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So when’s the housing bubble bursting?

Darrkman

Hollis, Queens = Center of the Universe
BGOL Investor

Darrkman

Hollis, Queens = Center of the Universe
BGOL Investor
These we buy houses people really fucking shit up too. They prey on desperate home owners looking to get out swoop in offering low ball cash in any house condition quickly so people can get out their underwater house fast.
That's not as much of an issue as businesses buying houses. The problem with a business is that you can't compete with them. They are willing to go over the market value and will pay cash pushing out regular buyers.
 

Dr. Truth

GOD to all Women
BGOL Investor
That's not as much of an issue as businesses buying houses. The problem with a business is that you can't compete with them. They are willing to go over the market value and will pay cash pushing out regular buyers.
Those are really one in the same those companies are backed by investors and businesses preying on desperate people looking to get out ASAP who can’t either afford the mortgage or are behind so they come in and offer a low ball price then flip the house and sell it for a lot more pricing more people out. They just target a different segment of the population.
 

HeathCliff

Rising Star
BGOL Investor
If corporations stop trying to buy up inventory the bubble will burst.
Word. That 60 Minutes piece they did on it pissed me off :angry:
And the nerve of these Crackkkas raising the rent with impunity too.
These we buy houses people really fucking shit up too. They prey on desperate home owners looking to get out swoop in offering low ball cash in any house condition quickly so people can get out their underwater house fast.
I’m conflicted on this. On the other hand I welcome the free market investments but damn. I turned my house in Warner Robins into a rental home for 15 years after I left and got all kinds of cash offers.
 

Don Coreleone

Rising Star
BGOL Investor
I thought I would at some point move back to Jackson, MS and buy a home and be able to avoid this type of drama but looking at home prices out there its the same fucking story as everywhere else fucking businesses are buying up homes. What I want to know is what the fuck are the Democrats doing about it? When people say they want tangibles for the vote this falls under that.
 

Dr. Truth

GOD to all Women
BGOL Investor
I thought I would at some point move back to Jackson, MS and buy a home and be able to avoid this type of drama but looking at home prices out there its the same fucking story as everywhere else fucking businesses are buying up homes. What I want to know is what the fuck are the Democrats doing about it? When people say they want tangibles for the vote this falls under that.
Capitalism allows this. It’s a free market . If you got more money than corporations then you can buy too!!!
 

bgbtylvr

Rising Star
BGOL Investor
Won’t burst just course correct. Rates are 5% which adds hundreds of dollars to new mortgages. That means prices need to come down and will if you’re credit and down payment are on point. It’ll only crash or burst for speculators and companies buying up homes like Zillow and others. The “we buy houses” people buy homes in areas to be gentrified—that’s smart business and they’re paying pennies on the dollar and won’t be hurt by a crash. That’ll give them time to flip or reno or hold. The only issue I see is for sellers having to sell at a reasonable price instead a huge profit. Buyers will need to wait out these rates and come with more cash and better credit. This will only affect new builds and new loans.
 

Dannyblueyes

Aka Illegal Danny
BGOL Investor
This is a direct result of government failing to regulate the real estate market properly.

The other problem is suburbanization. They created neighborhoods where you have to drive everywhere so a lot of the land that could be used for housing gets wasted on extra roads and parking lots.

This also creates lower density neighborhoods which means the city collects less taxes. Now there's less money to maintain the infrastructure and provide services, which in turn makes the problem even worse!

America desperately needs to urbanize ASAP!
 

Darrkman

Hollis, Queens = Center of the Universe
BGOL Investor
Those are really one in the same those companies are backed by investors and businesses preying on desperate people looking to get out ASAP who can’t either afford the mortgage or are behind so they come in and offer a low ball price then flip the house and sell it for a lot more pricing more people out. They just target a different segment of the population.
It's two different groups. First you have foreign groups/investors that are parking money in real estate in the US since it keeps their local taxes low.

Then there's groups like Zillow b4 they gave it up that are buying up real estate to sell as well.

The investment portion is mostly concentrated in the cities. We have whole buildings in NYC that are close to empty because many of the apartments were bought up by foreign investors.

Is gotten so bad that Canada is banning foreign investment in real estate to slow down their housing market.


 

TeEdIzZeL

Rising Star
BGOL Investor
If the housing market didnt crash during the height of the pandemic where everyone was "supposedly" losing their jobs then I dont see it crashing any time soon.

Out here in Cali, They will list a house for 500k and end up selling it for like 580k because of all the offers to only be out bid by the Chinese who pay all cash.

Its crazy cause I see that most of these sites with "rooms for rent" are all listed by some Chinese lady who accepts anyone and in the description of the property its always 2-3 rooms for rent for a certain price followed by the master bedroom for a little extra but then the thang thats a trip is she mentions "there is a Chinese couple living there but they will sleep in any room you dont take". Its almost like some refugee ish but im sure they are CAKING off of this hustle cause if they rent all the rooms, they bring in almost 4-6k a month with a mortgage that only like 3-4k
 

TeEdIzZeL

Rising Star
BGOL Investor
But another thing I see is....like when I sold my house....there were damn near like 6 applicants to just get qualified so a lot of these house are being bought by multi family members. My daughters mom owns a huge house because she bought when her house was worth like 280k. Fast forward now, her ish was just appraised for 715k. Her neighbors have like got damn 10-12 cars because its like 3 generations living there to afford it. Ish is crazy
 

Dannyblueyes

Aka Illegal Danny
BGOL Investor
It's two different groups. First you have foreign groups/investors that are parking money in real estate in the US since it keeps their local taxes low.

