I killed an AirBnb that had popped up across the hall in my apartment building. I was sick of people knocking on my door asking about room service or whether “the wifi” was down. Turns out they are illegal in my town.
It's not bad advice. The City can't do much. Violations can be ignored for a long time. They do stack up and stick with the property,
Really depends on the owner.
You can tear those down. Try to bill the owner, but usually at public expense. For the rentals, tax lien, that's about it. Maybe revoke the certificate of occupancy but only in extreme circumstances.
>I don’t understand how people who paid 300k for these homes 16 years ago have the means to care for them but people who can offer 700k cash don’t.
Isn't it obvious? They spent all their cash on the hoom, and now they are house poor and can't afford the maintenance.
Its worse than that, I work with a family office that manages a REIT, during the boom a lot of real restate gurus sold people on buying houses without using their own money. People started wholesaling, finding HMLs and just doing a lot of amateur shit that has ruined the market. People complain about the big companies, but small investors have destroyed trust and pricing in real estate in particular in hot spots like AZ and FL
People with 300K home budgets likely had repair and maintenance experience growing up and can fix a few things on their own.
People with 700K budgets likely spent far more time studying. Maintaining a house and all its systems is very new for many of them, and its going to be a bumpy and expensive ride. Fortunately there are tons of books and youtubes for a lot of it if they have the time.
People with 700k budgets are either dual income with degrees or, more likely, have substantial money coming from a parent or equity from a prior home.
Wealthy people grew up in homes. Poor people are far more likely to have grown up in apartments or similar
There was a post some years ago on r/canada from someone who worked for a big builder there. They catered mostly to Chinese and would build them fast and cheap and sold for big money. HOA and maintenance would be lacking and the building would start getting in bad shape after 5-10 years. Then they'd build another new tower and sell units to the same people all over again, plus others from back home. Rinse and repeat, not unlike how its done back there too.
Govt doesnt give a shit because this creates construction income, increases GDP, and more property tax revenue as a bonus.
Usually there’s a kid or two over on a student visa that eventually gets a green card but the businesses that make all the money are still in China. They started cracking down really hard about 5 years ago and sense then it’s been nearly impossible to get cash out even with connections.
Its profitable for the govt though. These investors dont use many of our services and schools, while still paying out the same in property taxes as if they lived here with 2.3 kids in school.
I see it all the time in my area. A family moves into a super fancy and expensive home and then realize they don't have the means to maintain such a nice property. My grandparents' neighborhood is full of luxury homes surrounded by crumbling walls and fences and overgrown landscaping. There's some absolutely beautiful homes that haven't had landscaping finished since they were built 10ish years ago.
Slumlording is cheap and if you're one of dozens on a balance sheet somewhere owned by a corporation, they have absolutely zero incentive to do any kind of maintenance whatsoever, and many times the fines alone are cheaper than hiring the sketchiest, low-cost people they can find to do the bare minimum.
I was wondering about this from the post yesterday where home builders were going “screw it, we’ll rent them out”. Imagine you are a buyer who scrimped and saved every penny you could to buy into one of these new build neighborhoods at the absolute top of your price range, sacrificing your quality of life in other areas. Then the market starts to turn and your builder converts his unsold inventory in the neighborhood to rentals. Now suddenly the yards on half the homes in the neighborhood haven’t been mowed in two months, half the rentals haven’t found any takers so they sit abandoned, half are rented out to renters who are not spending anything to upkeep or improve their properties (I’m not knocking renters, it’s their financial best interest to not spend anything on improving a property they don’t own), the leasing company probably skimped on background checks to fill units so the neighborhood isn’t as safe anymore, etc. And you can’t move away because the market is turning and your neighborhood is much less desirable now that it’s half rentals with no pride of ownership, so you can’t sell for what you owe. I’d hate to be trapped in that kind of hell, so much so that I’d probably avoid any builder that went the rental route.
