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re: This is what you get buying a DSLD home
Posted on 4/2/22 at 4:17 pm to stout
Posted on 4/2/22 at 4:17 pm to stout
quote:
There's no stopping it and it's only going to get worse.
In 2 or 3 years, once pandemic-induced foreclosures make their way through the system, hedge funds will be snatching those up in bulk too.
Does anybody have anything optimistic to say about any of this?
4
Posted on 4/2/22 at 4:21 pm to Earnest_P
quote:
Does anybody have anything optimistic to say about any of this?
I’m selling my rent houses and will make a modest profit because I’d be dumb to hold in this crazy market. I could use the cash.
Posted on 4/2/22 at 4:22 pm to stout
Curious as to what other issues you noticed
Posted on 4/2/22 at 4:23 pm to stout
quote:
This home was on the market for $275K at one point. It is now for rent for $2500 I think.
This is what doesn't make sense. I'd there that big of a market for renters for 2500? Especially if all you get is a 275k home. You could purchase for a 1000 less per month and throw the extra 1000 down each month on principle if you can afford 2500 per month in rent.
Posted on 4/2/22 at 4:23 pm to thelawnwranglers
quote:
free market but find that disturbing
I work with a hedge fund that owns 8800 properties in TN, GA, SC, and NC alone.
Posted on 4/2/22 at 4:23 pm to stout
I love the free market but hedge funds manipulate the market. They create demand that is not natural, all speculation from non end users does. A couple of rules I would like to see.
A limit on SFH a non user can purchase.
Not allow speculation on commodities from investors who have no way to take physical delivery of the commodity.
Now, in a true free market with a normal money supply we would not need these rules, but our government has expanded the money supply so much that these investors need something to invest in and they have been hammering SFH's for a while now and it is driving the market artificially high.
A traditional mortgage on a $275k house is only about $1k a month... You can't tell me the rent should be $2500 on the same house... it is the hedge funds creating their own demand.
A limit on SFH a non user can purchase.
Not allow speculation on commodities from investors who have no way to take physical delivery of the commodity.
Now, in a true free market with a normal money supply we would not need these rules, but our government has expanded the money supply so much that these investors need something to invest in and they have been hammering SFH's for a while now and it is driving the market artificially high.
A traditional mortgage on a $275k house is only about $1k a month... You can't tell me the rent should be $2500 on the same house... it is the hedge funds creating their own demand.
Posted on 4/2/22 at 4:27 pm to BamaCoaster
quote:Not so sure I agree with you Comrade.
To other rightfully concerned posters, I think city councils will eventually have to get involved and insist no permits issued for developments for rentals. All sales have to be primary/secondary. These hedge funds are erasing the main vessel for wealth creation in this country.
Sincerely yours,
Adam Smith
Posted on 4/2/22 at 4:30 pm to stout
I talk with guys all across the country re: RE market conditions..1 guy in Phoenix tells me that SoCal has between 4-500,000 foreclosures due to hit the market in the near term.
Posted on 4/2/22 at 4:31 pm to RTRinTampa
quote:
I hope they eventually loose their asses.
You want them to have diarrhea?
Posted on 4/2/22 at 4:35 pm to Earnest_P
quote:
Does anybody have anything optimistic to say about any of this?
Why would they? It is personnel for me.
My daughter and SIL put a contract on a new house in Jan 2021 for occupancy in Sep. In Aug they sold their house, put their stuff in storage, and moved in with me. In late Aug, 2 weeks before closing, the builder pulled the contract, eventually selling to a hedge fund. They did it with basically the whole development. It was in the local Tampa News a couple of months ago. Some of initial buyers where inbound military families that had to scramble to find other housing. My daughter's family is still with me. frick greedy hedge fund MFers. Hope they choke on their prime rib.
This post was edited on 4/2/22 at 4:45 pm
Posted on 4/2/22 at 4:37 pm to RockinDood
quote:
Curious as to what other issues you noticed
I went to four properties today and didn't notice anything else as bad as my OP. Keep in mind that these houses have all had the CO issued for them so they have been inspected by the permit office.
The finish work in every house was pure garbage in my opinion.
None of the houses have been lived in yet but some things like the brand new bathtubs looked like someone sanded them with 60 grit, you could see where they drug the appliances across the LVP flooring and scratched the crap out of it. The engineered wood flooring in one had huge gouges in it. The granite on one island it was obvious someone dropped something heavy on it and knocked a chunk out and cracked it. Just a bunch of signs that no one GAF.
This post was edited on 4/2/22 at 4:44 pm
Posted on 4/2/22 at 4:37 pm to soccerfüt
Yea.
Because I don’t think markets should be manipulated, I’m a communist.
Because I don’t think markets should be manipulated, I’m a communist.
Posted on 4/2/22 at 4:39 pm to stout
quote:
I went to four properties today and didn't notice anything else as bad as my OP. Keep in mind that these houses have all have the CO issued for them so they have been inspected by the permit office.
The finish work in every house was pure garbage in my opinion.
None of the houses have been lived in yet but some things like the brand new bathtubs looked like someone sanded them with 60 grit, you could see where they drug the appliances across the LVP flooring and scratched the crap out of it. The engineered wood flooring in one had huge gouges in it. The granite on one island it was obvious someone dropped something heavy on it and knocked a chunk out and cracked it. Just a bunch of signs that no one GAF
What area if you don’t mind me asking? And do you do private inspections?
Posted on 4/2/22 at 4:40 pm to SalE
quote:
I talk with guys all across the country re: RE market conditions..1 guy in Phoenix tells me that SoCal has between 4-500,000 foreclosures due to hit the market in the near term.
That would be a shocker and I highly doubt it. There were only like 1.6 million homes that went into foreclosure across the whole nation during the subprime recession.
Around the middle of May or the start of June is when things are supposed to really pop off in the industry so we will know soon just how bad it may or may not be.
Posted on 4/2/22 at 4:41 pm to BamaCoaster
quote:
Because I don’t think markets should be manipulated, I’m a communist.
define "manipulated"
any purchase or sale you ever makes manipulates a market, just a very tiny amount
Posted on 4/2/22 at 4:42 pm to soccerfüt
quote:That invisible pimp hand needs to get the work in. STAT
Adam Smith
Posted on 4/2/22 at 4:43 pm to RockinDood
quote:
What area if you don’t mind me asking?
SWLA
quote:
And do you do private inspections?
Nope. Not licensed for it. I am a GC but outside of some hurricane repairs the past few years, I have only dealt with private clients like banks for the past 12 years.
Posted on 4/2/22 at 4:43 pm to ItNeverRains
quote:
How did that pass inspection and get a CO? I’d call the city.
Easily. The city doesn't inspect the slab only the footings and reinforcement in the slab. And the CO has nothing to do with honeycombs.
Posted on 4/2/22 at 4:45 pm to Earnest_P
quote:
Does anybody have anything optimistic to say about any of this?
It seems our only hope at this point is legislation. And im not optimistic anything will get passed.
Posted on 4/2/22 at 4:45 pm to RTRinTampa
quote:
frick greedy hedge fund MFers. Hope they choke on their prime rib.
Meanwhile, your 401K is probably at least 70% propped up by hedge funds
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