Posted on 03/21/2022 7:27:58 PM PDT by yesthatjallen
They hire local firms to do the repairs and upkeep. Computing and AI has made it possible for these hedge funds to move beyond apartments to single family homes.
An initial 'lost litter'?
Rents start low, maybe the company loses money for awhile. After people are settled in for a couple years, the annual rent increases kick in. Kind of like how your cable started out as $35 a month and now is $95 a month.
Politicians are being well paid not to think about it. You can take that bet to the bank.
Canada was having a similar issue years ago. Chinese money flooding in and buying up their housing. They changed their law to put a halt to it and that’s when the fire hose of money started showing up in California. That hasn’t stopped, and now they have Wall Street imitators.
* correction: 'loss leader'.
Most countries have restrictions on non-citizens owning property.
The usual is you may only own one residence and sometimes you have to live in it a specific amount of time say six months out of every year.
But come buy up the US we have no restrictions.
And if you do it right you can break all our laws and we will just yawn.
Same area here. Where even small houses built in the 1920’s with older appliances are going for 300k and more. 😐
I can tell you we just saw a single wide mobile home for rent for $1500 a month in Mooresville North Carolina. There’s apartments and townhouses going up that start at $2200 rent.
We are currently paying 1400+ a month and it goes up 4% every year for a two bedroom house two bath two car garage. All electric, Well and Septic Tank.
We are looking for a Rent2Own. But We have crappy credit scores. So of course if one has money and good credit score one cane borrow as much as one wants. We get told to try again...Such is life.
This may not be a popular post, but hear me out.
Two things conservatives applaud are leading to more rentals and less ownership.
First is mortgage interest deductibility limitations. The second is State and Local Tax limitations.
These deductions were originally intended to level the playing field between owners and landlords, preventing the US from becoming a notion of renters. Limiting them was originally sold as taking an undeserved deduction from the fat cats. But with inflation they are starting to bite the middle class.
I am a landlord. Under current accounting standards an unlimited amount of mortgage interest is deductible for my rentals. Same with State and Local Taxes, unlimited deduction as a business expense. This is as it should be.
But it gives landlords a cost advantage over home owners. If you and your brother buy identical houses next to each other, thanks to Uncle and the IRS it is less costly for you to own your brother’s house and him to own yours and you rent to each other than it is for you to each own your own home. Think about that idiocy for a minute.
tax sales?
And land.
No, you're not!
If you have an annual salary of $200k and own your townhouse, you are "eminently lendable" and have all the resources you need to purchase a house for, say, half a million dollars.
If you insist upon paying cash (but why?!), you should still be considered to be a highly qualified customer.
Regards,
We’re looking around but gots to have $$$ for a down payment and finance lined up. Working on fixing the credit score crap first. Almost like the chicken/egg thing.
How many people rent and how many people own homes?
The homeownership rate can give us an idea of how many people own their homes versus how many people rent. Of the approximately 124 million occupied homes in the country, 81 million are occupied by the owners, and 43 million are occupied by renters. Another 16 million or so remain vacant.
https://woodgroupmortgage.com/articles/latest-statistics-homeownership-america
1. They are far from ideal properties for your prime tenant base: single people, younger couples saving to buy a home, and transient workers who don’t intend to stay in place for more than a year or two.
2. Your best tenants are people who would prefer to own that same home you are renting to them. What kind of family owns enough furniture to fill a 3-4 bedroom house, but prefers to RENT?
The other downside to this arrangement is that you may not get all the best mortgage conditions if you don’t live in the home you own. In fact, a lender may even look upon your “mortgage” as a commercial loan if you are buying a rental property.
Agreed. The notion that a "Toronto-based company" would buy homes only to then turn them over to some one world government is silly. It seems a kind of fear pron, akin to the faux pandemic fear porn. Investment companies buy assets. I can't imagine a Toronto-based company would effectively play absentee landlord without many problems.
In Wales decades ago, London speculators bought second homes "on the cheap" in the housing boom in the UK, beginning in the Southeast. Some homes were vandalized when empty by Welsh radicals, but most became indebted burdens when the housing downturn came. Cycles look great on the upswing, and not so pretty when "the worm turns."
Joliet area, sounds like… my wife is from Kankakee County and still has family living there. The property taxes there are astronomical.
You have a point regarding the older generation. Little by little they are moving or passing on.
You forgot the SARCASM tag!! You can’t be serious.
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