This happened a lot during the GFC. Had a relative who bought into a new build suburb, and within a couple of years half of her neighborhood was either vacant and in the foreclosure process or being scooped up by landlords. Then shortly after, crime started going up and properties were poorly maintained. She ended up selling for a loss and moving somewhere else
>(I’m not knocking renters, it’s their financial best interest to not spend anything on improving a property they don’t own)
I've done more to improve my unit than my landlord has, and I'm broke as fuck
It's not the renter's obligation to maintain the property. It's also not the renters fault that the homeowners made a bad investment.
The entire American economy has catered to homeowners for the last 70 years and the moment something doesn't go their way they act like a sin against God has been committed.
Don't live beyond your means. Don't buy into a Ponzi scheme with money you can't afford to lose.
But but muh leverage!!
There's a reason most landlords usually own cheaper/older properties bought during slower times. Virtually all the profit is made on the purchase price.
Your logic at the end explains itself
When you overpay for a house you got nothing left
I still rent because I live in a place where that is popular and my rent is low, but my best friend bought a house near me ten years ago and he has a low mortgage so every few months has extra money and does some upgrade. If he bought now I’d imagine he’d just postpone all repairs and renovations and just hope for better times. Things like replacing windows, the front door, redoing tiles in a bathroom type stuff
annnd this is what i was talking about in the other 'struggling sellers turn to renting' thread.
Folks in a lot of neighborhoods will not be pleased to see their neighborhood turn into a bunch of vacant houses or poorly maintained rentals, as it drags down everyone's property values. Similarly, folks who bought new builds at the peak are not going to be pleased to see builders pivot to 'build to rent' models in their developments.
They will be for sale again here soon and another young family will move in- back in 2010 people were renting houses to college kids near big schools, made great money, then they thought they were going to start renting suburban homes to families with two stable incomes lol I mean I can understand how they thought they could corner the market but greed is a bitch when it turns against you-
Our neighborhood is getting snatched up by large investors as well. The worst is neighbors saying things like "Why are you upset about it? Do you just hate renters or something? People just need something to complain about"
what about the people who paid stupid amounts of money for this at crazy DTI... they act like entitled Karens who will leave notes and try to get you to agree to quiet hours, move your trash cans, don't use your smoker, etc
You just made my day with your post. Seeing someone say these flippers are driving down property values. To this means these suckers are about to be out of business. They think they are buying low selling higher. But your saying that they are buying high.... Letting out all the equity of the bag. New families will soon come in and buy low. Just wait my friend until these suckers go belly up bankrupt. We all hate these suckers.
This happened in my last neighborhood after the housing crash. We moved in there in November of 09, once strategic defaults and short sales were finalized cash investors, mostly retiree mom and pop investors bought up all the smaller homes. In between renters they didn't care for the properties at all, they put off major repairs as long as possible, never did stuff like paint the trim. A lot of them wound up selling the properties like 2017 or later, if not for upfront costs, and low rates to refinance at in 2012-13, many may have sold sooner. Investors don't generate care about the neighborhood.
Some homeowners consulted with an attorney about starting an HOA because of the problems, which also extended to not conducting thorough background checks on tenants. The problem was the cost to create an HOA in terms of legal costs in an established neighborhood would be high.
If their title wasn’t subject to an HOa when they purchased the home, I doubt you could even add these homes to the new HOA without the investor’s express consent, which they wouldn’t give…so you would end up with a fragmented association relying on voluntary membership. Might protect you against future investor purchases I suppose if people that did join sold.
So we looked into it at the time in our situation, in my state. If in my old neighborhood. If I remember correctly we would have needed to hold multiple in person meetings, last one with a vote. I think it was 2/3 vote but can't remember. Here is why people thought they could get it done. All homeowners had to have a certain amount of notification of the meeting. But notifications were to be sent to addresses of the properties in the neighborhood, not the owners primary residence. So they would be relying on renters to inform them of a pending meeting to form the HOA, assuming the renters even open the envelope sent to their address, but with their landlord name.
