From selling their current house.People are bidding up houses with multi-million dollar cash offers. Where the hell do they get that kind of money?
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From selling their current house.People are bidding up houses with multi-million dollar cash offers. Where the hell do they get that kind of money?
People aren't doing the bidding up, investor groups are bidding up those houses. The individual family buyer for an SFR has had the market stolen from them by the investor groups. Zillow and a couple of others are the big gorillas but there are hundreds probably thousands of smaller groups the pool their cash to buy into the flip and/or rental market. The individual family buyer has the odds stacked against them and you have to have cash $$$$ to lay down and a good, tough agent/broker working for you to have a chance.People are bidding up houses with multi-million dollar cash offers. Where the hell do they get that kind of money?
Last I saw, it's about 18% of all home sales to investors. That's still up quite a bit, but it's really a problem now simply because for sale inventory is so low.People aren't doing the bidding up, investor groups are bidding up those houses. The individual family buyer for an SFR has had the market stolen from them by the investor groups. Zillow and a couple of others are the big gorillas but there are hundreds probably thousands of smaller groups the pool their cash to buy into the flip and/or rental market. The individual family buyer has the odds stacked against them and you have to have cash $$$$ to lay down and a good, tough agent/broker working for you to have a chance.
The low inventory has really exasperated the situation.Last I saw, it's about 18% of all home sales to investors. That's still up quite a bit, but it's really a problem now simply because for sale inventory is so low.
If you spend nothing and make $13,000 dollars a year, you still have nothing.It's not how much you make that counts, it's how much you spend.
Is that nationwide or for California? I imagine that for certain zip codes that number is a far amount higher.Last I saw, it's about 18% of all home sales to investors. That's still up quite a bit, but it's really a problem now simply because for sale inventory is so low.
Hey man, don't go bringing personal responsibility into this! All poor people are powerless victims!In debt? Pay it off.
Not in debt.? Stay that way.
I’ve been poor. Becoming un-poor was hard.Hey man, don't go bringing personal responsibility into this! All poor people are powerless victims!
Poverty in the US is just as much cultural as it is circumstantial.