WARNING: Housing Bubble About To Burst

[Helico-pterFunk]

As hard as you work already do you really want to put landlord on your resume too?

Thanks for the link. Yeah - especially with how prices are now ... shit just gets really complicated and don't want to get locked into something (when expensive), only to have prices/values fall off drastically in the years ahead. That would just add insult to injury.

 

[Dannyblueyes]

Thanks for the link. Yeah - especially with how prices are now ... shit just gets really complicated and don't want to get locked into something (when expensive), only to have prices/values fall off drastically in the years ahead. That would just add insult to injury.

Take it from me, bad renters are like roaches. They fuck up your property and are almost impossible to get rid of.

 

[Helico-pterFunk]

Take it from me, bad renters are like roaches. They fuck up your property and are almost impossible to get rid of.

True - damages can add up. Even newer properties can have their issues as well. Still recall all the news stories about leaky condos back in the day. Places were poorly built and rushed to market.

 

[Dannyblueyes]

True - damages can add up. Even newer properties can have their issues as well. Still recall all the news stories about leaky condos back in the day. Places were poorly built and rushed to market.

I remember that from the late 90s. I believe the problem was that they used a weather sealant that kept all the rain and moisture out of the buildings, but also kept existing moisture trapped inside.

But yeah, anyone growing up back then was expected to own property by the time they were 30.

 

[Helico-pterFunk]

I remember that from the late 90s. I believe the problem was that they used a weather sealant that kept all the rain and moisture out of the buildings, but also kept existing moisture trapped inside.

But yeah, anyone growing up back then was expected to own property by the time they were 30.

Yeah - I recall seeing all the TV news stories and then driving around sizing up real estate in 2008/2009 and seeing the places that were covered up & going through it. What a costly nightmare. I had a good realtor ... he was big on doing background research on developers ... telling you the pros/cons he already knew through the grapevine about certain properties ... and asking to see plenty of strata minutes. Went around and sized up a shitload of houses, condos, townhomes, etc. Luckily haven't had any housing issues.

 

[dabushwackers]

This is the government doing this you can't keep raising taxes on ppl with all the debt that's looming over us. So you create these scenarios so tax payers can once again bailout banks the government gets their cut and business as usual. The government has their hands and eyes on everything you mean to tell me they have no idea this type of practice in mortgage lending is going on and they don't know yeah OK. The government created America financial and created that Christian dude

 

[Dannyblueyes]

Yeah - I recall seeing all the TV news stories and then driving around sizing up real estate in 2008/2009 and seeing the places that were covered up & going through it. What a costly nightmare. I had a good realtor ... he was big on doing background research on developers ... telling you the pros/cons he already knew through the grapevine about certain properties ... and asking to see plenty of strata minutes. Went around and sized up a shitload of houses, condos, townhomes, etc. Luckily haven't had any housing issues.

That's good. I'm glad you checked the strata minutes too. Few things worse then buying a place only to find out you can't put a bicycle on the balcony of your own property

 

[Helico-pterFunk]

That's good. I'm glad you checked the strata minutes too. Few things worse then buying a place only to find out you can't put a bicycle on the balcony of your own property

Yeah - he was good about it. I forget the specifics ... but he'd often ask to look back at 2 - 3 years of strata minutes (if desired) when narrowing down the focus on the real estate hunt. Luckily no funny business, bullshit costs, or special levies over time. Just modest increases to strata, and a solid contingency reserve fund in place.

 

[jagu]

What you gon do different?
Are you an investor?

I used to buy mortgages and tax certificates.
I only have one residential investment property and my office building.

I just bought a small home with .4 acres in Smyrna this afternoon for $200k. It needs about $40k worth of work then I’ll rent it out for $2000/mo. It’s among $800k homes and it’s one of the few old homes that investors have not bought. I only saw it yesterday and signed an accepted contract right now.

 

[moblack]

I’m confused . That’s dumb cheap 1300 square feet goes for 2 million here

suburbs of Houston. houses have shot up around here. my house that I bought foreclosed in 2008 for 105k would sell for close to 200k now. I'm mad I sold that bitch but you live and learn.

 

[moblack]

I used to buy mortgages and tax certificates.
I only have one residential investment property and my office building.

I just bought a small home with .4 acres in Smyrna this afternoon for $200k. It needs about $40k worth of work then I’ll rent it out for $2000/mo. It’s among $800k homes and it’s one of the few old homes that investors have not bought. I only saw it yesterday and signed an accepted contract right now.

Weird how the market is. Heck in the hood in Houston folks is getting 900-1200 in rent for houses that don't sell for that much.

 

[BigATLslim]

I used to buy mortgages and tax certificates.
I only have one residential investment property and my office building.

I just bought a small home with .4 acres in Smyrna this afternoon for $200k. It needs about $40k worth of work then I’ll rent it out for $2000/mo. It’s among $800k homes and it’s one of the few old homes that investors have not bought. I only saw it yesterday and signed an accepted contract right now.

Playa, Homie, Fam, I had no idea there was still money left in my old stomping grounds.

I thought Smyrna was built ALL DA WAY out.

You been on Paces Mill lately?

 

[jagu]

Playa, Homie, Fam, I had no idea there was still money left in my old stomping grounds.

I thought Smyrna was built ALL DA WAY out.

You been on Paces Mill lately?

Yes, there is no land left in Smyrna. That’s why you have to buy an old house and tear it down or remodel it. So you now have to pay at least $200k for half an acre.
I got lucky with this one because most people would ask for $300k for it. I moved so quickly and offered $3k over asking price to close within 20 days in cash. That’s why they accepted it in 5 hours. Lol.