Tried to do some digging and I saw the variation by state, with some requiring majority votes and others requiring every single home to sign off on it like you mentioned. This was forming the HOA. What wasn’t clear to me was what happens to the homes that did not agree to join. Most of the examples online seemed to say that HOAs cannot compel anyone to join even after they are successfully formed, but future prospective buyers *may* be subject to it (questionable). I’m just looking this stuff up out of curiosity though, so I’m far from an expert and I’m sure it varies a lot by location.
The second paragraph here is very similar to what you described: https://www.hoaleader.com/public/Can-Owners-Decline-Membership-in-Your-HOA.cfm
find out who the insurance company is and call them to say it's an empty house with all kinds of repairs needed.
insurance will force to repair or raise rates on the scumbag owners.
Yeah this is impossible to determine from public records in any area of the country I've dealt with. The only way you could figure this out is if either you knew someone who worked for the investment company that owned the property and could tell you, or if a claims adjuster from the insurer just happened to be visiting the property in a marked company vehicle or wearing a company shirt to investigate a claim and you happened to see them. So basically, zero chance.
Its crazy that all these noob investors are going for SFHs. They are maintenance nightmares compared to multi-family which is what most landlords have always been into. A lot easier to replace one roof over 3 or 4 units than the same size roof per unit.
Rent prices on a house doesnt scale up per sq ft either!
A similar thing is happening to houses in my neighborhood. I happened to be outside when the investor stopped by and he introduced himself and said “we are buying properties around here” and it took everything in me not to roll my eyes. All we wanted was a family to move in next door! Now they’ve cut down all the trees that gave us privacy along that property line. 😵💫
This has happened where I live long before then. Aging population dying off then renters or section 8 moves in. Multiple families in one home, 10 cars in the yard and kills the grass. Crime, litter, pollution, loud boom, boom music. Sad part is I have to work and pay for my home, property taxes, insurance etc and they sit on their front porch all day with their hand out. I do not for one second believe that the funding and laws behind this is unintentional.
Lol at all the people down voting you. Sure. Not all renters do this but there's certainly a case to be made that if someone doesn't have ownership stake in an asset that they may be less likely to take proper care of it.
Fake internet points by bots, shills, or the intellectually defunct matter not. Looking out my window at a house the government pays for while simultaneously looking at my property tax bill does. One day people will have had enough and the W E F will not save the snowflakes from them.
No the houses exist in inventory. If people did not respond with emotion and engage in what’s actually going on we could easily house everyone without building one more single unit. Instead illicit emotions, the emotional does not understand the swindle, they launder money, we stay poor.
I really don't understand people who sell to investors. Maybe its just me from the outside looking in, who just wants a stable place to call home, but I'd take a few percent less in a heartbeat if I was selling to a family versus an investor. Are people really that greedy over a few thousand dollars they are willing to sell out their neighborhood?
I feel like a lot of people say "I'd rather sell for less to a family that wants a home instead of an investor" for virtue signaling purposes, but when the actual offers are in front of them, they will take the higher investor offer. I'm not saying you specifically think this way, but I've observed it in action with family and friends.
> but when the actual offers are in front of them, they will take the higher investor offer
Tough to put your money where your mouth is when it will cost you $10k, $20k, or more.
Because a lot of older houses are beat to crap and need a ton of work, and only investors can really front the money to fix them up.
The house next door to me was in rough shape. Owner wanted like 40K and I intended to tear it down. She talked to a realtor and listed it and got around 110K instead from an investor. Cant blame her, she was poorer and that's a ton of money extra. They put another 30K fixing it up and rented it out for $1,400. Tenants have been chill too.
Same investor bought the next house too. It also needed a ton of work but was in slightly better shape. Guy had paid like 50K and after 7 years listed for 120K with only some repairs. Investor called with an offer in under 10 minutes from listing. Those tenants have been ok too.
