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Posted: 1/3/2021 10:22:43 PM EDT
[#1]
Quote HistoryQuoted: You'll never truly own a house here in America thanks to property tax. Don't or can't afford to pay the tax? Congrats, you no longer "own" that house. In other parts of the world in places such as Malta, you actually own the property outright with no perpetual property tax (except a one time 8% tax at time of sale). Food for thought. Quote HistoryQuoted: Quoted: Was told by a bank employee that inverters will buy houses and rent them back to those foreclosed on when foreclosures resume this spring. Own nothing and be happy. You'll never truly own a house here in America thanks to property tax. Don't or can't afford to pay the tax? Congrats, you no longer "own" that house. In other parts of the world in places such as Malta, you actually own the property outright with no perpetual property tax (except a one time 8% tax at time of sale). Food for thought. There is parts of Alaska with no annual property tax. |
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Posted: 1/3/2021 10:35:21 PM EDT
[#2]
Mortgaged up to my eyeballs and just bought a new house.
Tag this thread for one to three years from now and hope it turns out ok . . . At least the $20 per week I’ve been putting into crypto for almost a decade has been working out . . . |
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Posted: 1/3/2021 10:35:52 PM EDT
[#3]
Our franchise has closed a couple of low performing stores last year. We may open one in a new location this year. But the ones we shut down won't reopen at all. Despite a lot of building in So. Utah, there are business properties that aren't renting. Usually older ones. But not really run down either.
I feel a bit like we are on the top of a bubble. When Main street Joe starts shutting things down, look for it to snowball fast. 
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Posted: 1/3/2021 10:42:58 PM EDT
[#4]
Quote HistoryQuoted: A couple weeks ago I finally got curious enough to answer one of the emails asking me if I want to sell my house. I replied, 'make me an offer'. Well, the comps in my area are in the $190k to $220k range. Some gal replied that they are buying homes comparable to mine for~$90k. I replied back, 'step away from the crack pipe!'. I heard nothing further from her. I still get a call or 2 every day. Scammers work on the same principle. |
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Posted: 1/3/2021 10:44:45 PM EDT
[#5]
Quote HistoryQuoted: Serious question for you guys since you seem financially savvy and I am definitely not. I'm in the process of selling my home (paid off years ago) and have absolutely no idea what I should do with the money that I make from the sale. Should I build a home on my land that I own outright, buy a home now, or wait for the housing market to crash and buy a house for less than the current inflated prices? We moved in with our son and will be with him until we buy/build a home. I have no bills. Thanks. I'm really hoping Joe won't do anything to hasty. But if you can wait a year or two I think you may find the market down. If Joe messes with energy, and gas goes to $4.00-$5.00 a gallon things will start to go down. The rent deferments will have to be reconciled and who knows how that goes down. Housing keeps going crazy and wages and jobs aren't. It has to level at some point. |
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Posted: 1/3/2021 10:49:09 PM EDT
[#6]
Quote HistoryQuoted: Yes I am in the hold and rent mode and NOT buying anything, unless it's something that I just can't resist, but I haven't bought anything since about 09. I didn't feel that things went right in the last "crash" to me it never really reset the way it should have, it's like the can got kicked down the rd. To me everything just seems so off right now that it makes me nervous. This not being able to event anyone for any reason doesn't give me the warm fuzzies about having a bunch of rentals.... kinda scary times. In the china spy thread, I mentioned about going on a date with a young woman that was over hear for "school" but she clearly wasn't hear for school and I pressed her on it and she said she was hear buying RE. And after a while she opened up a little and started saying things that made me wonder. Like she said, "You can't tell anyone you own land or rent places, you have to hide that, because when things change. They will kill all the property owners and land lords" And that she has a whole web of different companies in different states she uses to hide ownership. hmmm not the normal acts or thoughts of a young woman... Congress just passed in the NDAA with veto-proof majority the Corporate Transparency Act which requires ALL corporations, LLCs, etc to report their owners to FinCen. 
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Posted: 1/16/2021 8:55:31 AM EDT
[#7]
How are things going in the real estate market lately? |
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Posted: 1/16/2021 9:19:27 AM EDT
[#8]
May not change much since interest rates are staying low and Congress/Biden have indicated that they want to kick the can again on evicting deadbeats until September.
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Posted: 1/16/2021 9:25:03 AM EDT
[#9]
Commercial real estate excluding warehouse space is in the absolute shitter in our area.