 

[big enos burrnet]

yes its happening again..foreclosure here in the detroit area are on the rise again...

 

[4 Dimensional]

Because the Hedge Funds were buying them all up,outbidding everyone,and paying cash.
The regular folks could not compete.

Exactly. I can tell you how many times I’ve explained this to my students. Regular folks are most always going to need a loan. It impossible to compete against people that have money ready to go for these type of things.

And not only that, they have enough money to buy multiple properties while regular folks is just trying to get a loan for just one.

 

[4 Dimensional]

yes its happening again..foreclosure here in the detroit area are on the rise again...

We don’t have enough livable wage paying jobs in Greensboro to keep up with the influx of housing prices. It’s wild to see how many properties here are bought up and I know this city is nothing like Charlotte or Raleigh when it comes to jobs available.

A liveable wage in Greensboro has to start around $15 an hour. And that would probably require additional income. By that $15 an hour isn’t going to sutastain a house over 110k.

 

[darth frosty]

yes its happening again..foreclosure here in the detroit area are on the rise again...

Thursday city county bldg

 

[blackbull1970]

I live in Las Vegas, NV and they are building new homes so fast, they don’t have enough workers to build them.

Majority of homes are built by Latinos who are undocumented. Majority of them have been deported or left the country.

I don’t know where people are getting the money to buy these homes, it’s obvious the banks are repeating what they were doing in the early 2000s playing around with the numbers to get people loans.

It’s lookikg like mofos working at McDonalds and Big Lots are qualifying for these loans.

 

[dHustla]

I used to buy mortgages and tax certificates.
I only have one residential investment property and my office building.

I just bought a small home with .4 acres in Smyrna this afternoon for $200k. It needs about $40k worth of work then I’ll rent it out for $2000/mo. It’s among $800k homes and it’s one of the few old homes that investors have not bought. I only saw it yesterday and signed an accepted contract right now.

How did you find it?

I need help finding a fixer upper with a detached garage or enough land to build a 3k sqft detached garage like this...

 

[jagu]

How did you find it?

I need help finding a fixer upper with a detached garage or enough land to build a 3k sqft detached garage like this...

Just driving around. I was surprised that I actually went on the open market. Such property usually sells by these agents telling another agent in their office before it goes on the market. I noticed that it was on zillow for one day before I bought it.

 

[big enos burrnet]

We don’t have enough livable wage paying jobs in Greensboro to keep up with the influx of housing prices. It’s wild to see how many properties here are bought up and I know this city is nothing like Charlotte or Raleigh when it comes to jobs available.

A liveable wage in Greensboro has to start around $15 an hour. And that would probably require additional income. By that $15 an hour isn’t going to sutastain a house over 110k.

sheeeit here mofo's are happy making $10 hr and can bearly live in an apartment.....

 

[easy_b]

sheeeit here mofo's are happy making $10 hr and can bearly live in an apartment.....

Most of them are not trust me I know quite a few of them. And you know the worst thing you have to shack up with some people you may not like in one apartment most of the time in a one bedroom

 

[ViCiouS]

Its a real sign of how corrupt the media is that Taibbi's reporting got no real followup by mainstream media...

 

[havelcok]

I live in Las Vegas, NV and they are building new homes so fast, they don’t have enough workers to build them.

Majority of homes are built by Latinos who are undocumented. Majority of them have been deported or left the country.

I don’t know where people are getting the money to buy these homes, it’s obvious the banks are repeating what they were doing in the early 2000s playing around with the numbers to get people loans.

It’s lookikg like mofos working at McDonalds and Big Lots are qualifying for these loans.

Vegas is a weird place
been looking for houses

all the mid range houses 300-350k get snatched up super fast though

but yes, there are lots of brand new "luxury" apartments sitting empty

 

[Day_Carver]

Vegas is a weird place
been looking for houses

all the mid range houses 300-350k get snatched up super fast though

but yes, there are lots of brand new "luxury" apartments sitting empty

Its like that in ATL metro area; homes from 200-400k are getting snatched up quickly; anything over 450k is sitting like bricks!! Million dollar homes, bro for get it; they aint going no where; Im waiting for the market to crash so that I can snatch one of those million dollar homes for super cheap!!

 

[kogalee muhammad]

Home prices in Nashville ... Goddamn WHITE JESUS!

 

[kogalee muhammad]

All I know is I’m not lowering price of rent

Then people will be living in your house for free!

 

[SamSneed]

suburbs of Houston. houses have shot up around here. my house that I bought foreclosed in 2008 for 105k would sell for close to 200k now. I'm mad I sold that bitch but you live and learn.

I ain’t sellin shit.

 

[kogalee muhammad]

I ain’t sellin shit.

Relax. No one is trying to buy any blue eggs, sir.

 

[Helico-pterFunk]

https://www.huffingtonpost.ca/2018/07/24/vancouver-real-estate-market-least-affordable_a_23488730/

 

[850credit]

let it burst! I can't wait. I made a killing last time. this time I know what to do even better.

Show us the way big bro. I got 20k to spread around, will that get me in the game in the Atlanta area?

 

[dHustla]

How did you find it?

I need help finding a fixer upper with a detached garage or enough land to build a 3k sqft detached garage like this...

Anybody have experience building one of these garages?

 

[moblack]

I ain’t sellin shit.

Like I said if I knew now what back then. I bought a foreclosure for 95k in Missouri City. I've seen houses in that community sell for 180k recently and its still a new community. I took a job out of town and needed a home there so I sold. Had other stuff going on but I could of floated the note till I got renters but I just didn't know smh.

 

[Naha-Nago]

Bookmarked...

*two cents*

 

[playahaitian]

bookmarked