***Official Real Estate Thread***

[slipped_disc]

But that’s not what we’re talking about - mom and pop won’t live on your sfd property. They may not even live in the same state.

For every good landlord there‘s a shitty one. The guy in my hood handles everything through a management company, just like blackrock would.

Fair enough. I didn’t have that context about this being exclusive to SFD.

Still I think it’s more likely that the mom and pop landlord is in the same neighborhood/town/region when compared to a corporation. And there would be indirect benefits to keeping the money in the local economy.

 

[Mr Pecker]

Interesting article on private equity takeover

This one company owns 10,000+ homes in California (interactive map) - Sacramento Appraisal Blog

Wall Street has invaded Main Street. It's truly stunning to see that a company like Invitation Homes owns over 10,000 units in California. Today, I want to debut an interactive map I made to show where these homes are located. UPCOMING (PUBLIC) SPEAKING GIGS: 12/08/23 Free Q&A event for...

sacramentoappraisalblog.com

 

[Subway]

I just closed on the sale of my home today

my lawyer showed me the net proceeds on a calculator. I felt like a baller for about 5 seconds until I did the divorce-in-progress math

bright side though: We both get a new start with no debt, and we each get a nice check for our trouble. Better than getting divorced and starting over broke

Too bad I already used the Eddie Murphy meme.

 

[Bob Dobbalina]

I just closed on the sale of my home today

my lawyer showed me the net proceeds on a calculator. I felt like a baller for about 5 seconds until I did the divorce-in-progress math

bright side though: We both get a new start with no debt, and we each get a nice check for our trouble. Better than getting divorced and starting over broke

Too bad I already used the Eddie Murphy meme.

Been there!

Well, I guess it could've been worse. I didn't have to take on her 6 figure student loan debt. so that was nice. Basically just a reset at zero for both of us.

You'll be alright.

 

[sdsrfr]

But that’s not what we’re talking about - mom and pop won’t live on your sfd property. They may not even live in the same state.

For every good landlord there‘s a shitty one. The guy in my hood handles everything through a management company, just like blackrock would.

I admit my fears are existential and my evidence is antidotal, that said -

in my experience…

if things get litigious, an individual is generally a more even fight for the renter than a corpo with legal on retainer. For example, garnishing wages from the landlord to get your deposit back due to ambiguous claims of damage beyond wear and tear.

As casa pointed out, when being a reasonable renter who does not make life a PIA for the owner, rents are not always following market rate increases. They wait for you to move out before adjusting upwards to the market bc you’re low maintenance for them and they appreciate good faith dealing and avoiding litigious confrontation (e.g. eviction for non payment, squatters).

Lastly, my neighborhood is primarily owner occupied SFH, but there are long term rentals too. One of the houses was a retiree that became bored of all the families on the block and moved elsehwere. She rents the house to a nice family, but maintains presence on our neighborhood group chat.

When I rented a SFH in Del Mar 15yrs ago the owner/landlord was on the group chat and was aware of any neighborhood grievances.

on the flip side when I rented from a corpo, they have put nail polish on a pig (flippers gonna flip), no reasonable response time to simple service requests, fight me to keep my deposit on move out, and happily do massive amounts of construction while claiming they are not violating right to peaceful dwelling.

in my opinion - private party land lords, especially those within the community, are a real treat for renters compared to any other owner type. bonus if they money stays within the community.

 

[npsp]

That’s fine, but other than feels, what’s the difference? Both types of owners are taking for sale inventory off the market and replacing them with for rent. Who makes the money is immaterial to the market impacts people are complaining about.

Nobody cares that the equity firms/corpos own all the apartments. Why is The sfd market any different?

Feels is part of it for sure. I always prefer to see the individual risk taker succeeding. While your neighbor took for sale inventory off the market, he has also provided housing to those who may not be able to afford to own for what ever reason.

He may have also used to the situation to ensure his children, if he has any, future housing. One of the reasons we built our ADU was so our son would have a place to live in San Diego if he wished. We also wanted him and potential grandchildren to have an income generating property once we pass. If you neighbor has children, he may be setting them up to be able to live in the area they grew up in, if they so wished.

I noted in the beginning of the thread that I had no beef with corporations buying land and developing rental communities. They are adding to the housing stock. Same with apartments.

 

[Random Guy]

I just closed on the sale of my home today

my lawyer showed me the net proceeds on a calculator. I felt like a baller for about 5 seconds until I did the divorce-in-progress math

bright side though: We both get a new start with no debt, and we each get a nice check for our trouble. Better than getting divorced and starting over broke

Too bad I already used the Eddie Murphy meme.

Congratulations on the closing!
Glad that’s behind you

 

[casa_mugrienta]

I just closed on the sale of my home today

my lawyer showed me the net proceeds on a calculator. I felt like a baller for about 5 seconds until I did the divorce-in-progress math

bright side though: We both get a new start with no debt, and we each get a nice check for our trouble. Better than getting divorced and starting over broke

Too bad I already used the Eddie Murphy meme.

