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re: What should be done about investors buying up homes?
Posted on 5/20/24 at 11:06 am to BuckyCheese
Posted on 5/20/24 at 11:06 am to BuckyCheese
quote:
. A couple townships around the Dells have bans on short term rentals (No Airbnb bullshite).
I didnt understand the impact of this until about 3 years ago. Most of the properties here are purchased by people who dont even live in the community, and have zero stake in it outside of their investment, which will be artificially propped up by government.
I've come to loathe these people, they have zero interest in this town or community, and will benefit from government propping up their property prices.
This new wealth economy has replaced the worker "paycheck" economy and left most of Americans out of the loop. Its almost impossible to get ahead if you dont inherit shite today, due to Govt policies.
This post was edited on 5/20/24 at 11:08 am
1
Posted on 5/20/24 at 11:09 am to MadQfrog
quote:Precisely nothing.
What should be done about investors buying up homes?
The focus should instead be on reducing NIMBY all over the country - especially in supply-constrained markets. New construction is need to create supply - not fake legislative nonsense.
Posted on 5/20/24 at 11:10 am to stout
When I worked in servicing the FHA required a personally delivered letter if you had a branch or an office within 100 miles of the borrower to talk about modification options. It cost the company $50-60k/month to comply 
Posted on 5/20/24 at 11:10 am to CGSC Lobotomy
quote:
When you get a cold call asking you to sell your home
i get calls all the time for me to sell my rental properties by other investors.
quote:
and that if they ever call you again, you will press charges.
we can tell who the RE landlords are here and who is not
Posted on 5/20/24 at 11:10 am to scottydoesntknow
quote:Thank you, central-planning Comrade!
A huge corporation should not own a vast portfolio of residential property. There are other ways to make money than at the expense of your population
Posted on 5/20/24 at 11:10 am to Big Scrub TX
quote:
New construction is need to create supply
Agree, but watch who is buying the properties.
Covid money rigged the game.
Posted on 5/20/24 at 11:12 am to NPComb
quote:
A quick peak into the portfolio of congressman and senators on both sides will tell you that we won't have any say on what is "too big too fail" and what's not.
You of all people should know better.
The thread is what "should" be done.
None of these big policies are likely to occur.
Posted on 5/20/24 at 11:12 am to RogerTheShrubber
Blackrock/Vangard
How many on here have some of their mutual funds in their portfolio?
How many on here have some of their mutual funds in their portfolio?
Posted on 5/20/24 at 11:15 am to MadQfrog
Are these companies mostly flipping homes or mostly renting them?
Posted on 5/20/24 at 11:17 am to SlowFlowPro
Holy crap 20 upvotes to 0 down votes? Something everyone agrees with.
Posted on 5/20/24 at 11:23 am to ChexMix
quote:
frick that. If i want to have farm land and keep it fallow, thats my choice.
I guess you need to go back to 3rd grade reading class first.
Do you know what the word “CAN” means? Because your reply to me seems to indicate you do not.
This post was edited on 5/20/24 at 11:25 am
Posted on 5/20/24 at 11:27 am to Big Scrub TX
quote:
A huge corporation should not own a vast portfolio of residential property. There are other ways to make money than at the expense of your population
Thank you, central-planning Comrade!
Like being too big to fail?
Like bailing out investors to keep housing markets up?
That sounds more like socialism to me.
Posted on 5/20/24 at 11:27 am to MadQfrog
quote:
Forcing large investors to sell rental homes and heavily taxing the investors is the wrong approach (“Home-Buying Firms Draw Lawmakers’ Ire,” Page One, April 30). Legislators should instead change the tax code that makes houses so expensive to families.
Lawmakers should eliminate the tax-code provisions that give investors a huge advantage over family buyers.
The only direct current legal remedy in Georgia to prevent purchases is rental caps by HOAs.
Taxation is interesting, although they’d probably just pass along the increases in the form of higher rents.
Posted on 5/20/24 at 11:29 am to wutangfinancial
quote:
When I worked in servicing the FHA required a personally delivered letter if you had a branch or an office within 100 miles of the borrower to talk about modification options. It cost the company $50-60k/month to comply
Yep. They are called "mortgage inspectors" and HUD allowable is $30 per house they visit. It used to be $20 but gas was cheaper and it was easy to hit 30-50 houses if you routed out your day beforehand. Several of them used to make bank. Now, not so much even with the price increase because the volume is way lower.
Posted on 5/20/24 at 11:31 am to MadQfrog
Free market forces will resolve this issue naturally. No need for the government to get involved at all.
Posted on 5/20/24 at 11:34 am to CorchJay
quote:
Blackrock/Vangard
It not just them.
Local community offered tax breaks for new properties being built for single families. Several big out of state companies complied, then turned around and sold the entire complexes to corporations through loopholes, utilizing tax breaks.
So we added hundreds of units for visitors. with tax breaks. Not for residents. Most of that money is going out of State.
A basic home here, 1,100 sq feet, 3-1.5 and built in the 60s or 70s will cost over 400k. All due to out of state LLCs and corporations buying residential properties that commercial outfits cant get because of zoning.
Someone is getting paid off. There is little risk for investors. Thats a broken system.
Posted on 5/20/24 at 11:58 am to hawkeye007
quote:
to be able to finance a house with any type of loan you have to have a resident alien card. no way around that.
Lol. Moron.
Posted on 5/20/24 at 12:16 pm to MadQfrog
The local governments can easily control the issue if they want to. All they gave to do is change tax laws and codes to make it undesirable for large investors to want to own property in the area.
1. Code changes. Change the code that requires either investors that do not live in the community to have to maintain the property to a very high standard such as no dead grass, manicured gardens, a professional landscaping service, annual property inspections with required repairs if needed. Just make it so the property can not be a cash cow that they let go into disrepair and take all the profit.
2. Tax of fee. Annual corporate tax or fee over 5 properties owned. Tie it to an annual inspection and lease renewal.
3. Make the owner attest to physically being on the property themselves at least annually. Not a representative but the CEO as owner of the property.
1. Code changes. Change the code that requires either investors that do not live in the community to have to maintain the property to a very high standard such as no dead grass, manicured gardens, a professional landscaping service, annual property inspections with required repairs if needed. Just make it so the property can not be a cash cow that they let go into disrepair and take all the profit.
2. Tax of fee. Annual corporate tax or fee over 5 properties owned. Tie it to an annual inspection and lease renewal.
3. Make the owner attest to physically being on the property themselves at least annually. Not a representative but the CEO as owner of the property.
Posted on 5/20/24 at 12:21 pm to fwtex
quote:
1. Code changes. Change the code that requires either investors that do not live in the community to have to maintain the property to a very high standard such as no dead grass, manicured gardens, a professional landscaping service, annual property inspections with required repairs if needed. Just make it so the property can not be a cash cow that they let go into disrepair and take all the profit.
This impacts slum lords far more than corporate owners.
Would have zero impact on the problem being discussed here.
Posted on 5/20/24 at 12:26 pm to MadQfrog
I agree with those of whom would say that homes and farm land should only be owned by people. Citizens of the country none less.
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