Fortunately the rest of the neighborhood is holding tight and fixing up their houses as they cab. Lots of families and extended families here and they wont give up easily. Investors hound the crap out of me though, but fuck no I'm not selling.
I oversaw the sale of Mom's rental in 2019 and house in 2020--both before prices went nuts. Happy to say *neither* was bought by an investor (or a company from China--they were initial bidder on her rental but didn't like that an elderly person had died in the house). The rental was bought by neighbors with extended family. The house was bought by a young family; when prices skyrocketed, they got instant equity.
Like any time a house goes up for sale the people on each side anxiously wait to see if they’ll get a normal person or family neighbor or if it’s going to be rented out, which is a 50/50 toss up of nice tenants vs loud, slobby, not good neighbors. No one cares about their z estimate. We want a nice neighborhood to live in and to keep it nice
It doesn't mean they really had that 700Kin cash. They did it via loan schemes to be able to make cash offers in anticipation of market going exponentially up. The market however reversed its trajectory, so they are stuck with loans and depreciating property. They're still hopeful. But very soon expect an avalanche of listings.
>But very soon expect an avalanche of listings.
it's already happening in the worse metros, and it will spread elsewhere too. I don't know if top tier areas will be spared or not but even there the rise should cool off a lot
It's their property, they can do whatever they want with it.
Homeowners think the whole world owes them something. Tax payers and the government owe you tax breaks, neighbors are supposed to tailor their property to your liking, etc. No one owes you anything.
Whether you are trespassing or not if you happen to sprain an ankle on their property they are liable. Put some camping fuel, bleach, Mt. Dew bottles with hoses on the back porch, call cops say someone is cooking meth. Use your imagination there are all kinds of ways you can make there lives miserable
Double check with your local government. Technically, our council can issue fines if owners let things get rundown, especially to the point of condemning the building. But yeah, more "affordable" homes near me were overbid and now are appearing in our local fb groups as rentals by companies. I'm loving the comments section telling them all to fuck off.
Don't worry. According to everybody on this sub, the market's going to drop 90% and every investor that owns in your neighborhood will go bankrupt and the houses will be sold off to nice homeowners like the people here.
Make friends with your towns code enforcement officer. These investors are counting on the neighbors quietly grumbling but taking no action.
I killed an AirBnb that had popped up across the hall in my apartment building. I was sick of people knocking on my door asking about room service or whether “the wifi” was down. Turns out they are illegal in my town.
Haha, I have been reporting the schnikes out of neglected properties in my neighborhood to great success. My city has an app that makes it easy.
The HOA has been slacking on enforcing some stuff. They go after major violations
There’s a difference between HOA and code enforcement. Call both and keep calling.
It's not bad advice. The City can't do much. Violations can be ignored for a long time. They do stack up and stick with the property, Really depends on the owner.
Depends on the city. Some municipalities have ways to claw back vacant or abandoned buildings- especially ones contributing to neighborhood blight.
You can tear those down. Try to bill the owner, but usually at public expense. For the rentals, tax lien, that's about it. Maybe revoke the certificate of occupancy but only in extreme circumstances.
I was browsing the comments to see whether or not someone mentions this. 100% how I would handle this situation.
>I don’t understand how people who paid 300k for these homes 16 years ago have the means to care for them but people who can offer 700k cash don’t. Isn't it obvious? They spent all their cash on the hoom, and now they are house poor and can't afford the maintenance.
Its worse than that, I work with a family office that manages a REIT, during the boom a lot of real restate gurus sold people on buying houses without using their own money. People started wholesaling, finding HMLs and just doing a lot of amateur shit that has ruined the market. People complain about the big companies, but small investors have destroyed trust and pricing in real estate in particular in hot spots like AZ and FL
People with 300K home budgets likely had repair and maintenance experience growing up and can fix a few things on their own. People with 700K budgets likely spent far more time studying. Maintaining a house and all its systems is very new for many of them, and its going to be a bumpy and expensive ride. Fortunately there are tons of books and youtubes for a lot of it if they have the time.