I have a strong gut feeling, once interest rates rise just enough around the same time moratorium on evictions ends. We see residential real estate fall minimum of 30%. |
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Posted: 1/16/2021 10:06:18 AM EDT
[#10]
the moratorium is never going to end. they will just keep stretching it out and changing the rules, giving you hope so you continue to throw good money after bad.
that would hurt their constituency. and of course more and more people are going to figure out that it isn't going away and they don't hve to pay. But see landlords are generally smaller guys, small business, owning 1 or 2 houses or small apartments, they are going to get crushed, just like the rest of small business. all going according to plan Also the FHA mortgages that are all late and not counted as late, those won't ever come to market either. |
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Posted: 1/16/2021 10:10:41 AM EDT
[#11]
So I'll be able to refi to a negative interest rate?
Kewl. |
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Posted: 1/16/2021 10:18:27 AM EDT
[#12]
It could be that the Chinese know that Biden will let them into the country to Steal our land.
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Posted: 1/16/2021 10:21:32 AM EDT
[#13]
Speaking of Chinese investors. I represent many of them. They have lots of capital. I asked a group of men from China one time what do you do when you make your first million in China. Do you buy a house on the beach, a sports car, what is the Chinese society way of doing things. They all laughed and all agreed, when you make a million dollars in China the first thing you do is get your million dollars out of China.
I have never spoken to an American who said he needed to get his money out of America. Yes, we worry about our money becoming worthless, but I never meet the American just bursting to get his money to say, Mexico, or Russia, or even China. And if you wanted to get your money out of America it would be easy. No so in China. I asked a Chinese married couple who were well connected. The man’s father was a doctor who treated Mao and the father of the guy in North Korea. I asked how hard is it to find a wife in China. The husband said not hard, you just have to be rich or good looking. The wife chimed in, “No, if you want a wife in China you have to be rich AND good looking.” I had another client tell me that we Americans are crazy because we actually think we own our stuff. He said in China everyone knows that the government owns everything (he was referring to private businesses and capital) and that if the government wants it, meaning someone in the communist party (death to commies) want it they will buy it and if you refuse to sell you disappear. Reagan (blessed be his name) was right when he aid America was the last great hope for humanity. We all need to wake up and help keep that hope from dying. |
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Posted: 1/16/2021 10:26:14 AM EDT
[#14]
Quote HistoryQuoted: It could be that the Chinese know that Biden will let them into the country to Steal our land. Gunham, if you do not mind me asking how old are you? I have lived through the “_________ are going to steal our land.” The Japanese, the Kuwaitis, the Canadians. But the land is still here. It is hard to steal something you cannot take with you. And you cannot support housing price appreciation if you do not support finding buyers from somewhere. Not saying the whole China thing is good, but over many decades I can safely say foreigners investing in US property has been a good thing. |
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Posted: 1/16/2021 10:36:48 AM EDT
[#15]
So here we are 15 days later. Is anyone else seeing the feeding frenzy winding down. ?
From my limited perspective it still looks like bitcoin millionaires and blue state refugees and foreigners, are keeping RE sky high. Honestly, it looks high even in places with no discernible economy. I think that will continue as long as Zero percent interest rates are in effect. |
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Posted: 1/16/2021 10:38:14 AM EDT
[#16]
Lots of asians buying every piece of dirt they can get here to grow weed.
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Posted: 1/16/2021 10:38:34 AM EDT
[#17]
Smart money is moving out of the US.
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Posted: 1/16/2021 10:41:05 AM EDT
[#18]
Quote HistoryQuoted: so will i finally be able to afford to buy a house in 2021?  Yes, you just won't have a job so you can pay for it. |
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Posted: 1/16/2021 10:41:44 AM EDT
[#19]
Quote HistoryQuoted: Gunham, if you do not mind me asking how old are you? I have lived through the “_________ are going to steal our land.” The Japanese, the Kuwaitis, the Canadians. But the land is still here. It is hard to steal something you cannot take with you. And you cannot support housing price appreciation if you do not support finding buyers from somewhere. Not saying the whole China thing is good, but over many decades I can safely say foreigners investing in US property has been a good thing. Quote HistoryQuoted: Quoted: It could be that the Chinese know that Biden will let them into the country to Steal our land. Gunham, if you do not mind me asking how old are you? I have lived through the “_________ are going to steal our land.” The Japanese, the Kuwaitis, the Canadians. But the land is still here. It is hard to steal something you cannot take with you. And you cannot support housing price appreciation if you do not support finding buyers from somewhere. Not saying the whole China thing is good, but over many decades I can safely say foreigners investing in US property has been a good thing. “A Good Thing” Is 100% a matter of perspective. If you’re making money on the churn, or I’m selling out to them, sure. For the new family that has to pay $400,000 for a $150,000 home? LoL. Yeah that’s a good thing.  Amazing how people forget. FYIGM is our new National motto. |
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Posted: 1/16/2021 12:10:51 PM EDT
[#20]
Quote HistoryQuoted: How could you ever guess.... yep 100% Said it was for her family, trying to get money out of china.... my hunch... it was for the CCP. Curious what the end game is with this strategy of the CCP buying up housing like this. |
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Posted: 1/16/2021 12:16:02 PM EDT
[#21]
Quote HistoryQuoted: Yes, you just won't have a job so you can pay for it. i'm not a business major, homie. 