Congrats.

Will you be paying alimony?

 

[StuAzole]

Feels is part of it for sure. I always prefer to see the individual risk taker succeeding. While your neighbor took for sale inventory off the market, he has also provided housing to those who may not be able to afford to own for what ever reason.

He may have also used to the situation to ensure his children, if he has any, future housing. One of the reasons we built our ADU was so our son would have a place to live in San Diego if he wished. We also wanted him and potential grandchildren to have an income generating property once we pass. If you neighbor has children, he may be setting them up to be able to live in the area they grew up in, if they so wished.

I noted in the beginning of the thread that I had no beef with corporations buying land and developing rental communities. They are adding to the housing stock. Same with apartments.

Check out AB 1033. Depending on whether your city opts in, you might be able to condo the ADU and sell it to him.

 

[Subway]

Will you be paying alimony?

probably. there are some mitigating factors that may resonate with a judge, but, the bottom line is we were married 13 years and i outearn her by quite a bit- so, that's usually an automatic alimony, even without children

Although to be fair, they haven't officially declared that yet. my lawyer just tells me to expect it

 

[sdsrfr]

probably. there are some mitigating factors that may resonate with a judge, but, the bottom line is we were married 13 years and i outearn her by quite a bit- so, that's usually an automatic alimony, even without children

half of my net worth would seem sufficient, but strangely, her lawyer is pressing for more

In CA my understanding is 10yrs locks you in for life, not sure what the cut is. Before that it’s proportional to the number of years married, I think it’s 2:1 so 5yrs married is 10yrs of alimony. Not sure.

In CA, child support is its own thing and separate from the marriage.

 

[Subway]

New York isn't as bad. My lawyer ran some calculation, and said i should realistically expect $2500 a month for 3 years

Glad i downsized. That's pretty much the amount i'm saving every month renting versus paying mortgage/tax/insurance/utilities lol

 

[One-Off]

I just closed on the sale of my home today

my lawyer showed me the net proceeds on a calculator. I felt like a baller for about 5 seconds until I did the divorce-in-progress math

bright side though: We both get a new start with no debt, and we each get a nice check for our trouble. Better than getting divorced and starting over broke

Too bad I already used the Eddie Murphy meme.

No more free in house yoga lessons?

 

[npsp]

Check out AB 1033. Depending on whether your city opts in, you might be able to condo the ADU and sell it to him.

Not sure what to think of AB 1033 yet. There are both up and down sides to it and I can't decide which outweighs the other.
No need to "condo" the ADU. Better value in the property/structure if left as is.

 

[StuAzole]

Not sure what to think of AB 1033 yet. There are both up and down sides to it and I can't decide which outweighs the other.
No need to "condo" the ADU. Better value in the property/structure if left as is.

It’s definitely weird. But if the idea is to give kids a first chance to own/build credit it’s an interesting way to do it. The hard part is figuring out how it works with non family members. Access, sharing yards etc in homes not originally des for it could get wild.

 

[npsp]

That's the rub, it's great to give family a chance to stay in the neighborhood. But, like you note, how will it work with non-family members.
My friend in the 92122 with STVR on both sides keeps receiving the offer below to split his lot. Aside from the obvious shadiness of this "offer", there is no access to the portion of his property that is developable.

 

[StuAzole]

That's the rub, it's great to give family a chance to stay in the neighborhood. But, like you note, how will it work with non-family members.
My friend in the 92122 with STVR on both sides keeps receiving the offer below to split his lot. Aside from the obvious shadiness of this "offer", there is no access to the portion of his property that is developable.
View attachment 172910

Easy process under SB 9, assuming it’s just a lot split. Or at least that was the intention. Again, works well when the property owner does it, but developers are having a harder time cracking the code. This is actually a decent attempt - but I’m sure the offer number is significantly short of market value…

 

[npsp]

For raw land that offer # is not too low but it does clarify that it is up to that amount, so you can be assured that the real offer will be low ball. Yeah, my wife attended a seminar on all of the new SB/ABs and she said that while ADU permit applications have been on fire, applications for lot splits have been few and far between. AB 1033 seems to be an attempt to have the best of both worlds.
Odd times....

 

[Subway]

No more free in house yoga lessons?

Seriously now I gotta pay for it

divorce gets expensive in more ways than just settlements and alimony

 

[Truth]

Seriously now I gotta pay for it

divorce gets expensive in more ways than just settlements and alimony

i got lucky when my ex who is a divorce attorney drew up our agreement - she was way too generous and only recently has she said wtf was i thinking (she wasnt)
and i wasnt going to question her thinking at the time .... i have raised our kid 100% of the time so lots of guilt involved i figure in her not asking for her share

...as i paddled off into an Indonesian sunset


good luck subway and you know if you need a break always welcomed at my place