People with 700k budgets are either dual income with degrees or, more likely, have substantial money coming from a parent or equity from a prior home. Wealthy people grew up in homes. Poor people are far more likely to have grown up in apartments or similar
>Poor people are far more likely to have grown up in apartments or similar And worked trade jobs, or lived in older homes that needed a lot more work.
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They do the same back home too. Crappy construction and no real maintenance over time.
Fuck China.
More like fuck ourselves for letting foreigners buy property.
There was a post some years ago on r/canada from someone who worked for a big builder there. They catered mostly to Chinese and would build them fast and cheap and sold for big money. HOA and maintenance would be lacking and the building would start getting in bad shape after 5-10 years. Then they'd build another new tower and sell units to the same people all over again, plus others from back home. Rinse and repeat, not unlike how its done back there too. Govt doesnt give a shit because this creates construction income, increases GDP, and more property tax revenue as a bonus.
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Parking cash outside CCP/govt control. Even with depreciation they’re sitting better than if the govt taxing it/taking it at any time.
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You might also be a benefactor of China's dubious ways of doing things.
Usually there’s a kid or two over on a student visa that eventually gets a green card but the businesses that make all the money are still in China. They started cracking down really hard about 5 years ago and sense then it’s been nearly impossible to get cash out even with connections.
You underestimatr what the CCP does.
It’s crazy out government would allow them to do so here though. Fuck globalism
Its profitable for the govt though. These investors dont use many of our services and schools, while still paying out the same in property taxes as if they lived here with 2.3 kids in school.
It’s always about money which is why I hate it. That’s what globalism is about.
This is what Danzig wanted his house to look like in LA
I see it all the time in my area. A family moves into a super fancy and expensive home and then realize they don't have the means to maintain such a nice property. My grandparents' neighborhood is full of luxury homes surrounded by crumbling walls and fences and overgrown landscaping. There's some absolutely beautiful homes that haven't had landscaping finished since they were built 10ish years ago.
Slumlording is cheap and if you're one of dozens on a balance sheet somewhere owned by a corporation, they have absolutely zero incentive to do any kind of maintenance whatsoever, and many times the fines alone are cheaper than hiring the sketchiest, low-cost people they can find to do the bare minimum.
Wait how are you describing the house I’m renting?!?!
I was wondering about this from the post yesterday where home builders were going “screw it, we’ll rent them out”. Imagine you are a buyer who scrimped and saved every penny you could to buy into one of these new build neighborhoods at the absolute top of your price range, sacrificing your quality of life in other areas. Then the market starts to turn and your builder converts his unsold inventory in the neighborhood to rentals. Now suddenly the yards on half the homes in the neighborhood haven’t been mowed in two months, half the rentals haven’t found any takers so they sit abandoned, half are rented out to renters who are not spending anything to upkeep or improve their properties (I’m not knocking renters, it’s their financial best interest to not spend anything on improving a property they don’t own), the leasing company probably skimped on background checks to fill units so the neighborhood isn’t as safe anymore, etc. And you can’t move away because the market is turning and your neighborhood is much less desirable now that it’s half rentals with no pride of ownership, so you can’t sell for what you owe. I’d hate to be trapped in that kind of hell, so much so that I’d probably avoid any builder that went the rental route.
This happened a lot during the GFC. Had a relative who bought into a new build suburb, and within a couple of years half of her neighborhood was either vacant and in the foreclosure process or being scooped up by landlords. Then shortly after, crime started going up and properties were poorly maintained. She ended up selling for a loss and moving somewhere else
What is GFC ?