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Posted: 1/16/2021 12:29:17 PM EDT
[#22]
Quote HistoryQuoted: So here we are 15 days later. Is anyone else seeing the feeding frenzy winding down. ? From my limited perspective it still looks like bitcoin millionaires and blue state refugees and foreigners, are keeping RE sky high. Honestly, it looks high even in places with no discernible economy. I think that will continue as long as Zero percent interest rates are in effect. Nope. Just got our house appraised as part of our refi. Appraised value has increased 100k in two years since we bought. To put that in perspective we live in an unincorporated rural area next to a town of 5k in a (very large) county of 100k. It’s a double wide manufactured home that we paid 130k for. There’s no point in selling and staying here as all our equity would have to go directly to down payment on a new house just to be in a similar financial situation. Instead we’re going from a 30 yr fixed to a 15 year for less than $100 dollar monthly increase. Some land that was going for 1200 an acre before COVID is now going for 10-20k/acre. 
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Posted: 1/16/2021 6:50:29 PM EDT
[#23]
tag
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Posted: 1/16/2021 7:01:09 PM EDT
[#24]
Quote HistoryQuoted: ...... Not saying the whole China thing is good, but over many decades I can safely say foreigners investing in US property has been a good thing. For yours and many others pocket books it has indeed been a good thing, those priced out of the areas they grew up in, not so much. But such is life. |
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Posted: 1/16/2021 7:34:06 PM EDT
[#25]
Well. about 4-5 days ago. The flood gates opened and it's like they are trying to make up for lost time. Getting 3-4 offers a day now... from the 1 or 2 a day, that I notice vanish right after the election to now back with renewed force. Plus a new angle on a lot of the offers now. They are offering to buy, like always, but now they are also offering to loan money against the property. Like dam, that's a new twist. They really want to get there money into real estate, any way they can.
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Posted: 1/16/2021 7:40:22 PM EDT
[#26]
Quote HistoryQuoted: “A Good Thing” Is 100% a matter of perspective. If you’re making money on the churn, or I’m selling out to them, sure. For the new family that has to pay $400,000 for a $150,000 home? LoL. Yeah that’s a good thing. Amazing how people forget. FYIGM is our new National motto. Very true. Wife and I want to get a new place but with the recent housing boom and the walton's throwing billions at an attempt to turn NWA into some kind of hipster destination we have basically been priced out of the market. Now would be a great time to sell our current place, but selling our overvalued home to help fund another equally or even more overvalued home isn't the greatest move in my mind. |
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Posted: 1/16/2021 7:52:22 PM EDT
[#27]
Quote HistoryQuoted: This is going to crash the entire economy. Macy's is closing their Marshall Fields' location in Chicago. They spent a fortune on that just a few years ago. |
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Posted: 1/16/2021 8:05:55 PM EDT
[#28]
Quote HistoryQuoted: We were looking to buy last sept/oct. Where in Florida? |
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Posted: 1/16/2021 8:07:27 PM EDT
[#29]
Quote HistoryQuoted: Gunham, if you do not mind me asking how old are you? I have lived through the “_________ are going to steal our land.” The Japanese, the Kuwaitis, the Canadians. But the land is still here. It is hard to steal something you cannot take with you. And you cannot support housing price appreciation if you do not support finding buyers from somewhere. Not saying the whole China thing is good, but over many decades I can safely say foreigners investing in US property has been a good thing. It's good if your part of the realtor mafia or in the mortgage industry. For average earners it's not good. |
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Posted: 1/16/2021 8:08:06 PM EDT
[#30]
Quote HistoryQuoted: It's good if your part of the realtor mafia or in the mortgage industry. For average earners it's not good. it's like nam: gotta torch the village to save the village. |
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Posted: 1/16/2021 8:59:58 PM EDT
[#31]
Quote HistoryQuoted: Curious what the end game is with this strategy of the CCP buying up housing like this. Doesn’t matter much. If they ever get to the point they own a meaningful amount there’s nothing to stop the government (ours) under the right administration from repossessing the assets (held by an adversarial foreign government) without compensation. That would be entertaining. |
