The Starwood Capital and Invitation Homes Las Vegas Swap was made in three separate parts.
The largest sale was $57.5 million for 155 homes, the second was $26.3 million for 70 homes and the third was $14.1 million for 39.
As of the third quarter of 2023 Invitation Homes had bought 2,291 homes for $854 million during the year, according to its latest earnings report.
‘They’ve turned these homes into collateralized rental obligations. They’ve collateralized them and what they’re doing is swapping homes like stocks for one another’ Las Vegas real estate agent Noah Herrera told the Las Vegas Review Journal.
Maybe those democratic voters should move out of NV. Works for us. Clark and Washoe decide for the rest of the state currently. Which is 🐂💨💩!
They bought these home with cash - so no mortgage.
However, just like Collateralized Mortgage Obligations (CMOs) where they securitize the loans - slicing and dicing into rated tranches...the new game is to take the actual home and collateralize it's value - slicing and dicing into rated tranches...where each holder owns a piece of the home.
It's like REIT's on steroids - since they're using Collateralize Rent Obligations (CROs) in a leveraged way.
A house of cards is being built where they buy all the homes and the serfs pay the rent - until it implodes...