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***Official Real Estate Thread***
- Thread starter One-Off
- Start date
That was odd.
A moment ago, a real estate agent knocked on the door and introduced himself.
1 We are representing these homes in your area (hands me a flyer)
2 Know anyone looking to buy
3 Interested in knowing your home's value
4 If you are interesting in selling, here is my card
Usually just get the flyers in the mail.
A moment ago, a real estate agent knocked on the door and introduced himself.
1 We are representing these homes in your area (hands me a flyer)
2 Know anyone looking to buy
3 Interested in knowing your home's value
4 If you are interesting in selling, here is my card
Usually just get the flyers in the mail.
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They come knocking here all the time for years.
Usually they offer well under value - "I will give you cash TODAY!"
Neighbor has a 3 BR single family sitting on a lot that could hold approx 32 units with the recent zoning changes, he was offered $1 million the other day by one of these knockers. Told him to beat it, of course.
Apparently I misread and these were vacant rentals being brought up to high market prices, not units with tenants.
In my own experience, when the "master tenant" wanted to be off the lease of the apartment my wife and I lived in, leaving us, the subtenants, with the first option to sign a new lease, the property manager threw out a $650 increase. We moved. I think, after a few cabinets were installed in the kitchen and a coin op laundry was made available in the basement, they listed it for $950 more than we were paying when we moved out.
yep, units majorly behind in renovations flipped with no permits and cheap labor - scrape the popcorn, pull the carpets and put in LVP floors, convert tub to walk in shower, new vanity, quartz-look counter tops and stainless appliances.
They basically doubled the rent and still filled the units before the paint could dry.
i heard from my old neighbors they’re all leaving bc of the annual max limit rent increases are killing them mixed with degenerate landlords who drive them nuts.
none the less, they’ll have the units filled before the tenants finish moving out.
Fuck. Wish I would've read this thread before getting a second mortgage to finance my antique sandwich shop.
Here's a nice listing for the well heeled. Bit of surf history mixed in. Maybe you could get Mills Act tax relief?
www.coastalranch.com
Endless Summer Ranch — Coastal Ranch
Legendary filmmaker Bruce Brown's Endless Summer Ranch on the pristine Gaviota coastline is a world unto itself. Your opportunity to live in coastal paradise awaits.
www.coastalranch.com
So punching the numbers here, If I put 500K down my payments will only be 23K not including taxes
Relatively speaking. seems like a good price.Here's a nice listing for the well heeled. Bit of surf history mixed in. Maybe you could get Mills Act tax relief?
Endless Summer Ranch — Coastal Ranch
Legendary filmmaker Bruce Brown's Endless Summer Ranch on the pristine Gaviota coastline is a world unto itself. Your opportunity to live in coastal paradise awaits.
That price in Lanikai wouldn’t get you much at all.
On the topic of BlackRock, etc buying large clusters of homes...
Are these purchases made with BlackRock's cash stash?
Or made via low interest loans?
If made with low interest loans it would be interesting to see if they are offloaded when the financial crisis hits.
Are these purchases made with BlackRock's cash stash?
Or made via low interest loans?
If made with low interest loans it would be interesting to see if they are offloaded when the financial crisis hits.
The Local Surfer Is Becoming a Thing of the Past | The Inertia
As home prices along the California coastline go through the roof and the price of living skyrockets, is the local surfer truly dead?
www.theinertia.com
Investment Firms Aren’t Buying All the Houses. But They Are Buying the Most Important Ones.
Invitation Homes bought 90 percent of the homes for sale in some ZIP codes in Atlanta in the early 2010s.
Looks like a mix of cash and loans. No reason to use cash if your rate is <2%. They also strategically targeted the markets where the price to rent ratio was the most favorable.
"It’s getting billion-dollar loans at interest rates around 1.4 percent. In practice, this means that Invitation Homes can afford to tack on an extra $5,000 to $20,000 to the purchase price of every home, while getting the house at the same actual cost as a typical homeowner. While Invitation Homes uses a mixture of debt and cash from renters to buy houses, its offers are almost always all cash, which is a big leg up in a competitive market."
"One way to think about Invitation Homes’ business strategy is to consider the value of the properties the firm is buying, relative to the rents they charge. According to a recent SEC disclosure, Invitation Homes’ portfolio of homes is worth of total of $16 billion (after renovations), and the company collects about $1.9 billion in rent per year. That means it takes only about eight years of rental payments to pay back a typical house that Invitation Homes has bought. "
The article starts with Blackrock (which isn‘t in this game) and then turns to Blackstone, a different company all together. Invitation Homes (INVH) is a REIT that went public around 2017. By regulation REITs have to pay out 90% of its income to investors. REITs own everything, so this is nothing new.Investment Firms Aren’t Buying All the Houses. But They Are Buying the Most Important Ones.
Invitation Homes bought 90 percent of the homes for sale in some ZIP codes in Atlanta in the early 2010s.slate.com
Looks like a mix of cash and loans. No reason to use cash if your rate is <2%. They also strategically targeted the markets where the price to rent ratio was the most favorable.
"It’s getting billion-dollar loans at interest rates around 1.4 percent. In practice, this means that Invitation Homes can afford to tack on an extra $5,000 to $20,000 to the purchase price of every home, while getting the house at the same actual cost as a typical homeowner. While Invitation Homes uses a mixture of debt and cash from renters to buy houses, its offers are almost always all cash, which is a big leg up in a competitive market."
"One way to think about Invitation Homes’ business strategy is to consider the value of the properties the firm is buying, relative to the rents they charge. According to a recent SEC disclosure, Invitation Homes’ portfolio of homes is worth of total of $16 billion (after renovations), and the company collects about $1.9 billion in rent per year. That means it takes only about eight years of rental payments to pay back a typical house that Invitation Homes has bought. "
BUT - there‘s a lot more private equity and hedge funds buying up single family housing. So that part is true. From an institutional viewpoint, real estate is just another asset class and, at least for now, a good hedge against inflation or fraction of 1% bond yields. My guess would be that when they decide to rotate out, they’ll sell to REITs or other institutional investors. These guys aren’t as stupid as Zillow.
Blackrock buying homes should worry everyone.
Esp with the fed raising interest rates trying to slow down buyers.
Blackrock and others are likely waiting to strike to grab up as many middle class properties as they can to rent back to the people that just got priced out.
It’s literally the perfect combination for them. Middle class can’t afford cause the high interest rates. They scoop up a ton of properties on their low interest credit lines and PE. Then rent back to everyone and the middle class loses again.
Esp with the fed raising interest rates trying to slow down buyers.
Blackrock and others are likely waiting to strike to grab up as many middle class properties as they can to rent back to the people that just got priced out.
It’s literally the perfect combination for them. Middle class can’t afford cause the high interest rates. They scoop up a ton of properties on their low interest credit lines and PE. Then rent back to everyone and the middle class loses again.