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Posted: 1/16/2021 9:44:16 PM EDT
[#32]
Quoted: On the radio in this area, there's been adds of the get rich quick and seminars. Telling people all kinds of things from flipping things to find me deals and make money. Adds for investors looking for people to find property for them and they will pay a cut. Plus there's thousand and thousands of flippers, looking to make a quick buck.. Real Estate - the biggest fucking joke going. "Here's this fire trap in a hipster neighborhood that will give you sewer clog nightmares the minute that you move in! Only half a fucking million dollars!" (yeah, I've lived in cities.) And fuck flippers, they do shit work and pass it off to people that think that they are getting quality work, when most of the time they are getting the end result of the lowest bidder. You are better off buying a parcel, leveling the shitheap on it and starting over -- unless you are the rest of GD and are a billionaire with a 13" dick, model wife and 400 acres, those guys will be along shortly (heh). |
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Posted: 1/16/2021 9:50:49 PM EDT
[#33]
RE market is doing great here. I bought last year and the market hasn’t softened at all. Most estimates putting home values increasing 4-6% next year in my area. I’m within commuting distance to DC and live in the sticks on several acres surrounded by a state park on 3 sides. I’ll fucking take it. Even if the market drops it will come back eventually. In 07 the sky was falling yet here we are with a strong market again.
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Posted: 1/16/2021 9:57:29 PM EDT
[#34]
Quote HistoryQuoted: Doesn’t matter much. If they ever get to the point they own a meaningful amount there’s nothing to stop the government (ours) under the right administration from repossessing the assets (held by an adversarial foreign government) without compensation. That would be entertaining. They did that to the Iranians in a big way in 1979. |
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Posted: 1/17/2021 12:57:14 AM EDT
[#35]
My zip code has houses going in 4-8 days.
The zip codes I am shopping in FL, the builder rep I talked to Thursday wrote 12 contracts in 2 days. |
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Posted: 1/21/2021 1:16:37 PM EDT
[#36]
Quote HistoryQuoted: My zip code has houses going in 4-8 days. The zip codes I am shopping in FL, the builder rep I talked to Thursday wrote 12 contracts in 2 days. Wow, so the boom is continuing. |
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Posted: 1/21/2021 3:28:05 PM EDT
[#37]
FWIW, there was a thread on GD back in November or December about the pull backs in the commercial and residential markets that folks had been observing. There were quite a few, from all different areas of the economy.
The general consensus is that folks are standing pat because they are concerned about the economy under a Biden administration. Folks haven't forgotten the Obama years, and are expecting a return to them. |
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Posted: 1/21/2021 3:51:07 PM EDT
[#38]
Quote HistoryQuoted: My zip code has houses going in 4-8 days. The zip codes I am shopping in FL, the builder rep I talked to Thursday wrote 12 contracts in 2 days. |
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Posted: 1/21/2021 3:53:11 PM EDT
[#39]
The Feds said Inflation will continue at a little higher pace for a few years, and interest rates will remain low as well. They want to avoid deflation which is what happened in 2008 when your 300k house was only worth 40k. Prices are crazy high right now due to supply and demand. I think 2020 ended with 2.2million homeowners in forbearance. I think we will see an increase in supply 2021 with houses foreclosing but the prices will possibly continue to go up. |
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Posted: 1/21/2021 3:59:30 PM EDT
[#40]
Quote HistoryQuoted: Just hold out until my refi is done that's all I ask... We close on ours this coming Monday. Been almost a 3 month process through Rocket Mortgage. ETA.. @GeorgiaBII have closed on yours yet? |
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Posted: 1/31/2021 9:31:52 PM EDT
[#41]
Any changes yet in the real estate market?
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Posted: 1/31/2021 9:36:07 PM EDT
[#42]
Maybe the speculators have been moving into GameStop and silver now
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Posted: 1/31/2021 9:46:41 PM EDT
[#43]
Smells like a bubble is forming, or a massive shift in the way things are done?