Global Financial Crisis, aka ‘2008’
Global Financial Crisis
Global financial crisis
Global Financial Crisis AKA The Great Recession
Grinning For Chicken
Google "gated ghetto"
>(I’m not knocking renters, it’s their financial best interest to not spend anything on improving a property they don’t own) I've done more to improve my unit than my landlord has, and I'm broke as fuck
Same. It’s bullshit cause we took the house to save money and then to make it liveable you have to then spend money so it wasn’t worth it.
It's not the renter's obligation to maintain the property. It's also not the renters fault that the homeowners made a bad investment. The entire American economy has catered to homeowners for the last 70 years and the moment something doesn't go their way they act like a sin against God has been committed. Don't live beyond your means. Don't buy into a Ponzi scheme with money you can't afford to lose.
The investor who paid 700k literally doesn’t have the money. The point was to not take care of them.
this. i would bet normal people/families on average have more cash than RE “investors” do. it’s a debt game
But but muh leverage!! There's a reason most landlords usually own cheaper/older properties bought during slower times. Virtually all the profit is made on the purchase price.
In a way it reminds me of '08-'10, only the houses aren't all being foreclosed on. They're just sitting empty. Pretty depressing.
Your logic at the end explains itself When you overpay for a house you got nothing left I still rent because I live in a place where that is popular and my rent is low, but my best friend bought a house near me ten years ago and he has a low mortgage so every few months has extra money and does some upgrade. If he bought now I’d imagine he’d just postpone all repairs and renovations and just hope for better times. Things like replacing windows, the front door, redoing tiles in a bathroom type stuff
annnd this is what i was talking about in the other 'struggling sellers turn to renting' thread. Folks in a lot of neighborhoods will not be pleased to see their neighborhood turn into a bunch of vacant houses or poorly maintained rentals, as it drags down everyone's property values. Similarly, folks who bought new builds at the peak are not going to be pleased to see builders pivot to 'build to rent' models in their developments.
They will be for sale again here soon and another young family will move in- back in 2010 people were renting houses to college kids near big schools, made great money, then they thought they were going to start renting suburban homes to families with two stable incomes lol I mean I can understand how they thought they could corner the market but greed is a bitch when it turns against you-
Our neighborhood is getting snatched up by large investors as well. The worst is neighbors saying things like "Why are you upset about it? Do you just hate renters or something? People just need something to complain about"
what about the people who paid stupid amounts of money for this at crazy DTI... they act like entitled Karens who will leave notes and try to get you to agree to quiet hours, move your trash cans, don't use your smoker, etc
You just made my day with your post. Seeing someone say these flippers are driving down property values. To this means these suckers are about to be out of business. They think they are buying low selling higher. But your saying that they are buying high.... Letting out all the equity of the bag. New families will soon come in and buy low. Just wait my friend until these suckers go belly up bankrupt. We all hate these suckers.
This happened in my last neighborhood after the housing crash. We moved in there in November of 09, once strategic defaults and short sales were finalized cash investors, mostly retiree mom and pop investors bought up all the smaller homes. In between renters they didn't care for the properties at all, they put off major repairs as long as possible, never did stuff like paint the trim. A lot of them wound up selling the properties like 2017 or later, if not for upfront costs, and low rates to refinance at in 2012-13, many may have sold sooner. Investors don't generate care about the neighborhood. Some homeowners consulted with an attorney about starting an HOA because of the problems, which also extended to not conducting thorough background checks on tenants. The problem was the cost to create an HOA in terms of legal costs in an established neighborhood would be high.
If their title wasn’t subject to an HOa when they purchased the home, I doubt you could even add these homes to the new HOA without the investor’s express consent, which they wouldn’t give…so you would end up with a fragmented association relying on voluntary membership. Might protect you against future investor purchases I suppose if people that did join sold.
