I spend a lot of time in SoCal on business - I constantly hear a lot of Chinese are buying those properties with cash - then rent them out to whoever. Over HALF the homes in LA are rental properties, I have heard...
“I spend a lot of time in SoCal on business - I constantly hear a lot of Chinese are buying those properties with cash”
That is what is happening in my housing tract. I would say half the houses sold are going to Asians with the rest Whites. Hardly any new Latino’s and one Black renting. So with the changes in my tract is pretty much spit between Asian and White. Very few Latino’s and the one Black renter who is married to an Asian lady.
Fortunately I have owned by house outright for a number of years now and I am under Proposition 13 so my house taxes are not to bad.
“- I constantly hear a lot of Chinese are buying those properties with cash - then rent them out to whoever. “
Chinese nationals with full cash purchases have been driving the market. A lot of times these houses sit vacant and are not rented out