Then there's groups like Zillow b4 they gave it up that are buying up real estate to sell as well.

The investment portion is mostly concentrated in the cities. We have whole buildings in NYC that are close to empty because many of the apartments were bought up by foreign investors.

Is gotten so bad that Canada is banning foreign investment in real estate to slow down their housing market.


Wait a minute!

I'm a Canadian living in the United States. Maybe there's a way to take advantage of this.
 

Dr. Truth

GOD to all Women
BGOL Investor
If the housing market didnt crash during the height of the pandemic where everyone was "supposedly" losing their jobs then I dont see it crashing any time soon.

Out here in Cali, They will list a house for 500k and end up selling it for like 580k because of all the offers to only be out bid by the Chinese who pay all cash.

Its crazy cause I see that most of these sites with "rooms for rent" are all listed by some Chinese lady who accepts anyone and in the description of the property its always 2-3 rooms for rent for a certain price followed by the master bedroom for a little extra but then the thang thats a trip is she mentions "there is a Chinese couple living there but they will sleep in any room you dont take". Its almost like some refugee ish but im sure they are CAKING off of this hustle cause if they rent all the rooms, they bring in almost 4-6k a month with a mortgage that only like 3-4k
Where are you seeing 500k houses in Cali other than Barstow , El Centro or Bakersfield? Also I’m seeing homes listed for 800k in Oakland selling for 1.2 Million all cash offers. 80k over asking isn’t going to get it done you need to go 200k and above asking to have a shot. The suburbs are even worse. “ People “ snatching up 3 and 4 houses at a time all cash way over asking
 

Dr. Truth

GOD to all Women
BGOL Investor
It won’t, even if they stop. No subprime mortgages to fall apart. Prices will stabilize, but not collapse.
I got into with another member here who thinks prices are going to drop. I told that dumb fuck they will level off but prices are NOT going down. This isnt 2008 with phantom loans. It’s not that easy to qualify like before. They require proof of income and receipts. I just purchased my second home here and the shit was ridiculous.
 

A to Dah K

Rising Star
BGOL Investor
These we buy houses people really fucking shit up too. They prey on desperate home owners looking to get out swoop in offering low ball cash in any house condition quickly so people can get out their underwater house fast.
This too
I owe 30k on my property
Guy called me up talking about looking to buy houses bla bla bla, im pretty sure he was able to look up how much was left on the house, prob thought i was an elderly person who would be happy to hear his offer. So i entertained him for the fun of it. He calls back two days later with an offer of 4-550
Zillow has house estimated at 625
 

A to Dah K

Rising Star
BGOL Investor
I got into with another member here who thinks prices are going to drop. I told that dumb fuck they will level off but prices are NOT going down. This isnt 2008 with phantom loans. It’s not that easy to qualify like before. They require proof of income and receipts. I just purchased my second home here and the shit was ridiculous.
I believe it will drop,but not back to affordable levels
Maybe 50-100k
 

Dr. Truth

GOD to all Women
BGOL Investor
This too
I owe 30k on my property
Guy called me up talking about looking to buy houses bla bla bla, im pretty sure he was able to look up how much was left on the house, prob thought i was an elderly person who would be happy to hear his offer. So i entertained him for the fun of it. He calls back two days later with an offer of 4-550
Zillow has house estimated at 625
LOL that piece of shit will flip the house and sell it for 700
 

Dr. Truth

GOD to all Women
BGOL Investor
I believe it will drop,but not back to affordable levels
Maybe 50-100k
I think it depends on where you are. Here in the Bay Area that’s not happening. Too many well off people here. Every house becomes a bidding war with dozens of people. So even if prices were to drop 50-100k people will bid prices right back up to over asking
 

Tebriel6969

Rising Star
Registered
So here’s my question: how the hell are ordinary ninjas like myself supposed to ever get a sliver of this housing dream? My credit is great but I’m not sitting on a pile of cash. And there’s a lot of people who aren’t. How does the government expect ordinary people to get home ownership? I’m not whining or anything just curious how you guys all went about this.
 

Dr. Truth

GOD to all Women
BGOL Investor
So here’s my question: how the hell are ordinary ninjas like myself supposed to ever get a sliver of this housing dream? My credit is great but I’m not sitting on a pile of cash. And there’s a lot of people who aren’t. How does the government expect ordinary people to get home ownership? I’m not whining or anything just curious how you guys all went about this.
You need to cash out a 401k or you have no shot. Or win lotto.
 

killagram

Rising Star
BGOL Investor
So here’s my question: how the hell are ordinary ninjas like myself supposed to ever get a sliver of this housing dream? My credit is great but I’m not sitting on a pile of cash. And there’s a lot of people who aren’t. How does the government expect ordinary people to get home ownership? I’m not whining or anything just curious how you guys all went about this.
Make bogus papers...brah
 

killagram

Rising Star
BGOL Investor
So here’s my question: how the hell are ordinary ninjas like myself supposed to ever get a sliver of this housing dream? My credit is great but I’m not sitting on a pile of cash. And there’s a lot of people who aren’t. How does the government expect ordinary people to get home ownership? I’m not whining or anything just curious how you guys all went about this.
Meet some new friends...your friends and family holding you down..until I did that...my life was FUCKED...brah
 
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