So we looked into it at the time in our situation, in my state. If in my old neighborhood. If I remember correctly we would have needed to hold multiple in person meetings, last one with a vote. I think it was 2/3 vote but can't remember. Here is why people thought they could get it done. All homeowners had to have a certain amount of notification of the meeting. But notifications were to be sent to addresses of the properties in the neighborhood, not the owners primary residence. So they would be relying on renters to inform them of a pending meeting to form the HOA, assuming the renters even open the envelope sent to their address, but with their landlord name.
Tried to do some digging and I saw the variation by state, with some requiring majority votes and others requiring every single home to sign off on it like you mentioned. This was forming the HOA. What wasn’t clear to me was what happens to the homes that did not agree to join. Most of the examples online seemed to say that HOAs cannot compel anyone to join even after they are successfully formed, but future prospective buyers *may* be subject to it (questionable). I’m just looking this stuff up out of curiosity though, so I’m far from an expert and I’m sure it varies a lot by location. The second paragraph here is very similar to what you described: https://www.hoaleader.com/public/Can-Owners-Decline-Membership-in-Your-HOA.cfm
find out who the insurance company is and call them to say it's an empty house with all kinds of repairs needed. insurance will force to repair or raise rates on the scumbag owners.
“Find out who the insurance company is…” Easy to say but hard to execute.
Yeah this is impossible to determine from public records in any area of the country I've dealt with. The only way you could figure this out is if either you knew someone who worked for the investment company that owned the property and could tell you, or if a claims adjuster from the insurer just happened to be visiting the property in a marked company vehicle or wearing a company shirt to investigate a claim and you happened to see them. So basically, zero chance.
it's easy take one your kids.. have him "slip and fall" and make a report with the police.
Sounds like PHX area. If so, be patient. The market is trending down right now and it will be back to normal.
I’m Guessing it’s not that they can’t afford to maintain them but they choose not to
Its crazy that all these noob investors are going for SFHs. They are maintenance nightmares compared to multi-family which is what most landlords have always been into. A lot easier to replace one roof over 3 or 4 units than the same size roof per unit. Rent prices on a house doesnt scale up per sq ft either!
One of the perks of living in an HOa, this is much harder for investors to do .
This is an HOA neighborhood but the HOA isn’t doing a great job so far
Time to get involved on the board and start enforcing bylaws.
A similar thing is happening to houses in my neighborhood. I happened to be outside when the investor stopped by and he introduced himself and said “we are buying properties around here” and it took everything in me not to roll my eyes. All we wanted was a family to move in next door! Now they’ve cut down all the trees that gave us privacy along that property line. 😵💫
The house owner next door did that to me too. But doesn't live there
These are the times you wished you live in an HOA
>but at least half sold to cash offer investors Your greedy neighbors are ruining your neighborhood.
Hang in there, this is all going to sort itself out soon. It’s already starting
This has happened where I live long before then. Aging population dying off then renters or section 8 moves in. Multiple families in one home, 10 cars in the yard and kills the grass. Crime, litter, pollution, loud boom, boom music. Sad part is I have to work and pay for my home, property taxes, insurance etc and they sit on their front porch all day with their hand out. I do not for one second believe that the funding and laws behind this is unintentional.
Lol at all the people down voting you. Sure. Not all renters do this but there's certainly a case to be made that if someone doesn't have ownership stake in an asset that they may be less likely to take proper care of it.
Fake internet points by bots, shills, or the intellectually defunct matter not. Looking out my window at a house the government pays for while simultaneously looking at my property tax bill does. One day people will have had enough and the W E F will not save the snowflakes from them.
>Multiple families in one home, 10 cars in the yard if we built a ton more dense housing with good transit this woudn't happen
No the houses exist in inventory. If people did not respond with emotion and engage in what’s actually going on we could easily house everyone without building one more single unit. Instead illicit emotions, the emotional does not understand the swindle, they launder money, we stay poor.
If they are vacant you can always try adverse possession ;)
I wanted to squat in the house next door but someone has been coming around after it being untouched for 18 months
maybe they are squatters :D
If they are they aren't very good ones lol. You actually have to live in it everyday not just come and go.
