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That are likely leveraged in some way.or other properties.
It's not fake.
Not unusual. Probably an investor convention. At a certain point you can leverage your portfolio and pick up exponentially more units. Probably multi family and apartment buildings in big Midwest and southeast cities.
If they actually withdrew their money from a 401k, then they probably cashed it out for a profit because that’s been the norm for the past 12 years.That are likely leveraged in some way.
Or were bought via money withdrawn from 401Ks.
401Ks that they' haven't looked at because "don't worry the market always goes back up!"
A lot of them were probably bought later than you think. You are correct about the low income part though.Likely low income housing, got lucky after the 08 crisis and made money then went bonkers with low interest rates.
I think these are the air bnb (debt) millionaires.It's not fake.
Likely low income housing, got lucky after the 08 crisis and made money then went bonkers with low interest rates.
Not fake I have a dozen regular clients in north county that are at or above that level.It's not fake.
Likely low income housing, got lucky after the 08 crisis and made money then went bonkers with low interest rates.
You want to know where the growing wealth gap comes from?
Look no further than the Fed.
Because that's the only reason why those guys in the video exist.
EDIT: Just looked at the comments in the video...the ignorance in the comments is another reason why those guys in the video exist.
Seems like the tide is about to go out on these mofos just like in '09, unless they all have fixed-rate loans and demand for their properties remains strong. How you gonna airbnb when a big mac costs $20?I think these are the air bnb (debt) millionaires.
they don’t have mortgages, theyre business loans for a rental property. the loan is based on projected rental income, not borrower income.
apparently the brokers of these sorts of loans are cleaning up.
This is just incompetence.Actually he's the guy who was saying the economy, as of last month, is a great economy for workers.
Yes, that's right.
He claimed people who generally work for wages - who are having their purchasing power destroyed by 8.6% (or 17% depending on how you spin it) - are experiencing a great economy.
sdsrfr is correct that these are mostly with DSCR loans, however I disagree that they are AirBnbs. Some quick head math from one of those guys puts the value of each unit around $100K, which sounds right for a dumpy house in Indianaoplis or the cost per unit in a large apartment in (insert midwest/southeast city here) . Those type of units actually cash flow pretty well because they are so cheap to buy into . . . . Assuming your tenants can still pay rentSeems like the tide is about to go out on these mofos just like in '09, unless they all have fixed-rate loans and demand for their properties remains strong. How you gonna airbnb when a big mac costs $20?
ahhh...the units are all section 8. Section 8 always pays.sdsrfr is correct that these are mostly with DSCR loans, however I disagree that they are AirBnbs. Some quick head math from one of those guys puts the value of each unit around $100K, which sounds right for a dumpy house in Indianaoplis or the cost per unit in a large apartment in (insert midwest/southeast city here) . Those type of units actually cash flow pretty well because they are so cheap to buy into . . . . Assuming your tenants can still pay rent
Yep- just print more!ahhh...the units are all section 8. Section 8 always pays.
Why do they all look the same? Like they're a type.
I knew this wanna-be real estate mogul my age up north. He was talking about his rental properties in his in-laws' town that has a state pen. Somehow I mentioned section 8 then he got excited and said, "Oh yeah! It's great. You get the money straight from the government." I have trouble concealing what's going on in my head so he sensed that I thought section 8 was the opposite of great and he shut up.Some quick head math from one of those guys puts the value of each unit around $100K, which sounds right for a dumpy house in Indianapolis
(more like $50k)
EDIT: Forget to mention . . . . No doubt at least one of these guys, if not all, are milking Section 8 for a significant portion of their portfolio.
That’s exactly how it’s done. There’s so many wise guys in my neighborhood leveraging equity to become slumlords in the Midwest.
We've got another physiognomy-believer here!Why do they all look the same? Like they're a type.
They remind me of a group of teenage girls that came into a Mex restaurant we were at last week (last day of school). OMG! They all had the same haircuts and clothes. Blond cheerleader types.
I'm long AF on San Francisco. Even with all its troubles, It's still, and always will be, a top 5 city globally.SF is a sh!thole and real estate related article. Some facts, some commentary.
Blurb:
San Francisco proper is the second-most densely populated city in America after the borough of Manhattan, and 29% of its households make more than $200,000 a year. That is, by far, the largest income demographic in the city. The next biggest one is people making $100,000 to $149,999 a year, at 15.2%. This is an annoyingly rich city.
And if you think the pandemic helped cool down prices after every yuppie fled the joint for Marin and beyond, you would be wrong. While COVID-19 cooled off a white-hot home sales market for about four or five months and contributed to a population drop in the city, it created a pent-up demand for luxury homes once the pandemic ebbed. When it did, home buyers, especially the most affluent ones, returned to the market with terrifying, and lasting, force.