I assume There will be an office space and retail space collapse. People can work remotely, for anyone almost, in the service/sales sector and can do it from anywhere. I wonder if high earners are just moving out of the concrete jungles to tax advantages areas? |
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Posted: 1/31/2021 10:02:50 PM EDT
[#44]
If you lived in Communist China and made a lot of money...would you want to keep it there or move it to someplace safer like the US?
How about if you lived in Taiwan? Even Democrat Totalitarian US is better than Communist China or anyplace taken over by it. |
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Posted: 1/31/2021 10:38:16 PM EDT
[#45]
Quote HistoryQuoted: Smells like a bubble is forming, or a massive shift in the way things are done? I assume There will be an office space and retail space collapse. People can work remotely, for anyone almost, in the service/sales sector and can do it from anywhere. I wonder if high earners are just moving out of the concrete jungles to tax advantages areas? I get around some and I see retail & commercial vacancies everywhere I go, no exceptions, much more than normal. This cannot bode well. |
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Posted: 1/31/2021 10:41:18 PM EDT
[#46]
I don't see how it keeps going with wages not going up to match. Half million dollar houses, eating rice and beans.
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Posted: 1/31/2021 10:44:49 PM EDT
[#47]
Homeless are being used to occupy sidewalks at chosen places and thus drive property values down. They, the homeless, are useful for that very profitable purpose but they have other highly profitable uses too. Homeless move in, crime goes up, policing goes down, businesses close, normal people move out, owners go bankrupt, poverty alcohol, poverty tobacco, poverty heroin, poverty etc. all kick back money to the politicians and their relatives.
After property values go down, those properties will be purchased cheaply by those who funded politicians to cause this to happen. Gentrification then will generate high profit, politicians will get high praise for the rescue and a piece of the action as well as big speaking fees, ghost authored book deals and big campaign contributions. Politicians relatives will get money for nothing jobs. Oops, almost forgot, the politicians will also get hookers and blow. Money fer nothin' and chicks fer free, it's not personal, it's just political business. |
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Posted: 2/1/2021 12:02:27 PM EDT
[#48]
Quote HistoryQuoted: Homeless are being used to occupy sidewalks at chosen places and thus drive property values down. They, the homeless, are useful for that very profitable purpose but they have other highly profitable uses too. Homeless move in, crime goes up, policing goes down, businesses close, normal people move out, owners go bankrupt, poverty alcohol, poverty tobacco, poverty heroin, poverty etc. all kick back money to the politicians and their relatives. After property values go down, those properties will be purchased cheaply by those who funded politicians to cause this to happen. Gentrification then will generate high profit, politicians will get high praise for the rescue and a piece of the action as well as big speaking fees, ghost authored book deals and big campaign contributions. Politicians relatives will get money for nothing jobs. Oops, almost forgot, the politicians will also get hookers and blow. Money fer nothin' and chicks fer free, it's not personal, it's just political business. In my area they're doing things not repairing street lights, obvious drug homes being ignored. Foot traffic from nearby new "mixed use" development to the neighborhood is being ignored. The mayor and his real estate development buddies are pulling out all the stops to drive down prices in this older area of homes. |
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Posted: 2/1/2021 12:32:05 PM EDT
[#49]
My uncle is a real estate investor, the market is extremely hot in the southern Florida area where he operates. But he is not buying, he is selling all of his properties. He has done this cycle many times in his life where he buys up assests dirt cheap after a market collapse, sits on them for sometimes a decade or more, then sell everything, holds cash, and repeats. A modest man now worth over $60 million. Here in Cincinnati the prices are going up and homes sell in days still, but it could be cooling off other places.
I think we have got to be getting close to a market crash. The dip we saw in march was not long enough for a reset, the gov jumped in and pumped it back up before anything could happen. They are literally sending people checks to help them make rent and stimulate the economy. Its fueled an insane speculative market where people are paying 30-40x PE ratios for stock in companies that are struggling to stay a float. They are paying 150x+ for companies like amazon and tesla because MSN says its a buy Everyone is buying assuming the good times will never end. I see average joe blue collar workers on facebook talking about investing, give out tips, tricks, etc... when you hear people like that telling you to buy you need to watch out. These are the people invest with emotion, they buy high when the market is booming and sell low when the market crashes. They always jump in late on bubbles like GME, bit coin, etc... Money is made on the buy, not the sell. The big money doesnt chase the hottest trend, they buy what people arent talking about right now.
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Posted: 2/1/2021 12:47:12 PM EDT
[#50]
Mike and 2tired what cities are you guys in?
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