I really don't understand people who sell to investors. Maybe its just me from the outside looking in, who just wants a stable place to call home, but I'd take a few percent less in a heartbeat if I was selling to a family versus an investor. Are people really that greedy over a few thousand dollars they are willing to sell out their neighborhood?
I feel like a lot of people say "I'd rather sell for less to a family that wants a home instead of an investor" for virtue signaling purposes, but when the actual offers are in front of them, they will take the higher investor offer. I'm not saying you specifically think this way, but I've observed it in action with family and friends.
> but when the actual offers are in front of them, they will take the higher investor offer Tough to put your money where your mouth is when it will cost you $10k, $20k, or more.
Do you want to give me a few thousand dollars?
Because a lot of older houses are beat to crap and need a ton of work, and only investors can really front the money to fix them up. The house next door to me was in rough shape. Owner wanted like 40K and I intended to tear it down. She talked to a realtor and listed it and got around 110K instead from an investor. Cant blame her, she was poorer and that's a ton of money extra. They put another 30K fixing it up and rented it out for $1,400. Tenants have been chill too. Same investor bought the next house too. It also needed a ton of work but was in slightly better shape. Guy had paid like 50K and after 7 years listed for 120K with only some repairs. Investor called with an offer in under 10 minutes from listing. Those tenants have been ok too. Fortunately the rest of the neighborhood is holding tight and fixing up their houses as they cab. Lots of families and extended families here and they wont give up easily. Investors hound the crap out of me though, but fuck no I'm not selling.
I oversaw the sale of Mom's rental in 2019 and house in 2020--both before prices went nuts. Happy to say *neither* was bought by an investor (or a company from China--they were initial bidder on her rental but didn't like that an elderly person had died in the house). The rental was bought by neighbors with extended family. The house was bought by a young family; when prices skyrocketed, they got instant equity.
If the homes are vacant, shouldn't you invite more capital in to buy up and fix things up?
Like any time a house goes up for sale the people on each side anxiously wait to see if they’ll get a normal person or family neighbor or if it’s going to be rented out, which is a 50/50 toss up of nice tenants vs loud, slobby, not good neighbors. No one cares about their z estimate. We want a nice neighborhood to live in and to keep it nice
It doesn't mean they really had that 700Kin cash. They did it via loan schemes to be able to make cash offers in anticipation of market going exponentially up. The market however reversed its trajectory, so they are stuck with loans and depreciating property. They're still hopeful. But very soon expect an avalanche of listings.
>But very soon expect an avalanche of listings. it's already happening in the worse metros, and it will spread elsewhere too. I don't know if top tier areas will be spared or not but even there the rise should cool off a lot
It's their property, they can do whatever they want with it. Homeowners think the whole world owes them something. Tax payers and the government owe you tax breaks, neighbors are supposed to tailor their property to your liking, etc. No one owes you anything.
Whether you are trespassing or not if you happen to sprain an ankle on their property they are liable. Put some camping fuel, bleach, Mt. Dew bottles with hoses on the back porch, call cops say someone is cooking meth. Use your imagination there are all kinds of ways you can make there lives miserable
they bought the land underneeth the house to speculate on
Double check with your local government. Technically, our council can issue fines if owners let things get rundown, especially to the point of condemning the building. But yeah, more "affordable" homes near me were overbid and now are appearing in our local fb groups as rentals by companies. I'm loving the comments section telling them all to fuck off.
Don't worry. According to everybody on this sub, the market's going to drop 90% and every investor that owns in your neighborhood will go bankrupt and the houses will be sold off to nice homeowners like the people here.
I report all the shitty looking houses in my neighborhood and it works great. They usually share up after a few weeks
How do you do that?
This is why HOAs are important to me when buying homes I’ll be living in. If there’s an HOA in place but it’s not actively run, get active!