a guest house or vacation home.
Someone on this board AirBnb'd out his old marital home post-divorce when he and his ex wife had moved out and he was paying 2 mortgages between that home and his new one. Really nice home he was able to rent out for a lot of $$.. and it was when the BR movie industry was at its peak so got booked regularly.
I want to say he never had to pay the mortgage out of pocket once he started doing that, and the house remained on the market the entire time until it finally sold. I'd be glad to have AirBnb as an option in that situation.
This post was edited on 5/12/20 at 10:37 pm
Posted on 5/13/20 at 1:03 am to I Bleed Garnet
quote:
quote:
However, I pay $2200/mo in Brooklyn.
I can just keep paying but how smart that will be depends on how quickly I'm making the same amount every month and not just dumping savings into rent
Nice where in BK?
I pay over that (in manhattan) and have had no issues and don’t expect any in my industry
Do you expect your salary to get lower because of this?
quote:
I have a lot of friends in very similar situations.
I don’t but we are also all in the same industry
quote:
would hate to think I had to move -- I've been in the same place since 2009 -- but will certainly consider it if I'm paying much over the new lease rate for similar flats in coming months and especially if my business doesn't bounce back to close to the same level.
Ah if you don’t mind me asking what business?
I have a record shop but also record music / dj. A lot of friends work in entertainment (musicians, djs, sound tech, music lawyers) and/or own bars/clubs. . .
Basically, a lot of people that are likely to be affected to various degrees until bands touring and clubs/bars scenes are back in full swing.
I live in Clinton Hill.
Posted on 5/13/20 at 1:43 am to RLDSC FAN
Yep
Posted on 5/13/20 at 2:17 am to Tortious
quote:
I wonder how long it will be before "if you sign a new lease today, we can spread that back rent out over the course of the new lease" deals start popping up.
Or they will just leave and go find a new place. A uhaul costs a lot less than paying 3 months of back rent.
Posted on 5/13/20 at 2:34 am to Aubie Spr96
I’m heavy in IVR & MITT. They’re definitely not killing it but it’s a fantastic time to load up very cheaply on these two with great dividends.
Posted on 5/13/20 at 4:11 am to RLDSC FAN
quote:
The next housing crisis is here, and this time, it’s about rentals
Good.
Short term rentals are an annoying fad and needed a kick in the pants.
AirBnB set the market because people started buying up properties that should’ve been family homes and essentially turned them into hotels.
This post was edited on 5/13/20 at 4:13 am
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